There is basically one formula that one must follow in order to gain success in business. This formula primarily consists of having knowledge of the product or service that you’re offering, possessing the determination needed to succeed, acquiring the sufficient resources to get the ball rolling, being able to make the investment of time required to launch a new business and lastly, having a strong work ethic to make it all work. Whenever these components are at play you will find yourself moving in the right direction toward a place called success.
Starting a business can be somewhat intimidating. Anytime you are in a situation where you have to take risks, it can be a little intimidating. There are some fundamental things that we will discuss in this article that must be applied that will aid you in overcoming this perceived intimidation and will give you a better chance at succeeding.
First you want to ask yourself the question, “Does your business idea have a good chance of succeeding?” One thing you may want to consider as you ask yourself this question. Is there a great demand for what you are offering and is that demand greater than the suppliers of the said product or service? If the answer is yes, then you are ready to get started.
Once you have determined this through an adequate amount of research, you then want to create a business plan. This includes formulating an operating budget to launch the business. Next you want to establish the infrastructure for the business, such as finding the right place to conduct business, (unless it is an online business), securing a business logo, business cards (www.vistaprint.com) and having a professional website developed (www.freshconceptsweb.com). You can look to pay between $500 - $1000 for a basic, informational only, business website. However if plan on having a shopping cart where you will be selling products on the site or if you plan on having a members area on the your site where people have to login to gain access to the members area, then you can expect to pay anywhere from $1500-$3500.
Now that your have established an identity for your business, you want to start discovering ways that you can effectively advertise to build your brand in the community, rather it be local or national.
And lastly, you will need to acquire your EIN (Employer’s Identification Number) from the Internal Revenue Service (http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online). This will enable you to open a banking account in the business name. If the business is a non-profit organization you will also need to apply for an exempt status with the Internal Revenue Service (http://www.irs.gov/Charities-&-Non-Profits/Application-for-Recognition-of-Exemption). However you must first apply for your State Charter before you can apply for tax exemption. For the State of Tennessee you can download this application at (http://www.tn.gov/sos/forms/ss-4418.pdf).
If you will be operating a traditional brick and mortar business locally you first will need to purchase a business license locally. The cost of this can vary anywhere from $100 to $200 depending on what your municipality charges.
While these are all a part of the process of starting a business, there are several other things that you can do to help improve your chances in being successful in business.
You can become easily consumed in your endeavors just to get your business up and running that you forget to set business goals. By setting these goals they will help you determine where you hope to be 6 months, 1 year or 5 years from now in business. This is vitally important because it keeps you persevering while maintaining your focus. Starting and running a business is not for the faint at heart. Know this, there will be many things that will occur that will challenge your efforts. Aside from being determined, envisioned and passionate about what you do, you will also need to implement this fundamental component to ensure your business success.
As a small business owner you have to remain flexible. You never know when you will have to tweak your business plan to achieve the desired results that you were hoping for. Sometimes things don’t always go exactly as planned. In fact, I have never met a small business owner who achieved success exactly the way he or she envisioned it. However it is more important that you stay focus on the big picture. Your goals and desired outcomes will evolve as your business evolves. That is why flexibility is key in business.
Remember Why You Want It
Yes, proper preparation, goal setting and flexibility are all very important to the success of your business, but you also must be offering something that you really believe in. This will serve as your motivator. Without motivation the likelihood of success in business will become a distant reality. Anyone that has tried their hand in entrepreneurship knows it can be extremely rewarding and it can be very trying, both physically and emotionally. You must be prepared to experience defeat and failure, while embracing the hope of a better tomorrow.
There will be days that you question yourself, “What are you doing and why are you doing it?” This is human. A healthy amount of uncertainty can solidify your resolve and make you even more desirous to succeed. That’s why it is important that you believe in the product or service that you are offering. This helps you to stay focus during these periods of struggle.
¬¬When you have covered all of the basics in the small business start up process and you have applied the additional things that we discussed in this article. You then will find yourself confidently traveling down the road to success soon to make your eventual arrival at your desired destination!