5 helpful tips on starting your own business

5 Helpful tips on Starting your own Business

Congratulations! You have decided to start your own business. Your years of service have given you a unique set of skills that you want to share with the world, and your entrepreneurial spirit is urging you to do so, therefore you are ready to “give it a go”, you just need a few tips to get you moving in the right direction.

Create a Strong Business Plan

Ask anyone and they will tell you the single most important step when starting your own business is to put together a business plan. This will be your instruction guide to follow and ensure you have all your ducks in a row before you open your doors for business. The Small Business Administration is a great resource and has an amazing guide that will help you with each section, such as:

Executive Summary

Company Description

Description of Services/Products

Marketing and Sales Plan

Organization/Management

It is very important you take your time writing your plan, as it will be your bible from here on out. Be sure to structure it to fit your needs. Everyone is different, as is every business and your business plan should reflect that.

The Mission and Vision Statement

The purpose of your mission statement is to define who you are and what your goals are, your vision statement defines how you want to achieve those goals by aligning them with your values. Be sure to include your personal values as well, to ensure proper synergy and future personal happiness. To do this, ask yourself a few questions such as:

Why have you decided to go into business?

Why have you picked the field you picked?

How do you want to treat your customers?

How do you want to be perceived by others?

How will your products or services benefit others?

How will you give back to the community you serve and to those who serve you?

Take your time when doing this because like your business plan, this will define what it is you are trying to accomplish. If you need help there are many great websites that will guide you along the process.

Location, Location, Location

Now that you know who you are, what you want to do, and how you want to do it, you need to figure out where you want to do it from. Location is tricky and these days, due to high property value, many new businesses opt to work from home. If you provide a service this is often your best option early on, but it can present a few problems as well.

According to Forbes.com it is good to set a few best practices to be successful at home:

Set office hours

Have a dedicated office space

Avoid distractions

Get dressed and ready for work

It’s easy to take advantage of working from home, but it is vital you stay focused; be sure to set some boundaries and stick to the rules.

Should you go the “brick and mortar” route be sure you research your location as well as your competition. It’s a good idea to work with a trustworthy agent that has experience working with new business owners, they will have your best interests in mind when looking for a new space and think of things you may have missed, such as being internet ready or local crime rates.

Having the right space could mean the difference between success and failure so do not take this step lightly.

Take care of all the Legalities

Every new business must go through the tedious task of making sure all your legal issues are covered, and in the beginning there are quite a few. The Small Business Administration is a great resource for this as well, as it has links to everything you need to cover the majority of these issues such as:

Registering your business name

Getting a Tax ID

Registering for Taxes

Getting any Licenses you may require

Insurance

It is also vital that you choose what type of business you want to be:

Sole proprietorship

Partnership

LLC

Corporation

Non-profit

These are all very important and it is always a good idea to consult with an attorney to ensure you are following all the rules in regards to your new venture, you wouldn’t want to be shut down before you even open up.

Financing

Finally, in order to start a new business you will need a little start-up capital. Lucky for you there are many grants and loans that veterans may qualify for and often receive. Do your research, talk to your bank and don’t give up. You served this country without question and it’s time you take advantage of the many programs available to you, you earned that privilege so use it.

 

 

Patrick Cox has a vast array of experience in many fields and he enjoys sharing those experiences with others, in order to help as well as entertain them. You can follow Patrick on his blog, Pamaa Marketing Network and on Yahoo.