Small Business Tax Center
Small Business Ideas, Grants &
Plans to Start & Run a Business:

Small Business Grants
CyberSchmooz
Network in Cyberschmooz Community Ask Questions Questions and Answers Share Tips Small Business Ideas List Your Business Business Advice from Idea Cafe Experts Coffee Talk with Experts Starting A Business Business Plan Biz Planning | Sample Plans Small Business Ideas Idea Name Your Biz Name Plan Your Biz Plan Financing $ Starting a Business Do It! Running your Business Marketing Tips Promotional Merchandise Marketing Tips Marketing | Sales | Customers Human Resources HR | Employees | Contractors Legal Forms & Tax Information Legal | Biz Forms Managing a Business Managing | Operations
Financing Resources Financing Your Business E Commerce & Webhosting eCommerce Take Out Info Trade Publications FREE Trade Publications Business Books Biz Books Your Own Business Small Business News Small Biz News Gen X Biz Gen X Biz Work at Home Work @ Home Business Information The Fridge - Biz Info on Ice Destress Send Awards Send Awards & Greetings Yoga At Your Desk Yoga @ Your Desk Fun Guide Guide to Find FUN Online About Idea Cafe Press Idea Cafe has received Idea Cafe in the News Idea Cafe's Kudos Kudos for Idea Cafe Advertise on Idea Cafe Advertise on Idea Cafe Privacy Policy Privacy Policy Contact Idea Cafe Contact Idea Cafe Link to Idea Cafe Link to/from Idea Cafe Join Idea Cafe
Search Idea Cafe Site Directory Site Map Online directory to business resources Biz Web Guide



Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

color business bar

4 Steps to Start a Small Business

 

Starting a business is no small feat and entrepreneurship isn’t for the fainthearted. It takes a lot of planning and budgeting, and even when the business plan has been completed, you need to register your business and find ways to land your first few clients. Before you open your doors – whether they are physical or digital – you have a lot to map out and consider, from financing options to market research, to deciding on a company name and logo. Here are 4 steps to help you start a small business.

 

1.  Google Your Idea

If you are ready to launch a business, you more than likely already have an idea in mind. However, before you move ahead too quickly, you need to research your idea and see whether it is already a popular product/service, whether it has a lot of competition, and how you can do it better.

A Unique Selling Point (USP) is essential if your business is going to stand out and entice the customers and clients of competitors. Without one, they are less likely to take the gamble and try out your product/services when they can stick to a reliable seller.

Take note of the top competitors and see what they offer and how they convey themselves. Perhaps they all have a corporate face and through research you are seeing room for a more personal brand to enter the market. If this is the case, you can consider a more consumer-friendly brand name and image that’ll attract consumers who do not enjoy buying from faceless corporations.

2.  Write a Business Plan

A good business plan will keep you on track and help you manage the beginning stages of your business. It is a roadmap so that you know the direction you are heading and how you are going to get there. Furthermore, a detailed business plan can help you secure funding as lenders they will be more confident and see potential in them getting a return on their investment.

The format of a traditional business plan is as follows:

  • Executive Summary – Explain what your company is and how it will become successful, e.g., why do people need or value your products or services?
  • Company Description – A more detailed analysis of your company. What problems does your business solve and who are your targets, consumers?
  • Market Research – Who are you targeting and why? Competitor analysis should also be included in this section.
  • Company Structure – Explain how you plan on structuring your company and the people who will be in charge.
  • Product/Service Descriptions – Detail the products and/or services you will sell. You should also include whether you need to file for copyright on your intellectual property.
  • Projections – Where do you see your company in five years? What does your company hope to achieve financially in that time?


3.  Secure Funding

Most entrepreneurs will require start-up capital for their business. It is essential that you understand the different financial options you have and how you can secure them. The most common financial options are:

  • Debt (e.g., business loans)
  • Equity (e.g., offering a % of the company in exchange for cash flow)

Financing is essential and incredibly important when it comes to starting a business, so be sure to research all options and take your time on deciding the best one for you and your company. If you are ever in doubt and unsure on which financing option is best for your business, there are many resources online and companies you can contact for a quote. Click on this source link for an in-depth guide on the many SMB financing options available for your start-up.

4.  Register Your Business

You need to register your business before you can legally operate. There are several documents you will need to fill out, but the best way to decide on the type of business you have and the rules for your business type, is to head to the government website. They can offer the right support so that you know exactly how to register your business.

Many of us dream of starting our own business, yet only a few of us go ahead with our ideas. While the road to a successful business is long and risky, the payoff can be huge.

Google      

Small Business Tax CenterIdea Cafe HomeSign UpBiz Grant CenterCyberSchmoozCoffee Talk with ExpertsPeople in Biz ProfilesStarting Your BizBiz PlanningRunning Your BizFREE Trade PublicationsMarketingFinancing Your BizHuman ResourcesLegal & Biz FormsManaging Your BizeCommerceYou and Your BizGen XWork@HomeThe FridgeDe-StressSend an AwardSend an eGreetingYoga @ Your DeskWeb GuideIdea Cafe in the NewsAbout Idea CafeAdvertise on Idea CafeContact UsPrivacy PolicySite MapSmall Biz News

Copyright 1995-2021, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.

DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.

TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.