10 Steps to Setting Up Your New Business [Free Business Plan Template]

businessestips.biz.id - 10 Steps to Setting Up Your New Business [Free Business Plan Template] Di update 2024-10-01 10:01:20 .

Once you’ve done your research and figured out your niche, you’re ready to make your business dreams a reality.

• But where do you start?
• What steps should I take first?

Starting a new business can be both exciting and scary. There are so many unknowns that many aspiring entrepreneurs let fear, indecision, and perfection hold them back from starting a business.

Don’t let your business dreams die. Use these simple steps to launch your new business.

1. Get an education

The most important step to get started is to acquire basic business knowledge. It’s best to invest in courses that specialize in a particular field, but if you’re working on a tight budget, start by reading a book or two.

One of the first business books I remember reading was chic entrepreneur Written by Elizabeth Gordon. It taught me the basic essentials of running and marketing a business from home.

There are many books on business and marketing. Do a quick search on Amazon and pick one or two to get started. If you can invest in a course, that’s great. Here we have a great list of business courses to help you on your journey.

2. Write a business plan

You’re probably thinking:If you’re not applying for a business loan, why write a business plan? ”

Your business plan doesn’t have to be complicated, long, or stuffy. Think of your business plan as a simple roadmap to business success.

Not sure where to start?

no problem! Our company Free simple business plan template To get started.

3. Name your business

If your company name is not your name, you will need to apply for a Doing Business As (DBA). You will also need to search. United States Patent and Trademark Office Make sure no one else is already using the name you want to use.

To apply for a DBA, Google your county clerk’s office and fill out the appropriate paperwork. If you plan to apply for an LLC or Corporation business structure, you do not need a DBA because your business name is registered with those structures.

Related article: A step-by-step plan to name your business

4. Choose a business structure

Use your business plan as a guide to decide which business structure to use. Your choices are sole proprietorship, partnership, limited liability company (LLC), S corporation, or corporation. Each structure has advantages and disadvantages, and speaking with an attorney or accountant can help you determine which structure best suits your needs from a liability and tax standpoint.

5. Application for Applicable Permits, Licenses, and Forms

Before launching your home business, you should check with your city or county government to determine if you need specific permits or licenses. Rules vary by state, city, and county; This article You can get a general idea of ​​the different types of licenses you may need.

The most frequently required permit is a sales tax permit. To determine whether you need to charge sales tax on your product or service, contact your local state auditor’s office. If you need to claim sales tax, you will be directed to fill out the appropriate form.

6. Establish a financial foundation

Keeping your business finances separate from your personal finances is an easy way to keep your books organized and up to date. And depending on which business structure you choose, you may need it.

To open a business bank account, most banks require an EIN (employee identification number). You can apply for an EIN at: IRS website. Once you have your EIN, look for a bank that doesn’t charge high service fees to open a business account.

Other areas to consider include invoicing, bookkeeping, and how you accept payments. If you want to accept credit cards, you’ll need to apply with a third-party payment processor like PayPal, Stripe, or Square. Etsy, eBay, or Shopifyyou will be able to use our payment processing system.

Related article: Top mobile apps to accept payments on the go

7. Build a website

To be competitive as a home business owner, you need to have a website. Having an online presence will help you attract more customers. It gives you a place to showcase your work, list your services and testimonials, and look more professional.

Don’t worry; setting up a website is easy and affordable. This post provides detailed instructions to get you up and running in no time. It costs just $2.95 per month.

8. Decide how to communicate

Most entrepreneurs today don’t need a dedicated phone line. However, you should consider how you communicate with your customers.

• Will email be your primary means of communication?
• Need appointment scheduling or project management software?
• Do you use email marketing as a marketing strategy?

Consider your specific business and effective communication tools. For example, if you choose to promote your company through email marketing, you must include your physical address in your mailings. If you do not want your home address to be made public, you will need to set up a PO Box. You can also choose to include your PO Box on items such as direct mail, invoices, and company letterhead.

9. Set up your marketing method

Since it has already been filled out, business planyou have already decided which marketing method to use. Please take the time to set up these accounts and profiles so they are ready to use. You can also publish teaser updates about your upcoming business launch.

Related Article: Best 5 Free Email Marketing Services

10. Prepare your home office

The final step in the startup phase is to designate a space in your home for your office. Set up a second phone line (if needed), a printer and scanner, and a computer with Internet access. Don’t forget about organizational tools. You need a file folder to store invoices, receipts, contracts, documents, etc.

conclusion

These are just some of the preparatory steps that an aspiring entrepreneur needs to take. There may be other aspects to consider for your particular industry. Consult with an attorney, accountant, or business consultant to ensure all bases are covered.

One final thing to remember. It is best if you have money that can be used for business expenses and living expenses. It often takes several months (sometimes longer) before you start seeing profits. I’m a big proponent of starting a business on the side until you have enough money coming in to quit your full-time job.

Are you ready to take the next step? Here’s how to get your first client.

First published on April 7, 2009, content updated on July 24, 2020.

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