Steps to Start a Small Business
August 27th, 2010 | 
Author: Job laid you off? Can’t find another job? Tired of looking for a job? Maybe starting your own business is the answer.
79 million people will start a home business in the next three years according to this recent report in Forbes magazine. American forefathers left England and came to America to build their businesses. The entrepreneur has always been the backbone of America. Edison, Jefferson, Washington, Franklin, Ford, Carnegie, Rockefeller, Gates and so many others were all entrepreneurs. Every one of them started and developed their own business. Why not you?
Why start your own business? You control your income potential; you do not have a boss setting a salary or bonus cap on your earnings. You set your own hours; no one tells you what time to arrive, take your break, take your lunch or what time to leave at night. You no longer have to ask permission for a day off or a vacation. Your duties are also your decision. Sound good?
Even the beautiful petals of a rose and the heady perfume of its soft fragrance have a down side. A rose bush has thorns. Owning and operating your own business requires work. Yes, I know. Bummer. The price you pay for all of those wonderful benefits is the responsibility of accomplishing all of the tasks necessary to make a business successful.
Decision one requires that you do something you know. Either you already possess the necessary knowledge to be successful or you start learning. Unless you already know exactly what you want to do, it is time to start assessing factors.
Before I started Mountain Castles Property Management, I asked questions and listened until I discovered a niche which needed to be filled. Steamboat needed a property management company specializing in single family homes. They wanted to rent homes on a yearly basis, a vacation basis or an executive basis. An executive home does not rent; however, it must be cared for during the owner’s absence. In some cases, the home needed attention even during the owner’s stay.
My knowledge was grossly insufficient in property management. Reading books, attending classes and working for another property management company provided the training.
Decision two requires writing a detailed business plan. What equipment, facilities, and supplies will be required? How much will it cost? What is the income projection? What advertising will be used to achieve that income? What about office staff? The list goes on and on. Prior planning avoids being blindsided by expenses.
Be optimistic but add a dash of realism. You will not start out earning 20,000 income per month. You will have unexpected expenses. One of the jokes in building a new home is that it will take twice as long as expected and cost twice as much. If you do not plan carefully, starting a new business can follow that same scenario.
Accurate record keeping is essential. If you have a question about keeping a receipt or not, write every detail on it and file it where you can find it. The IRS loves paper. The steps to start a small business are quite simple and direct; however skipping any of them is not an option.
- Find a niche doing something you enjoy
- Either already posses the knowledge or acquire it
- Write a detailed business plan which includes every potential cost or situation
- Implement the plan. Knowledge without action has far less value.
- Keep a very positive mental attitude and keep moving forward
- Celebrate every little success on the way to the big successes
The steps to start a small business are not difficult. In a tough economy, starting small business may be easier than finding that magic job.
For specific, individual help, join me at www.Elaine4Success.com.
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