Anyone can become a successful entrepreneur. You don’t need hundreds of thousands of dollars or a masters degree, or even sales experience. But the one thing you do need is a healthy business plan. Along with being passionate and drive, and the intention of seeing your idea through. Many have the drive and passion down but don’t know how to start.
Starting a business is a huge commitment. Entrepreneurs often don’t realize the significant amount of time, resources, and energy needed to start and grow a business. Coming up with a unique product or service is obviously the most important, but so is having a strong vision and plan for your venture. So how do you get started?
Let’s start by asking yourself some honest questions. Why do you want to start your own business? Do you want to leave your current job, make a lot of money or is the freedom of being your own boss most important to you? This will be your reason for starting your business. Then you have to figure out what business you are going to start. What are you passionate about? What things are you good at? Do you have to start part-time or do you have money set aside to go full force?
So now that you have your reason for starting, you know what business you are going to start, what’s next? First, test your idea and seek advice from other entrepreneurs. Identify your target customers and do your research.
Here are 13 steps that will get your business started:
- Pick your business name – Make sure you search your business name to make sure nobody else has already picked it.
- Make it official – LLC, sole proprietor, partnership, corporation, etc.
- Get your tax and federal Id.
- Open your business bank account – Along with a way people can pay you — for example, PayPal or square.
- Get any licenses you may need specific to your industry.
- Trademark, copyright, or patents -Depending on what you need for your particular business.
- Get your business plan completed – A written description of how your business will look from start to finish. You may want to seek a business consultant to help you with this.
- Have a professional financial game plan completed along with your business budget.
- Get your business brand professionally done- See someone who is a branding and marketing specialist.
- Start your website – I would highly recommend even if you start a simple one you consult with a professional who can get it done for you.
- Get your social media handles ready – Usually, the person who helps with branding and marketing will be able to do this.
- Set up a strategic marketing plan – Who will you prospect for potential clients, how many will you contact and when contact them.
- Find a business coach and mentor – This is critical when you are first starting. You need someone to guide you with all of the above and then hold you accountable to the plan they create with you.
It may not happen in exactly this order and there will be certain things you will need more help with than others. Remember not to complicate things. Take into consideration the benefits of hiring the right business consultant to get you started. It is the best investment you can make in the beginning so you can get off the ground more smoothly. A good consultant will then connect you to an expert you may need that not is part of their expertise.
For example, I am a business consultant and mentor. I can create my clients business plan, financial plan, and budget. I also teach sales skills and can set up a strategic marketing plan, but I have a lawyer within my “LynetteWork” to set up your legal documents. I also connect them with a social media marketer and branding expert along with a website designer.
Surrounding yourself with the right people who have experience and can help and support you will be imperative. Don’t forget to make sure you have fun during the process and enjoy your entrepreneurial journey. When you reach your goal and have a thriving business, it will all be worth it!