First Steps Toward Starting a Successful Business
Have a great product or service to offer and ready to make it official? Starting a business isn’t so difficult, however, starting a business that is successful and sustainable takes some planning. Here are some preliminary steps to take before opening your business.
Write a business plan: Writing a business plan will help you clarify your product or service, your mission, and provide an outline for 3-5 years. What’s your strategy? How fast will you grow? What money do you need to start? What’s your budget? Do you need a permit or license? How will you market yourself?
Make a timeline of deadlines and objectives. Before venturing out on my own, I interned for a model home company for a year, and then subsequently had a partnership with another person for several years staging homes. When I decided to go out on my own, I had some experience under my belt and knew what I wanted to change.
I modified the existing business plan I had in place for the partnership to reflect what I wanted to accomplish with my own business. I changed the name on my business license with the city, and filed for a fictitious name statement with the county. A new business checking account was created, along with a new website, and marketing materials (business cards, etc).
Determine your readiness? If writing the business plan doesn’t help you determine you readiness, the Small Business Administration offers a handy assessment survey for potential small business owners to help determine the readiness of you and your venture.
Choose a location: Online, home-based or in need of an office? Get clear on what location will best serve you and your customers. As I have school age children, I knew from the start a home based business was what I wanted. I needed the flexibility a home-based business offered, and to be able to set me own hours.
Looking into financing: Depending on the size of your venture, and what inventory you may need, you may want to look into start-up loans/micro-loans or angel investors.
Choose and register a business name: Choose a name that reflects your product, service and intended image/brand accurately. Check for trademarks and secure a URL. If it’s different than your actual name, register your ‘doing business as’ name with your state government. My company name was formed with the initials from my name. I then hired a professional to design the logo with those initials and the colors I loved.
Posted on February 17, 2015, in Budget, Business Journal, Business Location, Starting Your Business and tagged cindy krutilla, ck interiors, high end interior home designer, how to choose a business location, how to find business financing, how to register my business name, how to write a business plan, interior decorater, interior designer, starting a successful business, writing a good business plan. Bookmark the permalink. 1 Comment.