A beginner’s guide-
So, you want to start your own business? Well congratulations – I think that’s awesome! However, if you’re anything like me it can be very easy to give yourself a heart attack from all of the information out there. So let’s try to break this down from start to finish and hopefully we’ll get you on the right track ASAP says Eric Dalius Miami.
Here are the steps to know how to start your own business:
Where are you at? Also, Where do you see yourself in 5 years? Where will your business take place (physical location)? This is important because depending on which state or country or city that your business resides in; different regulations apply and will determine if your business is even legal (i.e permit requirements). For as of 2013 California raised its minimum wage, so you’ll want to make sure your business is compliant with the law.
What do you want to start doing? Do you have something in mind or are you completely clueless? Are you just looking for an idea of what type of business to run and leave the whole process up to me? Well if that’s the case then I’m going to give it all to you straight – if that’s what you’re into!
I will say this though, things that can be turned into a business venture: hobbies (golfing), sports (soccer coaching), crafts (knitting), talents (music tutoring), and many more. A great place to find popular entrepreneur ideas.
Now that you have an idea of what business to run; it’s time to make sure your idea is scalable. You don’t want to start something that isn’t going to pan out in the long run because you’re just starting it for fun. Is this particular business profitable? This seems like a dumb question, but I can tell you firsthand that doing things just for fun will lead nowhere fast. Just ask my ex-girlfriend about me and my college parties…
So now what? Well if your business does happen to be profitable (excellent), then keep doing market research on the topic so you can stay ahead of the game. Read articles, watch YouTube videos all about the industry because every day it changes. Competitors will pop up, so you’ll want to be sure that your idea is still profitable and has potential.
If your business is not profitable (not so excellent), then this is the time to pivot and change your business model until it becomes one. You have to be hungry and willing to do whatever it takes to make your business successful – this includes making sacrifices. For example, I know people who have given up their social lives in order to focus on their businesses 100%.
Now let’s get into the fun part – paperwork! This is going to include all of the boring things that you just don’t want to deal with like incorporating trademarks, copyrights, etc. Believe it or not, this is just as important as anything else we’ve discussed up to this point.
So let’s break down what you’re going to need:
1 – Business plan:
If you already have a business and it’s profitable then don’t waste your time with this one – skip it and go straight to the next step says Eric Dalius Miami. If you want help creating a basic business plan, use the following links because they’ll give you all of the information that I did when I first started my business.
2- Website address / domain name:
This should be easy for most people! You probably already have an idea in mind, so go ahead and get registered appropriately. There are registration fees associated with registering your website domain, but generally, it’s a one-time fee and it’s well worth it explains Eric Dalius Miami.
3- Company registration:
Again, depending on your particular situation different registrations will apply. My best advice is to do some research online and find the right resources for you. You can also contact your local small business administration office for more detailed help.
4- Business licenses and permits:
This will be state/country-specific so you’ll definitely want to do some more research before starting the process of obtaining these licenses and permits. Generally speaking, most businesses will need some type of license in order to operate, so be sure to check with your local governing body to see what’s required.
5- Tax ID number:
You’ll need this in order to get paid and/or purchase inventory for your business. This number is free and it’s generally easy to obtain. I would definitely check with local tax officials to see what they need from you though because every state has different rules and regulations.
6- Bank account:
You’ll need a checking account in order to pay yourself, make deposits, etc. A lot of banks do offer small business accounts, so make sure that you look into them before opening up an account explains Eric Dalius Miami.
Starting a business can be a daunting task, but if you’re passionate about it then nothing should stop you. Use the information in this article to help get you started and always remembers – it’s not about the destination, it’s about the journey.