Starting steps to start a new business

Or ... Best way to start your business

Your decision to start a new task has been made. Now, what do you do? Sometimes it's a bit 'overwhelming where to start really looking at the process. Do not look for the top spot? What about an estimate on how much will it cost? I have to protect the agreements of the product before you find the markets? I have to pre-advertise, or simply make an announcement? To whom should I have before, if anyone at all? There are hundreds of similar questions that face the new business start-ups.

After 30 years of opening new businesses, and analysis of existing businesses, I put together a practical guide for starting operations to start a small business. Whether you, as a new entrepreneur, buying an existing business, or buy a franchise, or perhaps start a home based business, enterprise resources planning are the same. What is the difference are the business strategies, the initial costs, business opportunities and step by step instructions available to start a small business.

So lets get right to it. All it tells you the steps to start with a business plan. Well, it's all very nice, and I will for sure, but we try to get organized first.

* Step 1. Get some file folders and label them as follows:

- Product - anything having to do with what your going to sell or service.

- Finance - Where's the money coming from seed, cost estimates, where the money is going.

- Revenue - all the money spent so far.

- Organization - Exactly what form this new company is going to take.

- Advertising and Marketing - Anything new ideas with the generation of revenue for the company.

- Government - Permits, licenses, new business tax information, etc.

- Strategy - What is all this new company and how you intend to do so.

- Locations - we are leasing space, Realtor info - or if Internet-based DNS.

- People - Who all is involved and what their participation, partnerships, joint ventures.

Use these folders to store each bit of information you have collected about starting your new business. If you need other categories, then compose them, if necessary. But try to think in terms of fewer files and no more. It 's easier to find and your mind will quickly adapt to the organization.

Step 2.

After assembling the information the next step to start a new business due diligence - a legal term used to determine if all that was offered was in fact real. But the same pragmatic approach taken when buying a business can be used when starting a new business. Use the information you have gathered to plot the size of your market and realistic revenue is expected to receive on a monthly basis. If your income is sufficient to cover the cost of everything that you expect to do business then you can take the next step. If not, then you need to expand your market, changing the product, reduce costs or to start over. We go real here. Be Smart.

Step 3.

Now you can put together a complete business plan that will include the following:

one. Declaration of Intent (some call this an Executive Summary)

b. Market Analysis - Extensive further by using the information in paragraph 2 and to go into details on how you will approach the market for her new product or new service. It should also come in very competitive markets primary and secondary.

c. Description - What are you trying to do and how do you make money from your new start-up company? Layout a few paragraphs on the general concept of your new venture.

d. Organizational structure - what kind of activities you plan to do. It will be a sole proprietorship, a corporation, a partnership? Who is involved, what are they going to contribute, and how much they hold? What will the management structure be like? Who answers to whom? You must have dealt with this stuff at the beginning otherwise it will be a complicated factor later.

and. Sales and Marketing. Details here cover all areas, even those not familiar with the first year or two. You need a variety of methods to perform and support sales. Make sure you know everything about what the competition sells and sell it as well.

f. Products. Available any products or services you are going to sell for new business.The details (the actual names of products and sizes, etc.) can be put in an addendum to the back of the new business plan. But the overall package of what you're selling must be justified.

g. Capital requirements - How much money is going to take to start and manage a new initiative unless the amount of money you currently have available to put into business. How will you get the rest of the money - if you need it? Many people start small using credit cards to finance. Do not forget to include living expenses for at least six months.

h. Financials. Here is where all accounting and cost analysis for new business is located. A break-even analysis, cost analysis and projections for the first 3 years should give a performance standard to judge whether you are meeting your goals.

the. Addendum: This is about everything else that may be important for your business. Include lists, phone numbers, mentors, web addresses useful, accounting information, etc.

Final Phase

All information that you have installed. If the business of business is feasible, then give it to someone with experience in business or a person of confidence, or perhaps your banker, accountant or lawyer, and get a second opinion and third. Consider their suggestions and correct any errors. Using their experience from the beginning.

This is only the beginning steps to start a new business. There is much more to do, but once you get through this, I'll have much more to do for you.

Now, if you decide to buy an existing business from someone, then you still need to go through all the initial steps. This information will be much easier as there would be financial, trade secrets, etc. readily available.

If on the other hand you decide to buy a new franchise, the franchisor will provide almost any information in general terms. You will still need to get specific in your particular market.

The easiest and the last is to start your own business online. The costs are so cheap and the market so large, that the four step process will be shortened by about 70%. You still need to do all the steps, but because of the cost, the time is much faster.

Refer to the business plan is often to make sure that your current residence. If done correctly, there is no reason for you not to succeed in your business.

* If you start an Internet business is to create folders on your computer in the "name of the business." The same goes for your email program. Receipts, for example, by buying on-line can and should be kept together rather than scattered around the hard drive. If you are doing multiple projects, keep each file in the same XL, the label and add "Sheets" if necessary....