Congratulations! You are about to take a huge leap of faith – starting your own business. Starting and running your own business takes courage, tenacity, stubbornness, a good attitude and winning mindset.
Before you do anything, you should assess yourself and your strengths and weaknesses and determine whether entrepreneurship is right for you.
Here’s a good article to take a look at.
It also takes a solid plan, strategic thinking, creativity, and continual learning.
NOTE: If you are already in business, take a moment to take the Current Business Assessment. It will give you an idea of what you need to work on and where you stand with your business today. I highly recommend you take the assessment every six months during your first 3 years in business to record your progress.
Here’s a quick run-down of your basic Get Started steps. Click here for a more comprehensive checklist.
1) Determine what you want to do, who you want to serve, and conduct thorough market research.
1.5 ) HIRE A COACH! Or join a group such as Mirelli Entrepreneur Training for Women to find training, resources and support.
2) Choose a business name and purchase the domain.
3) Determine your business entity type.
4) Write a Business Plan, including creating a preliminary start-up budget and monthly financial projections.
5) Register with the State, obtain your Employer Identification Number (EIN) from the IRS, and open a Business Bank Account.
6) Obtain your local business license, sales tax permit, and other regulatory compliance
7) Set-up your systems and processes, including accounting, reporting, hiring, customer service, communication and more.
8) Purchase general liability insurance for your business at a minimum, other policies depending on your business.
9) Develop your Logo and branding standards
10) Obtain a web hosting service and create a minimum 5-page website
11) Create your business pages on Social Media and update your personal profiles to reflect the launch of your business
12) Tell EVERYONE that you are starting a new business and ask for support.