ExecutiveChronicles.com | Steps To Success – Your 5-Step Guide To Launching A New Small Business | Anyone can start a new business. All it takes is a good idea, a plan, and the motivation to see it through. The idea and motivation usually come hand-in-hand. However, it’s possible you may not know how to start building your idea into a successful business.
That’s where this article comes in. Keep reading to learn step-by-step how to turn your big idea into a new small business.
Step 1: Get Expert IT Support
Since nearly every business relies on the internet and high-speed connections in some way or another, it’s important to have expert-level small business IT support right away. Whether you do most of your business online or not, having this kind of support can:
- Help you effectively manage your data
- Give you high-end solutions to technical problems
- Keep your connections safe from viruses
- Monitor the performance and status of your business at every stage
- Secure your information
While this may seem like an unnecessary expense for newbie business owners, you really can’t afford to be without it in the event of a data breach or some challenging technical issue.
Step 2: Take Care of the Legalities as Soon as Possible
The last thing you need is legal trouble or someone else making off with your big idea. You must make it official by securing all the permits, licensing, and insurance you need as soon as possible. Some of the legal items you might need include:
- A business structure (LLC, corporation, partnership, etc.)
- A business name
- Business registration
- A state and federal tax ID
- Bank accounts
- Permits and licenses
- Copyrights, trademarks, and patents
Step 3: Make a Business Plan
Making a business plan gives you an outline of how you expect your business will evolve and grow. In your plan, you’ll want to include information such as the business name, a short summary of what the business is about, marketing strategies, analysis of the competition, design and development ideas, a plan for management and operations, and the plan for financing your business.
Step 4: Financing Your Business
Every business is unique, and every business owner has their way of funding their venture. Whether you take out a loan, borrow from friends or family, or partner with someone else, it’s important you have a solid plan for how you will finance the start of your new business.
If you aren’t sure how you’ll bankroll your new venture, check out these options:
- Small business grant
- Crowdfunding campaign
- Angel investors
- Venture capital investors
- Startup incubator
- Bank loan/line of credit
Step 5: Find a Location and Build Your Team
You probably won’t be able to do everything yourself, which means you’ll need to build a team of trusted experts to help. For example, if you’re building an app, you’ll need someone with technical capabilities. Just because someone has the skills, however, doesn’t mean you’ll automatically work well together. Not every working relationship will pan out, so take your time when hiring your team to ensure you end up with the right people by your side.
As for location, you have many options. Whether you need a physical location or can operate out of your basement or a virtual office depends on the nature of your business. Consider your budget and decide if having a physical location is right for you.
Running and growing a business is work that is never truly done. Launching it successfully, however, is something you can master by following the steps outlined above.