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Seven Steps to Help You Start Your Business
Starting on the Right Path
Seven Steps for Help You Start Your Business
1. Take a Good Look at Yourself
2. Identify Your Customers
3. Build a Support Network
4. Make it Official
5. Facilities and Staff
6. Write a Business Plan
7. Obtain Financing
Keep It Going
This guide provides a quick overview of seven steps you should learn about when deciding whether starting a business is right for you. Each step is discussed briefly in just two pages, but information is provided to help you find out where to go to learn more.
Take a good look at yourself.
The first subject is you! Identify your strengths and weaknesses and decide if running your own business is a good career option for you. Be honest! Do a self-assessment. Find out if you have what it takes to succeed.
Identify your customers.
The second step is to make sure that someone wants to buy what you have to sell. Business decisions must be based on knowledge about who your customers are and the size of your market.
Build a support network.
You will have many responsibilities as a business owner. Try not to take on all these responsibilities by yourself. Establish a strong support network of good people who can help you deal with the details and stresses of operating a business.
Make it official: Register your business.
Don’t miss this step! Be sure to get the appropriate permits, licenses and insurances for your business. Register your business with the Workers’ Safety and Compensation Commission and make sure you know and understand your tax obligations.
Facilities and staff: Where and with whom?
Step 5 asks you to consider a few basic questions. Where will you locate your business? What equipment will you require? Do you need to hire employees? Make the right decisions about where to establish your business and what (if any) staff you need.
Write a business plan.
A business plan helps you organize what you have to do to start your business, and makes it easier for you to get help. A business plan does not have to be complicated, but it is essential to getting the money you will need to start and operate your business.
The last step in getting started is to obtain the financing you will need. You have completed your business plan, and you’re ready to risk your money. Where do you find the rest of the capital you need?