Starting Your Own Business: A Step-by-Step Guide

Do you have nothing to do?

Have you lost your job?

…or are you getting tired of your demanding boss?

If you answer yes to any of those, then starting your own business can be the answer to all your troubles in life. It’s what made other people rich and happy in their lives, and may be one day having your own business can be good for you too, right?

Now, the best thing about having your own business is that it gives you the freedom because you are the boss and you don’t need to take orders from any one, and you could work on times you have set yourself. You can even get up late and still make money, for as long as you know what you are doing and you’re good in doing it.

Besides starting a business may not be that hard, it just really depends on how you are going to handle things. Though, it would require your dedication, hard work and focus for your business to reach its peak.

But before you aim in making your business productive and successful, you should focus your attention on things you should do before starting your own business. Here is a step by step guide you may follow, for you to start your own business with ease:

Step-by-Step Guide On How To Start Your Own Business

  • STEP #1: Research about the market
    Before starting your own business, you should already be aware of the things going on the market and the country’s economy. Find out if you’re products and/or services you want to sell would have buyers. It would also be best if you would have the idea on who are your competitors and know how you can do better or out perform them.step by step guide on starting your own business
  • STEP #2: Write down your business plan
    There is a cliché that says “Never go to war without a plan.”. Well, that is also evident when it comes to starting your own business. Your business plan is very important in getting your business started, so you should do your best in developing a great and unique business plan.
  • STEP #3: Attend business training and seminars
    If this is your first business, then it would be really helpful for you to attend business training and seminars. These seminars may help you on how to start and manage your business properly, get fresh business ideas, know how to cut down on your business expenses and other topics that can only expand your knowledge when it comes to the business world.
  • STEP #4: Finance your business
    Just like a gasoline to a car, your business will be needing money for it to get started and running. Determine how much capital you are going to need to start your business and make it operational, then decide where you will getting the money.You can get the money from your savings, by applying for a bank loan or any other way you can find that can help finance your business.
  • STEP #5: Decide on the legal structure of your business
    To help you with this step, you should get a good business attorney that will be assisting you in structuring your business in a way that would suit you the best. Legal assistance is important for you to know the laws and for you to avoid violating any of them, and to protect your business.
  • STEP #6: Register your business and get all necessary business licenses and permits
    You don’t want to operate an illegal business and go to jail, right? So, it is for your own good to register your business and secure the licenses and permits you will be needing before starting your business. You can inquire about this with your business attorney or by going to different government agencies. You should also get a Tax Identification Number (TIN) for your business, this is required if you are going to have employees, in which most businesses have, and for other legal purposes as well.
  • STEP#7: Open your business
    If you are done in creating your business plan, have the capital your business need and get the licenses and permits you need to secure, then it is time for your business to open. Get advertisements and tell others about your business and invite them to come visit your business location, if you have one, and check it out. Make sure that all things are set and your customers will be having a great experience, because the best advertisements are words that comes from your most satisfied customers.

After completing all of the steps above and your business become operational, it is now time for you to think about how you are going to expand your business and take it to the next level. That’s what I think is the hardest part and most rewarding part when it comes to having and starting your own business, and it’s up to you to figure that one out. To end this article, here is a great quote I have found that could help you regarding your business.

“In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later.

-Harold S. Geneen

Photo Courtesy of Alex Osterwalder

Mark Ross Canaoay

Hello! My name is Mark and I'm the one responsible for this website. I'm just a person with enough knowledge about finance-related stuffs. You can know more about me by liking my Facebook Page, following me on Twitter or by adding me in one of your circles on Google+.

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Hello! My name is Mark and I'm the one responsible for this website. I'm just a person with enough knowledge about finance-related stuffs. You can know more about me by liking my Facebook Page, following me on Twitter or by adding me in one of your circles on Google+.

Comments

  1. Great step by step guide to starting a business. I do think it is important to really research the market and see the viability of your product or service before you do anything. Many people don’t do that and their business goes down.

  2. Hey Mark, great post! Starting a business isn’t as hard as most people think…with a good plan, anything is possible. I like that you mentioned that you should write out a business plan. This seemingly pointless task can save tons of time and money down the road. I think that too many people keep plans in their minds but, without putting it on paper, don’t remember everything they need to! Anyway, great post, thanks!

  3. moneystepper.com says:

    Hi Mark,

    Great post and a really good starting point for people thinking about starting their own businesses. Its a huge jump for people, so these ideas are really useful for guiding people on their way.

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