Be it USA or any other country in the world starting up a new business has always been a challenging task. Beginning a new business can bring about many personal and financial advantages in the future, but you probably will come across numerous challenges when setting it up. The time requirement may be beyond your expectations, and adequate money to keep things working can also be a difficult task in hand to be managed. Although with certain cautious plans, you can forestall some of these challenges and be able to conquer them. Things differ a lot when you are launching your first business or the second one and so on.
Do you want to start your first business? Here is a step-by-step guide of what you need to do to make it happen.
Step 1 â€“ Stop Guessing and Start Researching with Brainstorm Ideas
First and foremost start thinking and stop predicting the business ideas. Begin with areas you by now have much interest, equipment and resources for. This will help expurgate on theÂ start-up costsÂ for your company. Also, check the home-grown newspaper and ads to get an idea about what other kinds of businesses are running. Are there other parallel businesses in your locality orÂ is there a business opportunity? Once you’ve shortlisted the ideas; list them down to one or two, do a rapid search for prevailing companies in your selected industry. Study what the existingÂ brand leadersÂ are doing, and decipher how you can do it better.
Step 2 â€“Build a Strategic Business Plan
With the business idea in hand, next task is building a Strategic Business Plan. Ask yourself the purpose of the small business, who would be the end customers, how you are getting the initial funds, from where the raw material has to be procured, what equipment would you be needing, do you need a warehouse for storing, how are you going to promote it and so onâ€¦ Answer to these questions in a well-written and prepared document which would be called as your Business Plan. You can contact Allan Koglmeier to build a strategic plan for your first small business .
Step 3 â€“ Estimate Your Finances
A well-made business plan would help you a lot in estimating your expenses for setting up new business. You must find out ways to get finances for your company. Are you going to take a loan form bank or someone from your family-friends is ready to lend it to you. If you are incompetent to ask out a bank loan, you canÂ request for a small business loanÂ through theÂ Small Business AdministrationÂ (SBA). Investors are also one way to get funds for the company.
Step 4 â€“Embrace the Competition
By setting up a small business, now you have entered into a competition and there is no way out to hide from it rather face it and move ahead. Judge wisely all your competitors based on their strategies and act accordingly. May be some of your competitors are offering lower rates, more quantity, lesser delivery time, longer shelf value, better re-sale value etc. You should attempt to respond to only one of these challenges and not all. Be better than them and create your brand value.
Step 5 â€“ Purchase an Insurance Policy
It is highly recommended to buy an insurance policy to cover any loss incurring due to any natural or manmade calamity. Every small business proprietors should ponder on what would happen to the enterprise and the income streams being spawned if health or other problems were to avert them from being involved in the business. Contemplate these issues in advance and decide whetherÂ incapacity income insuranceÂ makes logic.
Step 6 â€“ Register Your Business with the Government and IRS
To grow into an officially documented business unit, you must register with the government. Corporations will require anÂ “articles of incorporation”Â document, including your business name, business purpose, corporate structure, stock details and other facts about company. Else, you will just need toÂ register your business name, which can be your legal name, an untrue “Doing Business As” name or the name you’ve turn up with for your small business. After you record your business, the next step is gaining an Employer Identification NumberÂ (EIN) from the IRS.
Step 7 â€“ Build Your Team and Understand Employee Responsibilities
â€œUnity is Strengthâ€ based on this thought you would need to hire a team to get your works done on time. You alone cannot do everything from being a HR Manager to a Marketing Manager. A team will divide the work and complete it on time. At the same time; building a team would call for understanding employeesâ€™ responsibilities. You should have not only sympathy with them but empathy as well. Encouraging your team members would result in higher productivity.
Step 8 â€“Brand yourself and Do Advertise on Various Social Media Platform
A brand for a business is like status for an individual. It is only through branding you can reach into the minds and heart of the customers. A well branded product/service is recalled at the time of need/demand hence increasing your sales. This would ultimately result in upsurge of business. Remember, you need to utilize as many sources of media as you can. There are many forms of print and electronic media to be used like newspapers, pamphlets, TV, radio, emails, banners, hoardings and various social sites etc.
Step 9 â€“ Don’t Accept a Customer Just For the Money
Another important point on starting a small business is not accepting a client for the sake of money. Donâ€™t negotiate at the price what he is hiring rather stick on to yours. Accepting a client at his/her rates may create a negative value for you. Learn the art of saying a NO to clients without hurting them. Try to provide a detailed explanation for the reason behind charging.
Step 10 â€“ Grow up Your Business
Doesnâ€™t just stick to a single entity, if you are getting good outcome from the business, go for growing it up. You can either expand it to another city/country, or you can introduce another product/service to the line. Increasing your product/service channel is a good idea as well. You can also go for growing it up in the direction of product width and depth. The idea is to attempt in all the directions of setting up your business.
Hence, by following the above 10 steps of Starting a Small Business in USA you can be a master of your own. Keep visiting this page for more information on setting a startup.