15 Easy Steps to Starting Your Small Business
Below is a MRR and PLR article in category Master Series -> subcategory Small Business.
15 Simple Steps to Launching Your Small Business
Launching a small business is a journey filled with hard work, but every effort is worth it. When I first started my communication and image consulting business, I couldn't find a comprehensive guide to help me through the process. So, I decided to create one for others. This guide outlines the essential steps, and I plan to expand on each topic in future articles. Feel free to reach out if you have questions or think I’ve missed something important.
Before investing a dollar or two, talk to experts and do thorough research to ensure entrepreneurship is right for you. Evaluate your strengths and weaknesses honestly with a pro and con list of business ownership. You don’t need to be perfect, but knowing how to compensate for any weaknesses is crucial.
Although I’m from Canada and mention local agencies, these steps can be adapted to anywhere. The processes may vary slightly, but the core principles apply globally. So, if you've decided you're ready, let's dive in.
1. Conduct a Feasibility Study
Identify your typical customer, product, and competitors. Determine your suppliers, pricing, and marketing strategies. These questions form the backbone of your business.
2. Write a Business Plan
Use your feasibility study to create a detailed business plan. Include your company’s description, goals, competitors, market analysis, financial outlook, and methods to achieve your objectives.
3. Secure Financing
Explore financing options, from savings to loans. Know your business plan thoroughly to convince potential creditors.
4. Decide on Business Structure
Choose between sole proprietorship, partnership, or incorporation, each having its own pros and cons.
5. Choose and Register a Business Name
Select a unique name that reflects your business. In Canada, a NUANS report can verify name availability, reserving it for 90 days.
6. Register Your Company
Decide if you’ll register federally or provincially. Consult a lawyer if necessary. Forms can be acquired through local government offices or online.
7. Get a Business Number
Contact the Canada Revenue Agency for your business number and register for GST/HST, payroll, and corporate income tax.
8. Check for PST Requirements
If applicable, submit Registration as a Vendor documents with your province.
9. Obtain Necessary Permits or Licenses
Check your municipality’s requirements, as most have specific permits or licenses.
10. Develop Marketing Materials
Create a company identity package, press kit, and professional website. Ensure all materials align and are optimized for search engines.
11. Set Up Financial Systems
Establish business bank accounts and a record-keeping system. Keep track of all financial transactions.
12. Purchase Insurance
Identify the necessary insurance for your company. Contact the Workers Compensation Board if you have employees or need personal coverage.
13. Establish Credit Terms with Suppliers
Contact suppliers identified in your feasibility study and set up your credit terms.
14. Decide on Business Location
Choose whether to lease a space or operate from home. Consider the pros and cons of each option.
15. Buy Supplies and Equipment
Assess and purchase necessary office supplies and equipment, tailored to your specific business needs.
Congratulations on embarking on this exciting journey! Celebrate your launch, and feel free to connect with me to share your progress or seek further guidance.
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If you have any questions or suggestions, or simply want to share your business journey, please reach out. I’m excited to hear from you!
© 2006 Eve Jackson
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