7 Steps to Starting Your Own Business

When starting up your own business there are a lot of variables to consider and not knowing where to start is common. But you won’t really know what to expect until you actually give it a go. If you have an idea or a dream and are serious about making it happen, start with these seven steps. 

Step 1: Personal Evaluation. Look at why you want to start the business. Create some values and some goals you want to accomplish with this business. 

Step 2: Analyze the Industry. Who are you marketing to? Who do you mainly want to buy your product or service? Who will be the company to beat? Also how much money will you need to start? 

Step 3: Make it Legal. Get a proper business license and permits. Name your business and make it legit.  

Step 4: Write a business plan. Define your strategy, tactics, and specific activities for execution.

Step 5: Plan the Finances. Small businesses usually start with private financing from personal savings, credit cards, personal loans, help from family/friends, etc. 

Step 6: Set up Shop. Find a location, even if it’s a spot in your home, and start working the business like a real job every day. Think about marketing, product placement, sales, admin, taxes, etc. 

Step 7: Trial and error. Expect Mistakes, be open minded and creative. Look for different opportunities. Don’t reinvent the wheel. Find mentors and find the method to success that works best for you. 

If you are thinking about setting up your own business but don't know where to begin or your current business isn't bringing in the results you need, now is your chance to make a change. Contact Alan with  AdvancingWithUs to learn more business tips and tricks. 

Published by:

Alan Pariser 

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