How to start your business, tips steps

Regardless of how you put it, there are thousands of people all across the nation taking a leap of faith and starting their own business.. • If you are still interested in starting a b

H O W T O S TA R T Y O U R B U S I N E S S

T H E S T E P S T O S U C C E S S

B Y: G E O F F R E Y B Y R U C H - E N T R E P R E N E U R

T H E C A L L I N G

• Some people call it a calling Others call it the only option Regardless of how you put it, there are thousands

of people all across the nation taking

a leap of faith and starting their own business

• This is a very difficult and arduous

task that requires hard work,

determination, and perseverance

• But for those who survive beyond

the bleak months or year of pain and failure, they will find themselves at

the end of the tunnel reaping the

rewards on their road for success.

I N T R O D U C T I O N

• Starting a business and becoming an entrepreneur is

not easy It takes a special kind of person to overcome the obstacles of failures and go surpass the ideas of

settling when looking for success

• If you are still interested in starting a business, here is a

guide that will aid you throughout the process These six steps will help pinpoint the dos and don’ts during the beginning stages of your journey

P L A N N I N G A N D D E V E L O P I N G

W I N N I N G I D E A S

• The next big idea is what drives a business in the first

place Every business begins with an idea They can be something you are passionate about or they can be

something that can change the course of everyday life

• Remember, Google and Apple didn’t just come out of

nowhere They came from products, or even problems, that have were the markers for their great creation

T H E W I N N I N G

I D E A

• Once you have picked and assessed your idea, it is important to see the strengths and flaws of pre-existing companies within the chosen field

• Understand their take on your

concept

• Figure out what they were missing

or what you can do better, faster,

and cheaper Reflecting on those

concepts will allow you to eventually market this concept into a full blown business.

C R E AT E A B U S I N E S S P L A N

• Every great business has planned out the logistics and

objective of their overall company

• Remember, your company is a novice in comparison to

both relevant organizations and competitors At this

stage, it is important you iron out some important

questions that will later need answers when you fully

establish your business

C R E AT E A B U S I N E S S P L A N

• Take into consideration these questions when writing your business plan Try to get a holistic view of what you are expecting from your company, your company’s goals, and your financial status:

• What are your company’s objectives? What are you trying to do?

• Who are you trying to sell to? What are your goals?

• How much money will you need to start up? How much money will you need for the campaign?

• How many employees will you need to get this off the ground?

• What are you planning for advertising?

• What are your projections for month three, six, and twelve?

• Like the famous saying goes,

everything comes at a price

• Besides your time and effort,

there are costly expenses

when building up a startup

• Assess your business plan and identify how much you are

going to need to cover these immediate expenses will play a large role in how your business

is running by month three

A S S E S S I N G

Y O U R F I N A N C E S

S T R E T C H I N G T H E D O L L A R

• The idea of ‘stretching out your dollar’ will be the best

mentality to embrace when launching your business

• By having a well thought-out business plan and a deeper

understanding of your finances, you can leverage these

expenses

• If the expenses are more than you anticipated, take a look

at commercial loans or investors Make sure at this point

that your business model is already developed and know

what you will use that money prior to any investor meetings.

R E G I S T E R Y O U R

B U S I N E S S

• When registering your

business, make sure you have decided on what kind of

entity and field your business

is in

• There are certain legal and

structural logistics you need

to file, especially in your taxes Once you have determined

the type of business you have, register on the SBA website.

B U I L D Y O U R T E A M

• Now that you have established your idea, created a

business plan, planned out your expenses, and

registered your business, it is now time for you to think about the managerial aspect of your business

• Here, think about the type of people you want and the

skills they need to have to help thrive your business

• Having a grasp of the people you want will ultimately

put you at pace if growing your business

G R O W Y O U R

V I S I O N

• Here is the stage where you have now established the

team, finance, and idea for

your startup What you need

to do at this stage is be a

leader Allow your team and company to run on a

long-term vision and goal Make

sure you have internalized this goal so that no matter whom you talk to, everyone is on the same page for success