Procedure To Start Up Your Own Business
The governor’s office of Business and economic development offers you many resources when starting a business. Starting a business involves making many key decisions, both financially and legally. This provides the information to help you plan, prepare and operate your business.
Step 1 : Research and Planning:
To increase your chance of success, take the time upfront to explore and evaluate your business and personal goals. Then use this information to build a comprehensive and well thought out business plan that will help you reach these goals. The process of developing a business plan will help you think throw some important issues that you may not considered yet.
Your plan will become a valuable tool as you set out to raise money for your business. It should also improve white milestones to gauge your success.
Step 2: Create a Life Plan:
As we always say, plan your life, then plan your business….
Some of the most successful and Happy People we know our entrepreneurs who created a business that’s in perfect synchronicity with what they want out of life. If you do what you love, you will work harder, better and more happily.
In this step we will focus on:
- Elements of your life plan
- Using your life plan
a) Elements of your life plan:
- Your current status
- Your ideal life
- Your loves: what you really like doing
- Your skills and capabilities capabilities: what you do well
- Your track record : what you have experience doing
- Your ideal work style
- Your manifesto
- Key moves to get where you want to go
b) Using your life plan
Step 3 : Choosing a Business Model:
The key is to choose a business model that fits your life plan. This will ensure that you spend the light number of hours each week, take the right level of risk, all practical in terms of your financial withdrawal and gain the kind of satisfaction and success you have after.
Once you have determined whether you see yourself as a part time or full time entrepreneur. Consider our list of business model options:
- Home based
- Brick and Mortor
- In changing
- Licensing your product
- Multilevel marketing
You can start up a business part time with these models adapt your business too time consuming obligations you already have that would keep you from making your startup your primary focus.
Step 4 : Create a Business Plan
The process of creating and writing a business plan is as valuable as the end product itself – a document that will provide the priorities, contact stand charity you will need as you start up your business.
We focus on three aspects of business planning to consider as you write a business plan :
- The “DEFINING DOZEN” questions: You might not use every answer in writing your business plan, but they could be helpful when you update your plan as your new business grows:
- What is your business idea?
- How does your idea address a need?
- What model suits you best?
- What’s so different about what you offer?
- How big is the market and how big will you grow?
- What’s role going to be?
- How much money you need, and how much will you make?
- Where’s the start of money coming from?
- How will you measure success?
- What are your key milestones?
- Key Components of a business plan
- Writing your business plan: Your business plan should we can size and neatly formatted. Avoid Fanshi graphics, flowers, language or photos. The easier you make it to read for a potential investor or partner, the better.
If you are the type of person who works better with templates and wizards, there are many business planning software packages available.
Step 4 : Select a Business Structure
To each his own, ” as the expression goes” the same holds true for business structures – there is no universally “right” structure for all business.
Choosing the best one depends on the specific needs you and your business have point before setting up your company, it’s important to understand all the options available. In particular, you will want to evaluate the advantages and disadvantages of each business formation, paying special attention to the task implications and government formalities.
Step 5 : Create Key Business Assets
It’s a well known fact in the business world : your company assets are only as good as you ability to protect them. This is specially true where intellectual property is concerned whether it’s your company name, logo, latest invention or best selling products, its imperative that you take certain steps to secure your ownership rights.
We will explore 7 types of key assets in this step :
- Website address ( domain name )
- Provisional application patents
- Investors logo
- Confidentiality agreements
Step 6: Find the Funding
This is a critical step. You have got to find funding for your business but ensure that it’s the right kind of funding. Yes there is the adage ” beggars can’t be choosers” but the fact is, you must be selective and smart when seeking money for your startup or it can turn your dream business into a nightmare.
To identify which form of Financing is just for you, think about your long term personal and business goals and the type of business you are planning to launch.
Many comes in many forms, from tapping credit cards and taking equity out of your home to government grants and high net worth “angel” financing.
We will tackle 7 ways to find your business. In this step :
- Debt financing
- Friends and family
- Angel investors
- Venture capitalist
Step 7 : Organize Logistics
Logistics are not the most exciting aspect of starting a business, but having your logistics in order can the difference between success and failure. Having your books in order, your contracts buttoned up, your money safely managed and your down side covered are each critical to your personal and business future accounts, lawyers bankers, insurance agents are some of the people that can help you get organised and put you on a path to starting up smart.
Regardless of who you retain, they should be well versed in assisting entrepreneurs, and they should understand the nature of your industry.
In this step we will focus on 9 areas of Logistics:
- Legal services
- Information technology
- Website development
- Merchant banking I.e. commerce
- Real estate
Step 8 : Find Great People
In a small business, the impact of single team member can be enormous. Every person you add to your must be a star. Is that possible?
Absolutely, first make sure you define that a star is within each role of your company. Then you can go find them.
We will focus on 4 action items in this step:
- Understanding the power of people
- Find the stars to bring on to your team
- Keep your stars
- Importance of a mentor
Step 9 : Establish a Brand
One of the most powerful and important assets you can develop for your business if a powerful Bank. Brands are not just logos or taglines. Brands are the culmination of who you are, who you are different from competition, and why a buyer should do business with you.
Whether you are on established company or small startup, a brand has tremendous impact point a brand instills confidence, crates loyalty and many times a premium price price. But most of all a great brand, reduces a buyer perception of risk and makes the purchase choice easy.
In this step, some recommendations and actions for establishing a super brand :
- Daft your brand DNA or absence
- Define and relate to your target audience.
- Choose a brand name
- Create a logo
- Make a list of all your other touch points
- Create a demand for your friend
Step 10 : Market and Sell
You will need to study up on your target audience to develop a marketing message that will resonate with them.
Three essential marketing items in this step:
- Research and strategy
- Marketing materials
- Marketing methods
Note : For starting up a business registration is also a very important step to follow. Steps involved in registration requirement:
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