7 Steps to Starting Your Own Business

From your business type to your business model to your physical location, there are so many variables you need to take into account when planning and starting your business. The key, regardless of what type of business you’re starting, is to be flexible! Here are the 7 core steps to starting a business. 

Step 1. Personal Evaluation

 Why do you want to start  a business? Is it money, freedom, creativity, or some other reason?

Step 2. Analyze the Industry 

 Who will buy your product or service? Who would be your competitors? How much money will you need to start?

Step 3. Make it Legal

 Name your business. Register it. Get the proper business license and permits. Check into your insurance needs.

Step 4. Write a Business Plan 

 Define your strategy, tactics and specific activities for execution, including key dates, deadlines and budgets, and cash flow.

Step 5. Get Financed

 Most small businesses begin with private financing from credit cards, personal loans, help from the family, etc.

Step 6. Set Up Shop

 Find a location. Negotiate leases. Buy inventory. Get the phones installed. Have stationery printed. Hire staff. Set your prices. Throw a “Grand Opening” party.

Step 7. Trial and Error

 Expect mistakes. Be open-minded and creative. Adapt. Look for opportunities and above all, have fun!

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