Do you want to be a boss? Do you want to call the shots? If the answer to both is yes, then you need to have a clear plan of action. Starting a business, let alone owning a business, is very challenging. There is an abundance of ideas but not all ideas are right for the time. Part of being an entrepreneur is taking the risks that other people don’t want to take and making mistakes along the way.
The difference between entrepreneurs and consumers is that the former took steps to create and consumers are sedentary and don’t take the first step. If you want to own your business, you should ensure that you take the leap into entrepreneurship.
The business idea
For a business to exist, there has to be need to be met. You have to identify an anomaly that is missing in society and craft way of exploiting it.
Apart from a glaring that is waiting to be met, a business idea can be something that you are passionate about. The beauty of making your passion a business is that it is something you are working and playing at the same time.
When you already have a business idea, then it time to put the idea into action.
You already have a business idea, now it is time to see whether the idea is a workable one. During this phase, you have to delve into an in depth study as to the viability of the business idea.
a) Conduct Market Research: You can employ a company to do it for you or you can do it yourself, it is all up to you. The aim of this research is to find out whether people will pay money for your product. If you intend to do the market research yourself, there are a lot of resources online that are at your disposal.
b) Know your target audience: Who are likely to benefit from the product? Market research will uncover this product.
c) Conduct a Cost Analysis: The launch of a product will cost money. It is important that you have a clear figure to work with so that the product takes off conveniently.
The maxim, if you fail to plan, then you plan to fail. During the planning process, it is important you be clear on what you intend to do and when you intend to do. For a viable business to take off, it important that you put together a business plan.
a) Executive Summary: A simple explanation of the objectives of the business, mission and vision statements.
b) Operational Plan: A clear explanation of the structure of the business. It also expounds the suppliers to your business and the publics of the area.
c) Marketing Plan: It should include the product promotion strategies you intend to employ in the business. Also the budget should be included as well as breakdown of the competition. Clearly defined web marketing and media strategies have to be clearly spelt out. These are the ways that you will reach your customers.
d) Financial Plan: It should be clear on the statements of account of the business. To craft his plan, you need help from a CPA or another financial advisor.
An idea is only as good as its execution and it is crucial that you be meticulous during this stage so as to avoid teething problems that might arise.
1. The Tax ID number- This important because you have to be compliant with the taxman. Ensure that you conduct adequate research on the various types of businesses that are taxable. You have to have clear understanding of the merits and demerits of the business type. Talk to a financial planner to offer you advice on the business type you should register with.
2. Register the business with state- It is important that you register the business with the Small Business Administration (S.B.A). Fees vary from state to state therefore you need to find out what your state charges.
3. Get a business license- It vital that you get the various licenses and permits required by law before you open a business. It is important that you find out what paperwork you require to execute.
4. Become a member of the Better Business Bureau- This is will not only increase the legitimacy of the business and offer you a great opportunity to network with business professionals around you.