Did you know that 84% of small business owners are feeling optimistic about the future of their brand? If you are thinking about starting your own business, now is the time.
Join business owners who are already looking ahead. To become a successful business owner, you should follow our starting a small business checklist.
Read on to learn the steps for yourself.
Create a Business Plan
The first step on your starting a small business checklist is to create your very own business plan. You’ll need this to apply for any funding and just to look back on as a general guide
In your business plan, you’ll need to show why you need financing, how you’ve researched the market, and detail your brand strategy for execution.
Practice Your Sales Pitch
Another one of the tips for starting a successful small business is to practice your sales pitch before speaking to investors. In your pitch, you’ll need to include what makes your business different from others.
You can start by making an elevator pitch. This is a short statement that details why investors and customers should care about the business you want to start.
Search for Funding
If you want to know how to start a small business from home, chances are, you don’t have the full funding to do everything for yourself. The most common sources of funding for new business include:
- Short-term goals
- SBA loans
- Venture capital
- Angel investments
- Working capital loans
You can always use your personal finances if you have enough or reach out to your family and friends for help. You can look back at your business plan to check which option would work best for you.
Choose a Business Structure
What to know before starting a business includes having an understanding of the different business structures. The options are sole proprietorship, nonprofit, or limited liability company (LLC).
This is an important piece of the puzzle as it will define how your taxes and liability works. You can consult a lawyer for help with understanding the tax complications of each option.
Get Licenses and Permits
You’ll need a specific license and permit depending on the industry your business will fall in. In some cases, you’ll need multiple licenses to open the doors to your business.
The size of your company will dictate which insurance policies you need, but all businesses will need some kind of policy. General liability insurance is the most common, but here are a few others to look into:
- Worker’s comp
- Professional liability insurance
- Business vehicle insurance
- Property insurance
The last thing you’ll need to do is register your business.
Register the Business
Any new business must register with the state and federal government before hiring employees. After this step of the process is done, you can start marketing your grand opening!
Starting a Small Business Checklist: Complete
After going through the steps in this guide, your starting a small business checklist is complete! These are things you absolutely need to do before you open your doors for the first time.
Things won’t be smooth sailing after that, but the harder you work, the more reward you will reap. To read more articles for help with your newfound business, check out the other posts on our blog.