How to Start a Business: Our 7 Step Guide

Daniel Penzing
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Write Your Business Plan

You may not have any business plan yet. If you do, great. If you haven’t written one, you’d better write one. If you are starting a new business, your business plan will be the backbone of your company. This is the road map that will tell you how to get to your destination. Without it, you will probably not get very far.

To start, decide on a name for your company and trademark the name or logo. Choose a name that will inspire confidence in your business. Research similar companies and then choose your business type. Describe the products or services that you will sell. Describe your business’s mission and goals and outline your ideas for the next year.

Take your time creating a business plan. If you rush this process, your business could open with a flawed plan. That would be a recipe for disaster.

Again, your business plan will serve as a road map for your business. It will tell you where you are going and what you have to do to get there. If you don’t know where you are going, you probably won’t get there either.

Incorporate Your Business

Step 1

Incorporating your business will have several advantages, including:

  • Business Structure Limits
  • Liability protection
  • Tax advantages

Preservation of your personal assets (your home, auto, etc.)

Less Paperwork for Your Daily Operations

As with everything else in starting a business, there are several options for choosing. The first option is to incorporate as a corporation. This protects you as a business owner from personal liability, but it also comes with its own set of paperwork.

The second option is a Limited Liability Company (LLC). This is a separate entity from you, but it can provide some of the same protection from personal liability without as much paperwork.

The third option is to incorporate your business as a sole proprietorship. This is the least attractive choice from a personal liability standpoint, but it has the lowest administrative cost.

These are generalizations, and you should consult with an attorney to determine the best course of action for your business. The more complicated your business, the more complicated your choice of business structure will need to be.

Gather the Appropriate Paperwork

You will need the following paperwork to file your articles of incorporation:

Notarized Articles of Incorporation (Form 07-009GS)

A logo is an essential component of a successful business. It is a symbol that represents your business. Creating a good logo is an essential step that helps define your brand.

The business name is a label, and the logo is a symbol. ”

A good logo should be able to be remembered, and yet be easily identifiable. When people see your logo, they should know who it belongs to immediately.

While designing a logo, it is important to keep the following considerations in mind:

  • Where will the logo be used?
  • What will be the medium?
  • How many colors will the logo be printed in?
  • Will the logo be used in black and white?

Keep these factors in mind while making a logo, and they will guide you through the process. Have a professional design a logo based on your preferences. There are online sites like logo design club that can help you come up with a unique logo that will be compatible with your business. Never use trademarked logos in your logo or in your design. Make sure your designer has included a watermark for the logo as well. Watermarks let you know if the logo is tampered with.

Purchase a Domain Name and Website

The first two steps to starting a business is to purchase your domain name and website to get it up and running. This will enable you to get a digital location to market your business to the world.

Use your name or something relevant to the business.

Keep it as close to your business name as possible.

Some website hosts will be free, and some will be paid.

The world’s largest, Wikimedia is of a volunteer nature, so no one owns it. It is governed by the Wikipedia Foundation. Wikipedia is a free-content website.

To start your new business and be a leader in tomorrow’s community, you’ll learn to manage your website’s content and analytics. You can learn to build and your own website on any device, and even master app development.

Accounting Software

Accounting software can make your life as an entrepreneur or freelancer that much simpler. Whether you were looking to simplify your financial records or manage your business credit, there’s a platform for that.

There’s a wide variety of accounting software out there for startups and small businesses, yet it’s important to find one that fits your financial needs.

To help you navigate through this ever-growing sea of accounting software, we put together a list of the most popular accounting software for entrepreneurs.

Xero

This accounting software starts out free, with low-cost Level 1 Premium accounts, then works with your team as you grow. It also offers escrow services to help you manage payments and expenses.

With the free version, you get 20 transactions, which are any payments made under the books. It also offers you 24/7 account support along with a mobile app. For added security, it has an advanced security protocol to ensure your data and information remains safe.

FreshBooks

FreshBooks doesn’t just serve up simple bookkeeping. It provides efficient time tracking, invoicing software, and customer service. This software is also cloud-based, so that you can access your accounts on any device, anywhere. It has is compatible with Android and iOS, as well as Windows and Mac.

Find an Accountant

You need to find an accountant. This is probably not something you want to do yourself unless you’re a whiz with numbers. You want someone good and professional who can take care of all your finances. He or she will also know how to keep it organized so you and your business partner can easily see where your money is going. This will be helpful down the line.

Get Funding

One of the biggest mistakes that new entrepreneurs make is to skip the biggest expense they will need to overcome for their business to thrive “ funding.

Bootstrapping, or not spending a penny of what you have, is not always the ideal solution. Your business will require capital, whether to develop and pay for market research, complete a website, or buy furniture for an office.

Look for grants in your community that may require a small grant of your time and expertise to get funding. That way you get the resources you need to help your business grow, and in return, you offer your skills and knowledge to the grantor.

If you have a good idea and a great team, talk to a bank or a local entrepreneur that can give you a small business loan.

Don’t forget that your friends and family are your best chance of getting a business loan. They may be more eager to help you if you prove yourself to be deserving of their loan.

There are plenty of funding sites online where you can get funding from people all over the world. Here is a list of the top 25 crowdfunding platforms of 2018 that can help you raise money.

In Summary

In this article, you have read all about how to start your own business from the ground up. As you can see, the process can be difficult and overwhelming, especially if you don’t know where to begin. However, armed with the kind of information you can find in this article, you should be able to get started with your business idea no matter what the field. Below is a checklist that will help you understand the process of creating your business:

  • Decide the type of business you want to start
  • File your LLC with the state
  • Get some business cards made
  • Find a place for your business
  • Set up a sales page
  • Register your business with the government
  • Buy insurance for your new business
  • Set up your accounting system
  • Create a business plan
  • Market your business online
  • Pricing is a tricky factor, but one that needs to be understood if you want to succeed in the business
  • Don’t give up

After reading this article, you should be able to start a business with little difficulty. If you are looking for a specific product or service, make sure you read the Resource Box at the end of the article to find out how to find out.