June 22, 2015 by Jorge Watts

Start a Small Business in 6 Steps

business-loans1You want to start your own business? If the answer is “Yes”, then you need to be careful about what you wish for. From outside, everything might seem easy, but once you become the owner of a business, you will see that people don’t always reveal what really happens behind the closed doors of a business.

Here are the first important things that you need to do when you set your mind to open a small business.

Tip 1 – The Viability

First of all, you need to know if your idea of business is viable. Ask yourself some questions, like “How can I describe my future business? What is the market? Is there any demand? What would I bring different?” All the answers are important and it will help you create a clear picture of what you want to do. Researching the potential market is one of the first things you need to take care of, along with understanding what your future customers will want. Keep your eyes open for competitors and see if there are any opportunities near you or abroad. Search for the right niche and create a vision and a purpose.

Tip 2 – Finances

business-consulting2When you think about this, consider your finances. Think about how much money you have available for starting the business – if you already have some savings to use as a capital, if you’ll take a credit or a loan from a financial facility or you will look for investors that will be interested of your idea of business. The financial projections are extremely important because this will help you know exactly where you stand related to business opportunities. If you don’t have the right capital, you won’t be able to start your idea and make it happen. Plan and project everything related to costs – it will help you take better decisions.

Tip 3 – Careful Planning

As was said before, planning is one of the keys to success. When you project the costs, think also about planning everything that your business means. A good plan for your business will also attract investors, in case you need more capital. Apart from this, planning will help you have clear goals and expectations – you will know the exact steps that you need to take to see it running.

Tip 4 – Business Type

BIThere are different business types – also known as structures – and you need to consider what is right for you. For example, starting a business like a carpet cleaning in houston is not that complicated, but it can be overwhelming if you don’t know what steps to follow.  Each of these has its own particularities, with advantages and disadvantages, so you need to be careful when setting up the business.

Tip 5 – The Name

Now that you have set up the legal aspect – plan, finances and structure – you can choose a name for your business. This is important, as you must have an unique name, which nobody else can use it. For example, if your business provides search engine optimization, then you should come up with an unique brand that resembles your products like FreshBoost.

Check your name with the local authorities and see if it is available for usage. Once you do this, think about getting an online domain too – it will be easy to start them both at the same time – the brick and mortar store, the game stor and the online store.

Tip 6 – Records

Silhouettes of Two Businessman Shaking HandsRecords are important because they will show your financial evolution and it will help you better understand the growth of the business. A professional accountant can help you out, and it’s actually a necessity – even if you know what taxes you need to pay and where, the accountant will do all those things for you, along with other specific things for his or her activity.

If you ever need the right advice for your business, give us a call at RichmondSpokes!