There are many questions you must ask yourself when you think of starting your own small business. The first question should obviously be “What will you do?” Will you be selling some products or provide any type of service?
Selecting a right business is crucial for success. You may follow certain steps to decide the kind of business to start.
1. List down your strengths and things you are good at.
2. How valuable and useful your services will be?
3. Is there any competition already in the market for the kind of business you want to start?
Consider all the risks involved in the business and plan for success. For this you can take a leaf from success and failure of your friends and acquaintances.
How to start?
After deciding type of business, plan how to go about it. Assess yourself. What skills you possess to run your small business? Will you be able to run this business independently or hire somebody?
Prepare list of items you will require for running business and making it successful including skills, certifications, equipment and materials.
List legal requirements
Business owners are required to fulfil government requirements for starting their business. You can get necessary information from City Hall or County Courthouse.
The Secretary of State’s website provides information about businesses in your state and how to get permits and licences.
Prepare Business Plan
A business plan is a must for any small or big business. Sometimes you need special permits or licenses and liability insurance. Even if you start business with your own investment you might secure funding at later stage. For all this you will be required to furnish business plan to the concerned authorities for them to ascertain what type of business you are in and whether it is a viable proposal.
Start up costs
Estimate how much money you will require for entire set up of your small business, including administrative and marketing costs. You must make provision for at least six months’ day to day expenses. Ensure whether credit facility from suppliers will be available or not. You will require large amount for material inventory.
Even if it is a small business you will have to spend some amount on publicity, otherwise people will not know you are in the business. Know your target market and carefully select a medium which will be least expensive.
Apart from above listed things what you need most is your dedication, commitment and untiring efforts to make your business ownership mission a success.