Start Your Own Business In 9 Steps Part 1

Entrepreneurialism

Many people dream about starting their own business. A month ago, I wrote an article about why you need to be an entrepreneur. Having started several of my own businesses I’d like to organize some of the necessary steps for you to follow when you venture into this risky but exciting world. In Part 2 of this article, I will discuss ways to take your business to the next level once you have gotten it off the ground.

Areas You Must Address

  1. Starting With Your Idea. This includes thinking of and expanding your initial idea, naming your business, finding a location, and writing a business plan. Business cards are also a must in order to gain credibility. If your budget is tight, Vista Print offers 250 free business cards and you only pay shipping charges. When I started my first business 6 years ago and wanted to test a few ideas before committing a lot of capital, I remember ordering Vista’s cards. They are good quality and you can’t beat the price.
  2. Money Issues. Figure out how large of a budget you will need. How will you get this money? Do you have it in the bank or will you borrow from friends and family? How will you pay yourself from your income?
  3. Marketing Your Business. Be sure to create a memorable logo and marketing plan. Don’t forget to create a web site if appropriate.
  4. Selling Your Products, Services or Ideas. Will you build a sales team? Do you need to find a sales distributer? Will you do all your own selling? Remember that selling yourself and your business is the only way to bring in revenue.
  5. Advertising. Create ads that match your business. Which advertising channels will you pursue?
  6. Franchise Opportunities. Is your business the type that you can franchise to others? I personally like to find business models that are scalable in nature. Franchising is one effective way to grow and scale your business. You have to start by writing a franchise business plan if you want to pursue this area.
  7. E-Business Opportunities. Can you create your business into an e-business also? If so, you might want to hire internet consultants to help program your web site, e-commerce and online branding.
  8. HR Issues. Hire an HR person or brush up on issues related to hiring employees and workers’ comp.
  9. Growing Your Business. Once you have revenues and your business is branded, start thinking about ways to grow it further. This might include opening a second location, creating an off-shoot of your current e-business or branding your company globally.

There are many different ways to succeed and different businesses have different success stories, but they all have two things in common – they organized their ideas and had an action plan. A superior quality business plan is always the first place to start. If you have any stories about your business experiences, please leave your comments below telling us about what you’ve done.

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21 thoughts on “Start Your Own Business In 9 Steps Part 1

  1. That’s a good list of stuff to look at John.
    I always put a huge emphasis on selling. As an entrepreneur, you’ve gotta wear a lot of hats. The best thing to do is put them into two piles:
    1. buying (stuff that costs you money)
    2. selling (stuff that brings in customers and cash)
    It’s easy to spend a lot of time buying. There’s a lot to do, set up, organize … buy. As long as you spend a solid 50% of your time selling and marketing, you’ll see a much better and faster success rate.

  2. I guess we need to precise that franchising your business is not an easy thing. It can take years and quite a bit of money…

  3. I’ve just found your blog and really liked this article. I agree, I think everyone should own their own business or at least try working for themselves… The potential rewards are great and I think you’re right that the key to success is to organise your ideas and have an action plan.
    We’ve been working in the web 2.0 space for a while now, and have just launched a business planning tool that helps people with ideas and growing businesses plan, monitor and achieve their goals. I think it makes the ‘boring’ stuff out of starting or running a business because you do the organisation bits as part of your day. I’d love to hear your feedback as someone who has started a few businesses, to see if it’s a tool you’d find helpful!
    We have a free trial at http://www.planhq.com.
    Thanks again for the good blog, I’m RSSing now too

  4. Great list! Bookmarking this post as soon as I hit enter. Apparently I need to subscribe as well.
    You’ve got a wealth of information here.

  5. I found you through a google blog search. This looks like a really active community, looking forward to ‘listening in’!

  6. My Personal favorite quote “1% inspiration and 99% perspiration”. Starting your own business takes hard work.

  7. Good stuff….pretty much why I started my blog to help entrepreneurs in the fashion industry.

  8. it is hard at first… but as things go its way, the it will be worth the hardwork.
    thanks for sharing.

  9. My wife and I started a clothing business, then realized we were not celebrities and did not have a multi million dollar PR budget.

  10. I really like your writings, great quality content. Great advise, You’ll get my review one of this days

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