While starting a small business can be hard work, it doesn’t have to be impossible. As long as you and anyone else involved in your business take the time to thoroughly plan out your business (and it’s a sound business plan) and you have sound financial backing, you should expect to see some success.
To get you started on the path to starting a business, consider these 3 key steps:
Step #1: Brainstorm
Before you take any steps to start your small business, you should take the time to brainstorm. Simply having an idea for a small business is nice, but if there’s no substance behind it then you’re likely doomed to fail from the beginning.
During your brainstorming sessions, try to answer any possible questions you may receive about your business, such as:
- What problems could you face?
- How would you solve these problems?
- What market will you target?
- Are there any other products/services you could offer in addition to your original?
Not only will thinking these questions through and coming up with answers make your business stronger from the get-go, but the knowledge can make you more confident and help your chances of acquiring financing and/or stakeholders.
Step #2: Create a business plan
After brainstorming, your next logical step is to devise a business plan. The U.S. Small Business Administration states that a business plan should include the following components:
- Executive summary
- Analysis of the market
- Description of the company
- Desired structure of the company
- Financial projections
- Marketing and sales strategies
- Product/service description(s)
While a good start, keep in mind that this list is not exhaustive. There may be other important factors that should be added to your business plan.
Step #3: Obtain resources
Regardless of the size or type of business you’d like to start, there are probably at least a few essential resources you’ll need before your operation can take off. The best way to handle this is to create yet another list. This list should include all the items you think you’ll need in addition to the approximate price of these items.
This list is only the beginning of a 6-point checklist of tasks that should be completed before opening a small business. Be on the lookout for Part 2 of this blog series on MaxFilings’ blog (coming soon).
In the meantime, browse our Knowledge Center to determine if you have what it takes to start a business.