Six Figure Boss Chick has outlined everything you need to grow your business from scratch. All the resources and tools you need in one place
Want to start your own business but not sure where to begin? This Guide is for you. We've got you covered on everything from coming up with a business idea, creating a business plan, and getting your first customer.
Here are 10 steps that are required to start a business successfully. Take one step at a time, and you'll be on your way to successful small business ownership.
In order for a small business to be successful, it must solve a problem, fulfill a need or offer something the market wants.
As you explore the market, some of the questions you should answer include:
You need a plan in order to turn your business idea a reality. A business plan is a blueprint that will guide your business from the start-up phase through establishment and eventually business growth,
Starting a small business doesn't have to require a lot of money, but it may require more than you have in your pocket here are your options:
Small business grants are small amounts of seed money that further the goals of federal, state or non-profit organizations. Unlike a loan, you don't have to repay it. But you do have to prove you can achieve the goal. Unfortunately, the Federal government does not award grants to start or expand a small business.
Financing-Small business financing refers to the means by which an aspiring or current business owner obtains money to start a new small business, purchase an existing small business or bring money into an existing small business to finance current or future business activity.
Small business loans are types of financing provided to companies for different purposes by various lenders. Over time, several types of small business loans have evolved to help entrepreneurs meet their goals.
Angel Investors- An angel investor is an individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity. Angel investors usually give support to start-ups at the initial moments and when most investors are not prepared to back them.
Crowd funding- Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. Crowdfunding is a form of crowdsourcing and alternative finance.
Square Capital Loans- Square Capital offers loans of $500 to $100,000. ... Repayment terms: You'll repay your loan from a fixed percentage of your daily credit card sales — typically 9% to 13% — similar to how a merchant cash advance repayment functions. You pay more when your sales are strong and less when sales are weak.
Your small business can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. The business entity you choose will impact many factors from your business name, to your liability, to how you file your taxes. Don't worry this doesn't have to be set in stone.
Depending on the complexity of your business, it may be worth investing in a consultation from an attorney or CPA to ensure you are making the right structure choice for your business.
A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.
A general partnership, the basic form of partnership under common law, is in most countries an association of persons or an unincorporated company with the following major features: Must be created by agreement, proof of existence and estoppel
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In a LLP, each partner is not responsible or liable for another partner's misconduct or negligence.
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity and recognized as such in law for certain purposes. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration.
Your business name plays a role in almost every aspect of your business, so you want it to be a good one. Make sure you think through all of the potential implications as you explore your options and choose your business name.
Once you have chosen a name for your business, you will need to check if it is trademarked or currently in use. Then, you will need to register it. A sole proprietor must register their business name with either their state or county clerk. Corporations, LLCs, or limited partnerships typically register their business name when the formation paperwork is filed.
Don't forget to register your domain name once you have selected your business name.
Make sure your name is
Choose how you want to process payments. Choose a system that will help you during tax time.
Accounting options are
or Zoho Books
You may also choose to hire an accountant.
There are a variety of small business licenses and permit that may apply to your situation, depending on the type of business you are starting and where you are located. You will need to research what licenses and permits apply to your business during the start-up process.
Once your business is up and running, you need to start attracting clients and customers. Join our 7 Day Boss Challenge where you will learn all you need to know about marketing your business.
Setting up your place of business is important for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location.
If you will be hiring employees, now is the time to start the process. Make sure you take the time to outline the positions you need to fill, and the job responsibilities that are part of each position.
If you are not hiring employees, but instead outsourcing work to independent contractors, now is the time to work with an attorney to get your independent contractor agreement in place and start your search. You can use Upwork or ProjectMyTeam to find virtual assistants to help you.
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