How To Start A Successful Business

Posted by : Unknown Thursday 17 July 2014

Be your own boss

Starting a business involves planning, making key financial decisions and completing a series of legal activities.

Wouldn't it be great and wonderful to be able to quit your job, be your own boss and earn more money than before? The good news is that with a little planning and some start-up money, it is possible!

In this post you’ll learn on how to be your own boss, and the captain of your destiny---maybe even a captain of industry. Is it hard? Without a doubt. Is it challenging? Absolutely. Do you have to be wealthy and well-educated with a lengthy resume? Not at all! Can you do it? Yes” So how do you do it, and make it work? Plan! So there is no let’s get started

1. Have an idea. It might be a product you've always wanted to make, or a service you feel people mostly need. It might even be something people don't know they need yet, because it hasn't been invented. Before you quit your job to become an entrepreneur, you must first think of a concept, product or service that will generate a steady stream of income (money). This may sound easy, but for most people, it is actually the hardest part. You should conceive a plan that puts your knowledge, experience and expertise to use in the most profitable way possible. Once you settle on an idea, research the marketplace to see how similar businesses have fared.

2. Create your business plan. I define a business plan as an essential road-map for business success.

Numerous studies have shown that one of the major reasons new businesses always fail is poor planning. If you are planning on starting up a business, you must have a business plan. This will serve as a road map to guide you, and communicate with investors on what you're doing or planning and why they should invest in you. It should include a mission statement, executive summary, product or service offerings, target market, marketing plan, industry and competitive analysis, resumes for the company's principals, your offering, and also an appendix with any other pertinent information.

3. Create your working name. As your plan grows, and things begin to take shape, the perfect name may come to you, but don't let that hinder you in the early phases. Create a name that you can use while you plan, and don't mind changing later. To choose a good name, choose the name that is similar to your business idea.

4. Get business assistance or training. Getting business assistance and training will determine your success or failure. Networking with other business owners can be a value resource. Go to business training or get a person business coach to learn more about business and the business idea you have. You can even learn online by searching in search engines about the business idea you have.

5. Finance your business. How are you going to finance your business initially? The bank, venture capitalists, investors, your own savings: these are all viable options. When you start a business, be realistic. You will probably not roll out of the gate making 100 percent of whatever you project, so you need to have enough ready reserve to fund things until you are really up and running because I believe that one of the surest roads to failure is under-capitalization and that’s the fact.

Find government backed loans, venture capital and research grants to help you get started.

6. Choose business location. Choosing a business location is the most important decision a small business start-up will make, so it requires a good planning and research. It involves looking at demographics, assessing your supply chain, scoping the competition, staying on budget, understanding state laws and taxes, and much more.

Here are some tips to help you choose the right business location.

Determine Your Needs

Most businesses choose a location that provides exposure to customers. Additionally, there are less obvious factors and needs to consider, for example:

Brand Image – Is the location consistent with the image you want to maintain?
Competition – Are the businesses around you competing?
Local Labor Market – Does the area have potential employees and what will their commute be like?
Plan for Future Growth – If you anticipate further growth and look for a building that has extra space, should you get it.
Proximity to Suppliers – They need to be able to find you easily as well.
Safety – Consider the crime rate. Will employees feel safe alone in the building or even walking to their vehicles?
Zoning Regulations – These determine whether you can conduct your type of business in certain properties or locations. You can find out how property is zoned by contacting your local planning agency.

Evaluate Your Finances

By determining what you can afford, you will need to be aware of other financial considerations:

Hidden Costs – Very few spaces are business ready. Include costs like renovation, decorating, IT system upgrades, etc.
Taxes – What are the income and sales tax rates for your state and what about property taxes? Could you pay less in taxes by locating your business across a nearby state line?
Government Economic Incentives – Your business location can determine whether you qualify for government economic business programs, such as state-specific small business loans and other financial incentives.

7. Plan your operations. Determine who will lead, and who will follow Define your organization, from the receptionist up to the CEO, and what part each plays in both function and financials. Keep in mind that your business will continue to evolve and that this will be a rough idea of who is needed to keep things functioning; as the business grows, you'll likely make changes to the hiring plans to fit what is happening at the time. Also, in a number of cases, the "staff" is you and whomever you can consult, such as your lawyer and accountant. This is fine, as long as you show that you're prepared to pay for external advice and help until your business is ready to take on staff.

