Seven (7) SURE Steps to Starting a Business!

Are you excited about that business idea that just got your head exploding and would like to kick the ball rolling immediately, yet have no idea how or where to begin? Are you convinced that you can offer a much needed service or product to a target market of your choice, only to see the seemingly insurmountable challenge of funding etc?? Are you not quite sure of what steps you should begin with considering all the lump sum of data that you have gathered on that particular business idea??? If yes, I guess this post is right on time to get you started, making your dream of becoming your own boss a very reality at the right time! You are alone, as most successful entrepreneurs, if not all, once where at the same point that you are right now. With perseverance and passion, diligence and determination, they all, overcame and so can you.

What do you think is a small business? A business firm with fewer than 500 employees, and that maybe more than 95% of all business in most countries or 99.7% of employers in that country, with estimated annual income of about USD $8 trillion dollars. Imagine what vast empire that is though individuals and entrepreneurs make it happen! How do you then begin tapping into this as a key player or stakeholder, running a fraction of that whole? Here are some proven steps to achieving that, the seven (7) steps to starting a small business:

Just rest assured that the business plan of a 10 or 100 entrepreneur will vary from one to another, amply different and diverse, however, common grounds will include a statement of purpose, a description of the business, insurance, operating procedures, financial data such as loan applications and cash flow, tax returns of partners and financial statements. In addition, try seeking the help of a counselor and/or mentor, from time to time.

This second step is one of the most important factor to consider when starting a business, and one crucial point to remember is that the type of business you plan to begin will determine the location of the business. Consider your target customers - the demographics, the regulations and restrictions of/in the city or place of your choice, the competition and possible challenges etc. As much as possible, do a S.W.O.T analysis of the business.

This step is one of the most challenging one where most dreams are never hatched into reality. However, one can overcome the hurdle harnessing all available sources of funding such as government backed loans, angel investors, venture capital and research grants. In most cases, entrepreneurs do dig deeply into their pockets to start their businesses. As much as possible, you can downsize your budget to begin with and avoid activities like hiring staffers or renting a space etc and start with all that you have and can do. Also remember to begin a legal framework for your business so it is protected.

As such an important way of garnering confidence and giving angel investors and target customers assurance and nature of your business, a registration of your business with the relevant government agency is something you cannot underestimate. In that case, choosing the right name and befits your business or create curiosity in the minds of investors and customers alike is a great deal. Use names that can easily stick with customers or something that has to do with the neighborhood of your choice location for the business.

The fifth step is getting a tax identification number and registering for state and local taxes. This has its benefits and challenges over time and you may need professional help if you are not so well versed in this regard. With your tax permit you will be able to collect sales tax from customers and handle workers' compensation, unemployment and disability insurance, process visa or working permits for foreign workers and more.

Obtaining business licenses and permits are vital for the smooth running of your business, thus, depending on the nature of your business, you may need permits such as health, sanitation, food and environmental permits. Get all of these from whichever government agency that is issuing them and avoid business killing hammer of breaking a law or regulation as dictated by the local, state and federal governments. As the saying goes, 'A stitch in time, saves nine'. Don't wait until you or your business is chased before doing the right thing to safeguard yourself or the business and stakeholders' interest.

Last but not the least, you have got to understand your responsibilities as an employer, as you grow and considers employing some staff, whether two or three. You will need to know your legal responsibilities such as withholding taxes and creating a safe workplace for employees. There is nothing greater than pursuing your dreams and becoming your own boss - so do that in thoroughness and with thoughtfulness, making sure the proper research is done and you protect the business from the very beginning - having insurance coverage etc.