Your Step-by-Step Guide to Starting a Successful Small Business
Consider where you'll be selling the most product or services, whether it's online, in
your own store or via mobile app. The decision on where to base your business might
be affected by your capacity or capital, type of products or services, proximity to
suppliers, expertise, available workforce or a beneficial tax or legal environment.
(1 – 2 days)*
Calculate whether to lease or buy
It's time to move your business from idea to execution. A simple first step is to fully
outline your plan to deliver a product or service. You can do this by identifying the
necessary steps, partners and suppliers, and setting a ballpark time frame for building
out your operation and getting your product or service to customers. Search online for
timeline tools to find the one that works for you.
(4 – 5 days)*
Identify a name for your business which differentiates you, speaks to your values and
vision, and appeals to potential customers. Once you identify a name, check its
availability to ensure it is not trademarked or already in use by another business. Also,
ensure that you can acquire a web domain and social media handles similar to the
name.
(2 – 3 days)*
Ask yourself some important questions about how much liability you're comfortable
taking on, how much control you'd like to maintain over your business as it grows, and
whether you'll rely on financial, logistical or expert partners. This will help you decide
which legal structure is right for your business: sole proprietorship, partnership, LLC
or corporation. Now that you have determined your preferred structure, consider
consulting with an expert on the legal and tax implications, and whether this is the
best choice for you.
(3 – 7 days)*
Decide what combination of friends and family, loans, angel investors, crowdsourcing
and self-funding is right for you and your business. Create an initial budget using the
Budget Worksheet, consider interest rates and weigh the pros and cons of relying on
outside investment or other options.
(14 – 31 days)*
Take some time to consider your choice. What services will you need from a financial
institution? Some questions to consider include: Does your financial institution offer
SBA loans? What does their fee structure look like? What is their reputation? Do you
plan to do most of your business locally?
(1 – 2 days)*
You should have laid the foundation for your sales and marketing approach in your
business plan. Now is the time to build on it. Decide which advertising and marketing
channels will best enable you to spread the word about your product and its benefits.
Marketing helps you build your reputation; advertising will help drive sales. Social
media is a great resource to connect directly with partners and customers, and to
communicate your mission and values in a less commercial setting.
(4 – 7 days)*
Identify areas where you need help, what type of skills employees should possess and
how this will fit into your budget. Set up a process to find candidates who align with
your mission and values. Get familiar with the legal statutes around hiring; you'll need
to consider these before creating a job description, interviewing, hiring and onboarding.
(14 – 21 days)*
Maintaining detailed, clear and accurate records is important not only for peace of
mind, but for tax preparation and legal compliance. Good recordkeeping and
accounting processes also help you better understand your financial state,
competition and forecasting. Get started with templates for common documents to
save time and to help ensure that you have your bases covered.
(7 – 14 days)*
Partner with suppliers, distributers and service providers who align with your goals,
budget, mission and values. In today's business environment, a focus on sustainability
in your supply chain both provides stability and demonstrates your commitment to
fairness, equality, justice and the environment.
(21 – 31 days)*
