Business, motivation

5 Step process in starting a small business

so you’re looking to start a small business?

Everyone dreams of financial freedom but only few take the necessary steps to get there. Starting a small business is a common method but alot of people have trouble pulling through. A great small business always starts out as an idea, but you have to transform that idea into action. That’s where many individuals can start to feel overwhelmed. It’s understandable to freeze up at some point but getting there is actually easier than you think.  Here is a 5 step process to guide you along the way of your new business venture.

1. write a business plan

The key to a successful small business, especially in the startup phase, is to keep things simple and costs low. Costs don’t just mean your monetary costs, but also your time. Many would-be small-business owners fall into the trap of trying to create the world’s biggest and most robust business plan. There really is no need to complicate things in the beginning. Test the waters first before investing a huge amount of time and money.

So to get started, create your own simple, one-page business plan that is a high-level overview of the small business you’re about to start. It might be longer than one page, but it will surely be more organized and shorter than a full business plan, which could take weeks to write.

2. set a budget

While I highly recommend you keep your costs as low as possible, you’ll still need to determine a budget to get started and how much you’ll be able to spend. You should set up your business with profitability in mind the first 30 to 90 days. It’s possible. But have a budget reserve so you can survive if things go leaner than expected.

3. GET REGISTERED

Filing paperwork to start a business costs money. Often, depending on your state, it can be a lot of money. You’ll need to account for city or municipality licensing, state incorporation or business entity fees and more. Do a thorough search ahead of time to determine what the filing fees are for your city, county and state before starting any business. Sure it’s a pain in the rear but it’s needed in order to maximize the potential of your business for long term sustainment.

4. test it out

You have enough of a foundation now that you can start testing some sales. Try to spread the word in inexpensive and creative ways. If you have a service-based business, get involved with your local chamber of commerce or small-business chapter immediately and ask what resources are available for you to speak, present or share information about your business. If you have a product-based business, test the viability of your product at local swap meets, farmers markets or other community events to test what the public really thinks (and if they’ll purchase) from you.

5. BE CONSISTENT

Consistency is the key to success in any field of business and without it you are going to fail. No matter how much time and effort you put into a project if you are not consistent you might as well stop. Nothing happens overnight and succeeding in a business is no different. Keep going  even when you don’t feel like it. One day everything you worked hard for will come with time.

These steps above mentioned are designed to help you get started. The rest is up to you. Go for it and good luck warrior!

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