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10 Steps to Starting Your New Business Featured

10 Steps to Starting Your New Business "Design thinking is a human-centered approach to innovation that draws from the designer

Starting a new business is easier said than done. It requires a lot of work starting with documentation, legal requirements and developing a strategy. This can even be worse if you are new to the business world. Without an effort, you will struggle to turn your idea into a successful business. Although it is possible to start a business by yourself from scratch, it takes more than just talking about it. You need to put in hours of hard work, dedication and effort. Here are 10 steps to starting your own business that will help you along the way.

  1. Refine your idea

As you think of starting your business, you must already know what you want to sell or market. Do a quick search of the existing companies offering similar products in the same industry. Learn what your competitors are doing and identify what you can do better than them.  If you want to deliver something that others cannot, be clear about it and create a business plan. Define whether your business will serve a marketplace or personal needs.

  1. Write a business plan.

Once you have an idea of what you want to sell, ask yourself a few critical questions: What is the purpose of your business? Who are you selling to? What are your goals? How will you finance it? These questions can only be answered in a comprehensive business plan. Clearly state your mission, vision, pricing strategy, marketing and advertising strategy, objectives and action plans.

  1. Create a budget

Whether you plan to minimize expenses through learning startup operations or you have enough capital to run your business, you need to create a budget that will show how much your operations will cost. Estimate the costs associated with starting and running your business such as startup costs, equipment costs, licensing and permits costs. List other things like rental expenses, travel costs and salaries among others.

  1. Determine the structure of your business

Incorporating your small business protects you and your assets from liability. It will make your company a separate entity from you and so your property cannot be seized to pay business debts in case of a failure to pay. Incorporating it also has some advantages on tax. Before incorporating your business, choose whether it will be a partnership, a Limited Liability Company or a corporation.

  1. Find a location

Unless you want to sell online, you will need to find a proper location for your business. Register your business and obtain the necessary licenses that are needed for the purpose of the state taxes.

  1. Build a team

Unless you are planning to do it by yourself, you are going to need the right people by your side. Recruit and hire the right people to get your business off ground. Figure out how the people will work together and determine how to address them.

  1. Choose your vendors

Running a business can be difficult and is never a one-person affair. Sometimes, it can be difficult for you and your employees to do it alone. You will need vendors to help deliver the products and services you need to run your operations. Partner with various vendors you trust to provide what you need for your operations and your customers.

  1. Brand and advertise

Before you start selling your products and services, build your brand and get branding right for operations to succeed. Develop a company website, social media and logo for your company.

  1. Create an online presence

After you embark on your operations, set up a website for your business and establish an online presence. Enhance your social media presence by setting up social media accounts and promoting new sites. Create an official email address for use by your business.

  1. Grow your business

As you seek to make a profit and stay afloat, you should also think of a way to grow your business and make it more productive. Although growing can take time, collaborating with others can make it easy for you. Volunteer and participate in community outreach to build your business.

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Scott Koegler

Scott Koegler is Executive Editor for PMG360. He is a technology writer and editor with 20+ years experience delivering high value content to readers and publishers. 

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