So you want to start a new small size business of your own? First give a glance at the following steps of Starting a Small Business, than take your wise decision.
Gather experience. If you're yearning to open a day spa based solely on your love for hot stone massage, it's time to get out into the field. Interview people in your chosen industry and apply for a position or internship -- even if it's part-time or unpaid -- to see how the business functions from the inside out.
Write a business plan. A strong business plan will be your calling card, and typically includes a description of your business and how you intend to structure your marketing, finances, and management. For detailed instructions on how to write the plan, visit sba.gov. (Sample plans are also available at bplans.com.)
Apply for a loan. You may require more start-up dough than you or your private investors or backers can provide, which means you'll be paying a visit to a local lender -- armed with that business plan -- and submitting a loan application. FYI: If the lender doesn't approve your loan outright, you can request that it submit your application to the Small Business Association for consideration. (The SBA can guarantee up to 80 percent of a small business loan, with the lender's approval.)
Seek out a mentor. Why reinvent the wheel? Learn from the triumphs (and failures) of others who've gone before you by hooking up with a willing fount of wisdom and advice. For a list of mentoring resources, visit sba.gov.
Select a name. Merely hanging out a sign that says Jane's Jams isn't going to cut it; many states require you to file your business name as a trade name. This process also includes conducting a search of other names that may be the same or similar to yours, and identifying what their rights are locally. (Registration is handled by the Secretary of State Offices at statelocalgov.net/50states-secretary-state.cfm. Want a website? You'll have to register for that separately through an online domain registration service such as godaddy.com.
Get licensed. Depending where you live and the type of business you're starting, you may need to apply for a variety of city, state, and federal licenses before you can begin operating. To find out the requirements in your area, visit sba.gov.
Create a record system. Regardless of the scale of your operation, you'll require a system to keep track of customers, inventory, and finances. Implementing a well-organized infrastructure from the get-go will help you monitor your profits.
via-Real Simple Magazine
Posts
No comments:
Post a Comment