Starting your own business can be an exhilarating adventure, one that will challenge the entrepreneur in you. You can increase your chances for success by following these basic steps.
Find an idea you believe in. Start with something you know: A hobby, or an enterprise based on your work experience.
Learn everything about your business. Research the market on the internet. Attend classes and workshops, study books and publications, join abusiness start-up group, network with established business owners and ask for advice.
Adjust your business idea to fit the realities: Possible competition, your resources and the practicality of your dream. Don't be naive. You're putting your time, ego, savings and credit, and maybe someone else's cash, on the line.
Investigate start-up costs. Estimate the cost of setting up and running your business for the first year. Consider rent, equipment, materials, supplies, payroll, marketing/advertising, shipping and taxes.
Write a business plan. Examples and tools can be found online and in books, publications and software (see Resources).
Search for funding. Determine what you can afford to contribute, and then approach family and friends, possible partners, banks, venture capitalists, investment groups and the Small Business Administration (see Resources).
Adjust your plans to fit your financing. Keep your "day job" if necessary. Start small.
Decide on the best structure for your new business. Sole proprietorship means you own and control the business. A partnership allows you to share the load and benefit from another person's expertise and a corporation protects your personal finances. Hire an attorney to help you.
Create a name for your startup. Aim for one that describes what you do. Then file the proper paperwork for your business name and your chosen business structure. Check your state and county government Websites for instructions.
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