10 Steps to Open Your Small Business Successfully

There are few more exciting journies you can take than starting your own small business. While owning your own business is a fantastic opportunity it is not without its share of challenges, starting with simply getting it off the ground. If you have a surefire business idea but don’t know how to take it from planning into practice, don’t worry, here’s everything you need to make your dream a reality.

1) Research and Planning

The most important part of starting a company is making sure that it’s well situated to be successful. Before moving forward you should spend time thoroughly researching your idea. Determine if there truly is a need which you will be filling, and get an idea of both your expected costs and income. The more detailed you are in this phase the easier the rest of the process will be.

2) Secure Funding

Starting a company can be expensive. You should expect it to take anywhere from several months to several years to get into the green, depending on your industry, so you need sizeable financial savings. If you can’t finance it on your own, there are options like a 5 minute business loan application or an outside investor to provide the money you need.

3) Choose a Structure

One step which is highly important but can be confusing is choosing the right business structure for your new company. Each of the various business structures has pros and cons and the right option for your business will come down to the specifics of the business you are planning.

4) Get Registered

Once you have decided the type of business structure you will operate under you can begin registering your business by deciding on a name. Make sure that you create an LLC operating agreement. It is important to choose a name which will not cause issues for you with copyrights held by existing corporations and is appealing to potential customers. A name which makes your product clear is often helpful, but not required for every industry.

5) Pick a Location

Finding the right location is an essential part of starting your company. If walk-by traffic is needed, for example, prepare to pay a premium for the space. For a company with no customer-facing interaction, however, you can likely save money with a location in a less frequented part of town.

6) Prepare Your Financing

In order to take on employees and begin paying them, you need to get your business federal and state tax IDs. You should also determine how your accounting will be handled as detailed records are a must.

7) Acquire Licenses and Permits

There will likely be a variety of licenses and permits which you are required to attain when starting your business. These can be with federal, state or local government offices, and your prior research should have revealed which licenses and permits are required before you open your doors for the first time.

8) Hire Your Team

You only get one chance to make a first impression so don’t cut corners when hiring your initial staff. Hiring employees who are skilled and driven will allow your business to hit the ground running and position you for the highest possible chances of success.

9) Create a Presence

Social media is not just for fun anymore. You should get your social media accounts set up and linked together before you have even opened up for your first day of operation. Social media provides an excellent opportunity for getting your brand awareness up both through organic means with your posts and through paid advertisement.

10) Promote Your Business

With your accounts set up begin posting in the weeks leading up to your official debut in order to create buzz around your company. The more eyes you have on you on day one the more quickly you will be able to start increasing your daily business and moving towards your first day operating at a profit. A press release with local newspapers and web sites is another great way to get free attention for your grand opening.

Starting your own business is a big decision and isn’t one which should be entered into lightly, but that doesn’t mean you should be too intimidated if you have a company idea you really believe in. When you take the right steps when setting up your company you give it the best possible chance to succeed. If you have a business plan that you think can’t miss, now may be the right time to put the wheels in motion.

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