8. Register your business name. Naming your business is a very important branding exercise, but if you choose to name your business as anything other than your own personal name then you’ll need to register it with the appropriate authorities.

This process is known as registering your “Doing Business As” (DBA) name.

What is a “Doing Business As” Name?

A fictitious name is a business name that is different from your personal name, the names of your partners or the officially registered name of your LLC or corporation.

Note that when you form a business, the legal name of the business defaults to the name of the person or entity that owns the business, unless you choose to rename it and register it as a DBA name.

The legal name of your business is required on all government forms and applications, including your application for employer tax IDs, licenses and permits.

Do I Need a “Doing Business As” (DBA) Name?

A DBA is needed in the following scenarios:

Existing Corporations or LLCs – If your business is already set up and you want to do business under a name other than your existing corporation or LLC name, you will need to register a DBA.
Sole Proprietors or Partnerships – If you wish to start a business under anything other than your real name, you’ll need to register a DBA so that you can do business as another name.

Note: Not all states require the registering of fictitious business names or DBAs.

How to Register your “Doing Business As” Name

Registering your DBA is done either with your country clerk’s office or with your state government, depending on where your business is located.

9. Obtain Your Federal Business Tax ID. Does your business employ workers, withhold taxes, or operate as a corporation or partnership? Then you need an Employer Identification Number. An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN.

10. Marketing and advertising your business. Marketing and advertising your business is the most powerful and important part you need in making your business a success. Here are the ways to market and advertise your business;

Get a website. Getting a website for your business is a very important thing. Here are five reasons why a business needs a website.

1. YOUR SMALL BUSINESS WILL GAIN CREDIBILITY

Today, more consumers use the internet to search for the products or services they need. So, your small business will gain credibility by having a website. Know that without one, potential customers will go to your competitors that do. If you already have a website but it is "home-made", having it professionally redesigned will provide your business with a professional image which will inspire even greater confidence.

If you'll be selling online, get your eCommerce in gear and either build a website, or have one built for you. It's your storefront, so anything and everything you can do to make people want to visit, and want to stay, just do it.

2. It will enable you to keep your customers informed

Think of your website as being your online brochure. It is much easier and quicker to update information about your products and services on your website than in print material, making it an effective way of letting your customers know about the arrival of new products, upcoming events, special promotions, or any new services you offer. Unlike print ads which quickly become outdated, your website can always provide current information and news.

3. A website will save you money

As a small business owner you probably think you can't afford a professional website, but you can't afford not to. Although the cost of designing a website varies, once it's up and running, a website for a small business generally costs under $100 a month and, in some cases, as little as $20. But if you need a website (a professional website) at a very cheaper rate contact Alexander Orah through email kasomoney@gmail.com.

4. A website saves you time

Providing information to your customers takes time, whether it’s on the phone, face-to-face, in a brochure, or in emails but with an online catalogue you can provide lots of information about your products and services. Once your website is up and running, it is available to your customers indefinitely, saving you time. And what is time? I call time money!

5. It improves customer service

Maybe you sell environmentally friendly products and would like to share tips on how to recycle. By including a FAQ page, adding articles or uploading newsletters to answer all your customers’ questions you can keep them up-to-date.

Spend time developing an excellent social media presence. This can be done well before the business is ready, increasing anticipation. Use popular social networks like Facebook, Twitter and Google+, and any other social media you participate in to build excitement and spread the word.

11. Secure a very good space. Whether it's an office, or a warehouse, if you need more space than your garage or your spare bedroom, now's the time to get that.

· If you don't generally need an office beyond your home, but May occasionally needs meeting space, there are often places downtown that can address those needs. A quick Google search on "business meeting rentals [your city/state]" will deliver plenty of rental options in your area.

12. Build your product or develop your service. Once you have the business all planned, financed, and have your basic level of staffing, get going. Whether that's sitting down with the engineers and getting the software coded and tested, or getting materials sourced and shipped to your fabrication, or purchasing in bulk and marking up the price, the building process is the time during which you prepare for market.

13. Launch your product or your service. When the product is all built, packaged, and ready to sell, or when your services are fully worked out and ready to go, hold a special event to launch your business. Send out a press release, announce it to the world. Tweet it, Facebook it, let the word resound to all corners of your market that you have a new business!