Be Your Own Boss
Be Your Own Boss Virtually everyone at some point in time dreams of being their own boss, for many that means owning a business. That however is much easier said than done. There are many steps to starting and owning a business, a mistake on any of them can derail, postpone or kill that dream.
The most important step to starting a business is to develop a viable business plan. A business plan will layout the remaining steps and help ensure fewer mistakes are made. In addition to developing a business plan the remaining steps are. Choose the type of business to start. Determine licensing and local regulations. Decide on the location of the business. Determine the type of legal structure the business will be. Determine start up expenses. Line up financing for the business. Determine how to market the business. Set up bookkeeping and accounting methods. Hire and set up employee records. Depending on the type and size of business all of these steps may not need to be followed and not necessarily in this order.
Putting together a business plan is essential. Along with providing a roadmap on how to start and run a business it tells others that there is a plan from start to finish in place. Virtually no bank or lending institution will loan money for a business start up without a clear, concise, and viable business plan I've had several businesses over the last 20 years and have never had an official business plan, it is something I regret. Some of the basic elements of a business plan are executive summary, description of the business, goals and objectives, overview of the type of business, an overview of your product or service, financial plans, overview of the owners and employees and any additional relevant information (Harrington 80). The Small Business Administration works with a number of local partners to counsel, mentor, and train small businesses and can provide help writing a business plan (U.S. Small Business Administration).
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The most important step to starting a business is to develop a viable business plan. A business plan will layout the remaining steps and help ensure fewer mistakes are made. In addition to developing a business plan the remaining steps are. Choose the type of business to start. Determine licensing and local regulations. Decide on the location of the business. Determine the type of legal structure the business will be. Determine start up expenses. Line up financing for the business. Determine how to market the business. Set up bookkeeping and accounting methods. Hire and set up employee records. Depending on the type and size of business all of these steps may not need to be followed and not necessarily in this order.
Putting together a business plan is essential. Along with providing a roadmap on how to start and run a business it tells others that there is a plan from start to finish in place. Virtually no bank or lending institution will loan money for a business start up without a clear, concise, and viable business plan I've had several businesses over the last 20 years and have never had an official business plan, it is something I regret. Some of the basic elements of a business plan are executive summary, description of the business, goals and objectives, overview of the type of business, an overview of your product or service, financial plans, overview of the owners and employees and any additional relevant information (Harrington 80). The Small Business Administration works with a number of local partners to counsel, mentor, and train small businesses and can provide help writing a business plan (U.S. Small Business Administration).
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