Start your business one step at a time
By Robert Nelson
Do you have an idea and want to start your business but you are not sure how? Many people who want to start a business of their own feel overwhelmed by the paperwork and costs involved with getting stated. Most successful businesses didn’t start out successful they took time and patents to grow but they all began the same way, someone with an idea started them. Don’t wait to start your business, the sooner you take the first step the better.
Name your business
The first thing you need to do is name your business.
Many people struggle to come up with the perfect name that will set there company apart and have customers lining up at the door. Don’t stress to much over the name, make a list of 5 to 10 names and the one you like best. Choosing a name for your company to start out doesn’t mean you need to do business under that name, you can always change it later or you can use a different name, the “Doing Business as” paper work is quick and easy to fill out and file.
Separate your business form You
It is important to separate your business from your personal life, this will establish your business on its own and create a credit rating for your business. Just like your personal credit rating the higher your business rating the better opportunity for business loans. Also a good business credit rating can make your business more impressive to potential suppliers and investors. An LLC is a good way to start, they are the simplest one of the simplest types of company and you can use the company name you chose to fill paper work with your State right away and it can be completed in a few days for a small cost.
Also creating a separate bank account and credit card for your business is important, making payments in the name of your business will also improve the credit rating and get your business name more exposure.
Writing a Business Plan for your business
A business plan is important for all businesses, it is a road map of what your business is and what you want it to become.
You could spend days or even months writing the perfect business plan but when you are just starting out it doesn’t need to be that complex, a one page business plan is a good starting point to outline what you need to get started. Remember your plans for your business are always evolving and changing, trying to put it all in your business plan before it is needed can require you to re-write it over and over wasting time and effort.
You can add to this basic plan as you go setting new goals as you move ahead. Your business is a long term plan and should not be planed out all at once, take the time to do it right and make it something you are proud of.
Creating a Website for your business
Today getting your business online quickly is important, your business website is an extension of your business card and it will often be the first place customers will find out about your business. Building and hosting a website is easier then ever before using sites like Word Press that will let you create your page for free and hosting sites like Hostgator will get your site online for as little as $5 a month to start.
If you are unsure how to create a site there are step by step tutorials on YouTube that will help you create your page yourself.
Financing to start your business
All businesses need financing, whether you are paying out of your own pocket or getting money from loans, investors or family and friends try to keep it as low an amount as possible. It can be tempting to collect as much as possible but taking on more expenses the necessary is not a good business plan, you don’t what to your business swimming in debt, it will eat away any profits you make and until your customer base grows it may require you to use more of your personal funds to make the payments. Figure out what you need to accomplish you current goal and set that aside when the time comes for the next step in your business plan you can decide how to fund the next step.
Building your idea into a business shouldn’t be overwhelming, start by choosing a business name and creating your LLC, then move to the next step. Taking each small step and you will be able to make a business you can be proud of.