Step By Step Guide in Starting Up Any Business

If you think that your passion is in place, your managerial skills, business plans and feasibility report are viable, then you are good to go into your business successfully.

But if you are not sure about your confident in this new business, and you feel like starting all over again to gain your assurance and stir up your passion, then let’s go through the step by step process of starting up a business and building it from a scratch, this will stir up your passion and confident in your desired business afresh.

Recommended Reading: Start a Business in Nigeria? You Must do this!!!
 

Simple Steps;

  1. Brainstorm ideas
  2. Build a business plan
  3. Assess your finances
  4. Determine your legal business structure
  5. Register with the government and IRS
  6. Select your technology
  7. Purchase an insurance policy
  8. Choose your partners
  9. Build your team
  10. Brand yourself and advertise
  11. Grow your business 


Steps 1; Brainstorm ideas


Ideas starts by thinking, imagination and reasoning out of the skull, which then gives birth to inspiration that delivers a business ideal. Just follow this practical process now. Wow…… do you know you just brainstormed an idea? The practical truth is that every business starts with just an idea, and most times, people will never believe in you, that is the foundation of your passion development. This can be that there's something you're really knowledgeable or passionate about, or perhaps you think you've found a way to fill a vacuum in the marketplace that will turn around to become a river of wealth that will never stop flowing for you. And most times, until you dare a thing, you can never be there, “you can ask bill gate of Microsoft”. As soon as you can build up a passion for that thing, then your new business idea has just emerge.

List out the valve chains of that new business idea, places them in a scale of preference in relation to your passion and knowledge about such things, pick up one and build on it.

Run a research on companies that are involve in such business in your locality, look at new brands and find out how you can do your own better. After that, you are ready to build a business plan. If you are interested in getting one, click here BUSINESS PLANS FOR LOAN COLLECTION
 

Steps 2; Build a business plan


Since you have been able to develop a passion for your business, the next step is to write a business plan. Writing a business plan starts by knowing the purpose of that business? Who are your customers? What’s your goal? How will you finance the business? And many more.

Click to learn more WHY YOU NEED A BUSINESS PLAN (GET ONE)
 

Steps 3; Assess your finances


One major challenge that most businesses face today is finance, even when they have the idea, knowledge and managerial skills. Before starting up a business, you must try to know the cost of running such business. This is when the feasibility study/report comes in. Having an understanding of your business feasibility study/report gives you a forecast of what your business is and when you are expecting to have your breakeven point.

Click to see what a feasibility study is like; Are you finding it difficult developing a standard feasibility study/business plan for your business?

You can start it what you have, or better still get assistance from friends or family or even a grant or a loan to run the business. If is going to be a grant, loan or assistance from friends and family, most of them what to see your feasibility study and business plan to grantee their assurance that your business venture is viable.

Looking at the above, getting a feasibility study and a business plan is a most for every business, in other to forecast and monitor your success trends and targets.

Click to get one;
WRITERS OF FEASIBILITY STUDY PLUS A BUSINESS PLAN FOR THAT BUSINESS/LOAN/GRANT
 

Steps 4; Determine your legal business structure

Determining your legal business structure is the next phase to tackle, is your business acceptable in your country or not? If No, you may decide to discard that idea, or better still, look at those areas that are legal and invest in. if you do otherwise, the risk on your business will become too high for you, and if the government should catch up with you, you are losing everything you’ve work for to the government. But if your business is acceptable, then, you are in a great deal to move forward.

This now lurches you to your business registration decisions. Do you want to take the whole responsibility of debts and obligations? If yes, your business is a sole proprietorship. But if you want to share your responsibility of debts and obligations, then your business is a partnership business. That means that your business is going to share profit and loss between “you and your partners or investors”.

You can still decide to run a “corporative business” where all your personal liabilities are separated from your company's liability. That is to say that your corporation business can own properties, assume liabilities, pay taxes, enter into contracts, sue and be sued like any other individual. 

Steps 5; Register with the government and IRS

When you are done with your legal business structure, you proceed into registering your business with the Government of your country in other to make it a recognized business entity. Your business can be registered as a sole proprietorship business, partnership business or a corporative business. Although, a Corporations will need a document called "articles of incorporation", which includes your business name, business purpose, corporate structure, stock details and any other information that you wish to include in it. But if is a sole proprietorship or a partnership business, all you need is to register it as a business name which could be a legal name or a fictitious (if you are the sole proprietor). You can also take a step further in trademarking your business name or products for extra legal protections.

After you have completed your business registration, the next step is to obtain your employer identification number (EIN) from a nearby IRS office closed to you, or better still, register online to get a permit, if your company or business needs to employ staff, but if otherwise, like a sole proprietorship (one man business), you don’t really need it. 

Steps 6; Select your technology

We live in a world of technologies, because it makes our work and life easier. For your business to move in a jet speed, you need to engage technologies. There are different technologies designed for different business, just make a list of technologies that you will be needing to make your business grow faster and easier. Put them in a scale preference, pick out the important ones that are needed for the business that you can afford for the now to run your business. You can get a loan for others later. Better still, generate profit to purchase them on the long run.

Steps 7; Purchase an insurance policy

When you are done selecting your technology and your business is ready to startup, there is need to transfer your unforeseen risk to an institute who will bear the loss for you. It is therefore advisable to insure your business against any form of risk you feel that can cause a business loss for your business like accident, thieves, property damage and so on. Most small businesses are advised to purchase general liability (GL) insurance, or a business owner's policy, but, if your business renders services, it is advisable you consider professional liability insurance. All is in a bit to transfer losses to a third party company to bear the risk for you. Consult an insurance company to give you a detail insurance policy that will suit your business.

Steps 8; Choose your partners

Choosing a partner can be very tasking, unless you are running a sole proprietorship business. Even at that, your business will not move with the speed of light. There is need to have an assistance to help you in doing your business effectively. If is a partnership or a corporative business, choosing a partner plays an important role because the person or group of persons has full access to all business details and as well as having the capacity to make changes in the company or business if the need arises. In this situation, trust is the watch word. You need to get someone you can trust to handle your investment. For me, I will advise a documented sown oat in the court of law with guarantors who will willingly signed on my partners behalf, so with me in return to give a win-win situation.

Steps 9; Build your team

For your business to grow rapidly, you need an effective team to work it out. Zawadski will say; "Your product is built by people," Engage people to build up your business faster for you via building a great team. Break down your work force and assign professionals in each field to deliver optimally. This effective break down will encourage optimum delivery of services in all the unit of your business. If all the unit in your business can correlate effectively for a common goal, then be rest assured that you have a great team that will in turn grow your business in a speed of light. This is the key used by most global businesses.

Steps 10; Brand yourself and advertise

Branding your business is a unique way of position your product in the market place with conscious name, sign and symbol or design that make it different from other products. Before you start selling your product or service in the market, there is need to build up your brand name and get a following of people, who are ready to jump into your product when you open your literal or figurative doors for business. Endeavour to create a logo/design for easily identification of your brands, and be consistent in using it all across your platforms, website, and social ads and so on, in other to engrave the logo/design in the minds of all your customers for continuous patronage. This will open doors for easy advertisement strategies for the product.

Steps 11; Grow your business

One thing is to “start a business”, another thing is “sustainability”, for your business to grow, you must have a target to achieve on a daily, monthly and yearly basis, which are been governor by smart goals, objectives and mission statement. All this must be put in place to keep the business running. The aspect of marketing of your products is the back bone of your business success. Engage all the possible strategy to market your business. A business plan will also help you design your marketing strategy. 


Click here to get more details; A Detailed Business Plan Serves As a Road map (check it out)


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