Starting a Successful Business - the Basics

The first step in starting a successful business venture is to decide what you want to do with your business. Will you sell products or sell services? Will you be in business by yourself or with others? If you stick to starting a business doing something you know and love, you will be much more likely to have a successful business. If you and a friend or relative share the same interest you might consider going into business together. Or, you may decide that you want to start your business on your own, and that's fine too.

Once you have decided what your business will be, the next step is to figure out a name for your business. Naming your business is very important because your business name will be used on all of your communications and marketing. Try and keep your business name short, easy to spell and as memorable as possible.

After you have named your business you will need to write a business plan. Think of a business plan like you would a budget. The business plan is simply a map or guide for your business and its growth. Your business plan does not need to be set in stone, or even very formal, but you absolutely need a plan. Without a map how do you know where you are going and how to get there?

After you have a business plan in place visit your local county government offices and find out what business licenses are required for your specific business in your area. Generally you will be required to pay a fee to your county and file a Fictitious Business Name Statement in a local newspaper. These legal business requirements will be your first business expenses.

When you business has its license and you can legally conduct business you will want to obtain a bank account for your business. You need to insure that your business always uses its own bank account and that you do not mix your personal money with that of the business. This will make your tax preparation for the business much easier.

Your business will likely need a phone line. Some small businesses use a cell phone. Other small businesses us a second land-line phone into their home office. What ever your choice you need to have a dedicated line for your business so that it will always be answered with professionalism and not by your children or others in your home.

Now that the groundwork for your business is established you should build a marketing plan. Sit down and figure out how you will market your business and make a budget for your marketing efforts. If your business will provide a service to local residents in your community, you might want to print up some flyers to post around town. Flyers can be a cheaper alternative than newspaper advertising for a new business. You may want to write a press release and send it to your local papers for free advertising. You will also want to print up business cards so your potential customers will have a way to reach you.

Starting a business can seem like a pretty daunting task but in reality it is amazingly simple to do. Setting up your business is easy; it's marketing it and finding your customers where you will need to research and work hard. Don't be afraid to approach other business owners in your local area and find out how they went about establishing their business and asking if they have any tips for you. There are also many wonderful books in your local library and bookstore which can help you to both start and grow a successful small business. We wish you the best in your business ventures.