Leadership

Leading Innovation

Starting a Small Business

The first few steps in the right direction

Business e-Coach   Success 360   Emfographics

 Vadim Kotelnikov, founder of 1000ventures - personal logo   Kore 10 Tips   One World, One Way, icon, logo 

 

Many of us have the same dream, to start and successfully manage a small business of our own. So many different factors can influence this decision. For some it may be the idea of aimlessly working for a boss who undermines you constantly. Yet for others, it may just be the sheer accomplishment of owning something as magnificent as a small business.

6+6 Drivers for Entrepreneurship

Regardless, no matter how strongly the urge to start a small business of your own, there will be some obstacles to overcome. The good news, however, is that these obstacles are not impossible to conquer.

Naturally, just about anything that is built, is built from the ground up. The foundation for a small business is a mere idea. Forming an idea of what type of small business you want to start is the first step in making that idea a reality. Opportunity can arise in many different forms, especially in today's ever-changing society. Average Joes are becoming millionaires because they put their idea to action.

Once a great idea has been conceived, the next step is to write up a business plan. A business plan essentially is a guide for you to see a more in-depth view of your business venture, rather than just what is on the surface. The industry you are attempting to gain entrance too, the capital involved, and other aspects will all be revealed by a properly written business plan. The downside to creating a business plan is that it is no easy matter. Classes are offered just for creating business plans. Even top executives who were enrolled in the finest MBA programs online could potentially face problems when it comes down to creating a business plan. However tough a challenge a business plan creates for you, there are always classes, physical and online, as well as resources on the Internet to aid you.

Since most of us are not born with money, the next step in starting a small business is to find the capital to start the business. If you have a lot of money and are willing to invest in your idea, then more power to you. Those living a more frugal lifestyle may need to utilize more resources. Some small businesses may only require a few thousand dollars, while others may cost several thousand. A lot of small business owners will purchase a few common staples including:

  • Computer(s) equipped with essential software (payroll, budgeting, job-specific, etc.)

  • A good audio conferencing service

  • Business ambience (the tangible décor that gives your office a professional look).

  • POS system for sales

No matter the cost the money has got to come from somewhere, and for those who are not the wealthiest members of society, that somewhere lies within investors, banks, loans, etc, in the form of regular and business loans. A well-written business plan can help persuade banks and investors that your idea is worth investing in.

7 Routes to High Profits

The three steps mentioned above are some of the hardest steps in starting a small business; although, it really just depends on who you ask. If you can manage to conquer these steps, then you have taken a huge leap forward on the path to starting a small business.

 

 

 

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