Essential Steps to Starting a Business.

For some of our readers, we may have put the cart before the horse in our blogging topics. For instance, you now know what steps to take to brand your business but you have yet to start it. So, in this article, we rectify the situation with, Essential Steps to Starting a Business.

The most important aspect of starting a business is this; START. Easy enough right, but you will be amazed at how many great business ideas are held up by this important step due to the inability to move past the analysis stage.

Yes, it is imperative to vet your business ideas, perform research, and analyze them however if you are convinced of the business’ potential, then the next logical step is to listen to your instinct and start. If you start and you fail it is still a lesson learned for your next endeavor. Life is dynamic; we live and learn every day. And if you succeed, then the rewards are worth the courage it took you to step out of your comfort zone.

In this article and infographic, we have outlined steps to help you move along in case you happen to be stuck in the first phase.

Phase 1. The Idea

The first step to any business is developing the business idea. Is it a solution to an existing problem, knowledge you want to share, technology, or software you have built? Once the idea is developed, you need to vet it to determine its viability and feasibility. Research the market, study what other businesses in the industry are doing, and learn from them to determine what you can do better or how you can differentiate yourself from the current players in the field.

Phase 2. The Blueprint

Develop a business plan. This is where most people get stuck with jittery teeth and shaking knees because they can’t get past the "fantastic monster" of a business plan they have created. Unless you are pitching to investors or lenders, keep it simple in the beginning you can always fill in more details as you go on. You may use steps one and two of this article we wrote about branding as a starting point. If you are feeling more confident use these simple steps to write a business plan. That being said, if you are the type that will lose sleep over the fact that you did not write the most voluminous plan with every analytical detail and scenario spelled out, by all means, do it so you can have a clear mind and the courage to proceed. Use this guide to write an in-depth business plan from SBA.

The next step is to evaluate your finances. Are you going to dig into your savings and bootstrap or are you going to seek outside investors? There are many sources of financing a business, from borrowing from traditional and non-traditional lenders, crowdfunding, seeking angel investors, venture capitalists, etc. Remember everyone’s situation is different so find what will work best for you and your business and you should outline it in your business plan.

Decide on your legal entity and register your business. Determine whether you want to register it as a sole proprietor, partnership, legal liability company, or corporation. You can access a lot of information from your state’s official website about how to register your business entity and obtain your employer identification number (EIN) from the Internal Revenue Service (IRS) for tax purposes. This page on sba.gov provides information about filing and tax obligations in each state.

Phase 3. The Identity

Brand your business to differentiate it from competitors. Use our article, How to develop a winning brand identity as a guideline to establish your brand strategy then contact us to help you design your business logo, brand message, and brand collaterals.

Phase 4. The Infrastructure

Organize your business infrastructure. By now you already know whether you are going to work alone or with a team. Does your business require that you hire employees? If so, ensure that you indicate that you will hire employees when you register your business.

Do you rent an office or an operation facility or do you work from home? The costs associated with these should be identified and analyzed in your business plan. With the sharing economy these days, many small businesses and startups are opting for shared offices. Many of the space providers offer fully furnished spaces with flexible rental terms. This is a good way to keep your costs down and to network if you are not a fan of working alone.

Phase 5. The Partnerships

As you build your external partnerships, you should consider enlisting an insurance broker or agent too, we recommend Axios Risk Solutions. They can assess your risk exposure and arrange appropriate insurance for your business. Many insurers offer small business packages that will cover your general liability, commercial, personal property, and business interruption risks. If you provide services consider buying professional and general liability insurance. If you hire employees you need to secure workers' compensation insurance as well. Will you offer health insurance or sponsor one for your employees? Look into small business health insurance options.

Additionally, you may consider hiring an accountant and having a legal service provider at hand depending on your business. Even if you hire an accountant to handle all your finances, it is good practice to be on top of your finances yourself. Furthermore, even if you are a small business, you should enlist a go-to IT service specialist when you run into technical problems.

Phase 6. The Launch

Launch your business; get the word out through your immediate contacts. Have a launch party. Use traditional and social media channels to attract a broader audience. Remember building a social media engagement takes time but don't give up. There are so many social media channels available, determine which ones work for you and which ones your prospects and clients are likely to use, and put your efforts into growing your presence in those channels. Whatever method you use to get the word out depends on your budget and strategy.

Remember Rome was not built in a day and neither is starting a business. There will be much-needed elbow grease,1 hard work, determination, and perseverance in order to prevail. There will be many obstacles along the way but you will have to define your own benchmark parameters and timeline. Only you can determine whether the efforts you are putting in are paying off. The rewards may be implicit and some may be tangible but they must all lead to your ultimate goal. So, if you decide to take this route in your career, we wish you all the best and ask that you contact us for your branding needs.

Did you like this article? Share it. Have you heard it all before, been there than that? Great, we need your input. Feel free to add your comments below. What will you add? Did we leave out anything that is perceived to be essential in the process?

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