How to start a small business?
Just wondering what a good way to start a super small business is
- HenryLv 78 years agoFavorite Answer
Starting a business involves planning, making key financial decisions and completing a series of legal activities
Step 1: Writing a Business Plan
This written guide will help you map out how you will start and run your business successfully. Go to http://sba.gov/smallbusinessplanner/plan/writeabus... , http://www.bplans.com/ or http://www.score.org/template_gallery.html for instructions on how to write a business plan and sample business plans.
Step 2: Get Business Assistance and Training
Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business. Go to http://www.score.org/mentors and enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a volunteer SCORE mentor. They will guide you through the process and you can meet with them as many times as you need.
Step 3: Choose a Business Location
Get advice from a commercial real estate agent and a SCORE mentor on how to select a customer-friendly location and comply with zoning laws.
Step 4: Finance Your Business
Find government backed loans, venture capital and research grants to help you get started. Any bank will require a business plan that shows that you can pay back the loan. You should have a credit score of at least 700. You will personally have to put up 30% of the funds as no bank is going to assume all of the risk. If you cannot get a loan, look at peer to peer lending sites such as http://www.kickstarter.com/ and http://www.prosper.com/
Step 5: Determine the Legal Structure of Your Business
Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative. If you decide to become an LLC, you can do it yourself by going to your state's website and then to the Secretary of the State section. There you will find a downloadable form. Fill it out and mail it in, together with the filing fee and in about a week, you will be an LLC.
Step 6: Register a Business Name ("Doing Business As")
Register your business name with your state government. Go to your state's website and then to the Secretary of the State section.
Step 7: Get a Tax Identification Number
Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency. http://www.irs.gov/businesses/small/article/0,,id=...
Step 8: Register for State and Local Taxes
Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.
Step 9: Obtain Business Licenses and Permits
Get a list of federal, state and local licenses and permits required for your business. Your local Chamber of Commerce and SCORE mentor can help.
Step 10: Understand Employer Responsibilities
Learn the legal steps you need to take to hire employees. http://www.irs.gov/businesses/small/article/0,,id=...
Step 11: Understand your environmental, health and safety obligations.
Ensure that your business meets EHS (environmental, health and safety) regulations.
- Anonymous8 years ago
Starting any kind of business requires proper planning. Planning, Product, Pricing and Promotion are the key features for starting a business. Hence, all the 4 features will help you to start your business.
- 8 years ago
First, find a product that a consumer would find useful. It takes alot of brainstorming to get this just right.
Second, find your startign crew, dont go at it alone. More Minds = More Job Done.
Third, get your business started via networking, spread around the word your doing something until somebody calls upon you.
- Anonymous7 years ago
Why recreate the wheel if you could get your very own online store that sells all occasion gift baskets, flowers, candles, singing military bears, etc. You will be an Independent Gift Consultant. This is a real opportunity with real training and support! It is not a get rich quick scheme by any mean. Review my website at http://www.myawesomegiftbasketsbylabella.com/ and flyer at https://www.smore.com/bpaem. Feel free to contact me for further information!
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- 7 years ago
Search the websites that offer small business ideas such as www.howtosmall.comSource(s): www.howtosmall.com
- JimLv 48 years ago
it takes many qualities and abilities to operate a small business. and there are many rewards.
a niche product is good, but if it's that good, you will soon have others with similar.
requires capital, energy, focus, intelligence, character ...