Skip to main content

How to Start a Small Business - A Quick Overview

The other day I bought a new printer for my computer.  I opened the box and on top were two items.  One was a booklet about 20 pages in total detailing all the steps to get my new printer up and running.  It also included a detailed guide, with pictures, of routine maintenance and a section on possible reasons my printer has stopped working.  The second item was a piece of cardstock folded in half with the title "Quick Start Installation Guide".  I grabbed this piece of cardstock, looked at the pictures and went about setting up my new printer.  Only after I had it installed did I grab the 20 page in depth book to identify the symbols on the display panel.  

Some people will go for the in depth version of installing a printer making sure they have all the details covered and they fully understand how to work their printer before turning it on.  Others will grab that "cheat sheet" and then wing it until they need additional knowledge.

Starting a business will probably fall somewhere in the middle of these two options.  No one should just "wing it" until they come to a road block.  There are legal considerations, tax considerations, and necessary paperwork involved.  Failing to accomplish specific things in the beginning can cause a huge headache later.  You don't want to ever be in the position where you have to ask for forgiveness rather than permission when it comes to legal authorities.  However, this shouldn't keep you from starting your own business and this process can be quick, easy, and pretty painless.

I have listed some basic steps and things to consider when starting your own business.  These are not necessarily in order but more so, a basic list, a "quick start" guide.  Future posts will break these steps down into more detail.  To find more in depth posts on specific topics click on the three lines on the top right corner of this blog and then click on "Labels" and then click on the topics where you would like to find additional information.

1.  Choose your product or service. Is this something you buy wholesale and sell retail? Is this a service you will be providing yourself? 

2.  Will this be your full time job or a part time job or a "side hustle"?

3. Where will you be doing this business?  Do you need to rent space (store front, office, outside space)?  If you are working from home, are you zoned to house a business in your home?  

4.  What fees, licenses, certifications will you need?  Do you need a business license from your county/city/township?  Do you need a license to perform this service?  Do you need to become a member of an organization?  Does your business need any additional legal considerations?

5.  Create a name for your business.  Register it with your state corporation commission.  Create social media pages with your business name.

6.  Begin a basic ledger sheet for your start up.  Plan for start up expenses.  Order raw materials, place wholesale orders, purchase equipment.  

7.  Organize and set up your "office management" area.  Create space for receipts, how you will deal with book keeping, payroll, how you will collect money, etc.  This step includes opening a bank account.

8.  Consider insurance.  Does your product or service need liability insurance, malpractice insurance, etc.?  Most businesses need insurance.

9.  Marketing Plan.  Where is your sales outlet?  On line, your own retail establishment, in other retail venues, in customer's homes, in your home? Who are your potential customers? How will you advertise?

10. Begin creating inventory.  If it is a service, begin to gain a following by providing samples in the form of testimony, photos, if possible.  

11. Plan your opening day!  Advertise, spread the word, plan your set up, business cards, flyers, signage, logos, etc.

This is by no means an in depth list, but it is a good start to getting you thinking and moving towards opening day. 

Your start up process should be fun and exciting.  Break steps up into manageable pieces.  Do things one step at a time.  Create checklists and mark off items you have completed.  




Comments

Popular posts from this blog

Ride The Wave - Temporary Products

  S ometimes a great product will be a temporary sale.  Once everyone has the product they don't need to buy more and you will have to shift to a new product. However, don't be afraid to ride that wave.  Social media and the internet can be a great source for helping you find a great product that will sell, if only for a short period of time.  When the COVID pandemic hit, I had been selling embroidered kitchen towels in a few local stores.  One store manager asked me if I could make him and his employees cloth facemasks.  This was all we knew that could help with the virus spreading at this time. I had no idea how to make a mask, but I said I could and figured it out.  Then I made some for my family.  I posted on social media that I was making masks and if anyone wanted any I would be happy to make them. Orders started coming in. The manager of the store where I made the masks for asked if I would make some for him to sell to customers.  Then another store asked if I would make

Choosing a Product - Considering Burn Out

  M y daughter loves to bake.  She bakes quite often but not in any sort of routine. (I should have seen this but I didn't.)  Her baked products are delicious and she often gets complements from others who have eaten her creations.  One day she was complaining that she needed to earn more money.  I suggested she bake muffins and cookies for sale.  We could sell them in our farm market and she could receive all the proceeds.  She baked and her baked items sold out quickly.  She enjoyed the money in her pocket.  I asked her to bake on a regular basis for our farm market.  In her excitement of her new earnings she agreed, I think.  When it came time for her baking to happen, she didn't bake.  We went to market with no baked goods.  Customers asked about them.  I asked her to bake again for us.  She never did.  It turns out that she has to be in the "mood" to bake.  The pressure of baking on a regular schedule was too much for her, even with the promise of cold hard cash