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How To Start A Small Business 101

In this first lesson let's talk a little about what a small business is

and some of the steps you will need to take to start your own.

 

Small business is a phrase that is used every day by millions of

people across the globe. This is because during the past decade

the rise of small business has become more substantial than in

any other decade prior. This is largely due to the growing number

of services that are offered to small business owners, to make it

possible for them to keep their business running.

 

There really isn't any guidelines for when the term small business

is used, however it is simply defined as a business which has a

small number of employees. How few employees is debatable,

and the definition of when a business changes from a small

business to a bigger business differs both by country as well as

industry. This number is generally less than 100 employees.

 

As I've already explained small businesses due to their nature, are

usually sole proprietorships, partnerships, or privately owned.

Common in many countries, smaller businesses, tend to be related

to: accountants, restaurants, guest houses, photographers, small

shops, hairdressers, tradesmen, solicitors, lawyers, small-scale

manufacturing etc.

 

Small businesses are often located in private homes, for two main

reasons. The first is because it is cost-effective and in most cases

convenient. The second reason is that there are several benefits

with taxes, etc by having your business in your home.

 

Running a small business is an exciting opportunity, a great way to

introduce yourself into the business world, and to gain business

sense.

 

But, before you spend a lot of money on your small business it's

important that you know the facts, so take some time, go to the

library or get on the internet and research the basics. If

possible talk to a few experts or other small business owners so

that you can be sure that entrepreneurship is right for you.

 

Here is a quick list of some things that you can do to get started;

 

- Conduct a feasibility study of your business idea.

 

Describe what your typical customer, your product and your

competitors. Who will your suppliers be? What will you charge for

your product? How will you market your product? These are just a

few of the questions you need to answer.

 

- Write a complete business plan.

 

Do this using the information you gathered from your feasibility

study. This is vitally important and often an overlooked step that

needs to include a description of your company, its goals,

competitors, market, financial information, and of course, how you

intend to meet your goals.

 

Get your financing in place.

 

There are many ways to finance your business, from your own

savings to personal credit cards to bank loans. If you need credit,

know your business plan from front to back and maybe even

sideways.

 

Decide what kind of structure your company will have.

 

From a legal standpoint, there are three basic choices, sole

proprietorship, partnership and incorporation, each with

advantages and disadvantages.

 

- Choose a name for your company and check on name

availability.

 

Naming your company is highly individual, but it’s the first thing

associated with your business, so choose your name carefully.

You'll need to do a NUANS (Newly Upgraded Automated Name

Search) report, which checks your name choices for uniqueness

against a database of other business names. A reserved name is

valid for 90 days.

 

- Determine whether there are special permits or licenses that

your business will need. Check with county court house or your

local tax collectors office for the proper forms.

 

- Set up your business bank account and record-keeping system.

 

Your banker will need to see your business documents, and you

may want to set up more than one account so you can keep

track of your finances better. Record-keeping is required, and can

be done manually or with a computer program.

 

- Purchase insurance.

 

There are many different types of insurance, but most probably

your company will need at least one. For example, if you’re going

to have employees, you need to have workers compensation

insurance.

 

- Decide where your business will be located.

 

Lease your business’ space. Alternatively, you could choose to

start your business from home if it’s feasible. There are

advantages and disadvantages to starting your business from

home. You have tax write-offs for example, but sometimes your

image suffers.

 

- Purchase supplies and office equipment. You'll need too many

things to list here, and of course, each business has different

needs. You might need a fax machine and printer. You'll probably

need a computer. You'll definitely need paper, pens, pencils and a

calculator.

 

Being armed with the facts and information you need from the

beginning is a giant step towards ensuring the success of your

small business. So take your time and do your research.

 

Look for another lesson soon! We will be talking about some of

the different options available for financing your small business.

Leon Edward is the blog owner and webmaster of  http://www.HomeBusinessIT.com where you'll find internet business ideas and home business management info , legitimate online business reviewed , home business management and marketing information where you can even get step by step  affiliate marketing training to start your own affiliate marketing online business

 


 

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