Top 10 Steps to Starting a Small Business

If you are one of the one million people per year planning to open your own small business, you will benefit from the following 10 steps designed to help you make your " Dream" business a reality.

1. Choose a business venture that you are interested in and excited about.
Do not pick a business venture just because it sounds like a good profitable venture. Instead, choose a business venture that peaks your excitement. The more you enjoy what you are doing, the better chance you will succeed. If you hate to cook, for heavens sakes DO NOT open a restaurant. On the other hand, if you LOVE food and enjoy the ins and outs of cooking, open the snazziest restaurant around.

2. Research similar businesses.
Before choosing your business venture, do your homework. Find out what similar businesses or competitors are doing and if they are experiencing consistent success. If they are succeeding, what are they doing that is working for them. If they are struggling, find out why. Figure out who will be your customer base, and if there are enough customers in your market to make it a viable business opportunity.

3. Determine start-up costs and available resources.
One of the best ways to determine start-up costs is to draw up a business plan listing all of the costs for the necessary construction, equipment, supplies, and operating expenses. You can then use this business plan as your guide, as well as have it available for financial institutions in case you decide you need additional financing. Basically, figure out what resources you have on hand, how much you'll need in all, and how much more you'll have to acquire from outside sources. If you need additional money or resources, begin the process of getting it from conventional or unconventional means.

4. Hire a business start-up coach or consultant.
Get extra guidance and support from a trained professional. Look for a business coach or consultant who has experience and training in guiding people through the business start-up process. Interview them before you hire one, to find out what kind of previous experience this person has actually had opening new businesses, as well as deeming whether the two of you will be able to work well together.

5. Learn the local zoning laws.
If you are planning to open an actual " brick and mortar" business, call or visit your city or town office and county clerk's office to determine the local zoning rules and regulations. You may be shocked at how many different zoning rules and regulations that you will not even believe it! Just as one small example, you don't want to rent or purchase a business location without ample parking for your clients/customers only to find out after the fact, that the zoning rules in that area do not allow you to add parking.

6. Form a legal entity.
Hire an attorney to draw up any legal papers necessary to form a legal entity. There are many business entity possibilities to choose from. If this is your first small business, your attorney will probably suggest that you form a sole proprietorship. Because there are so many other different business entity options including LLC's and Corporations, it would be wise to follow the advice of a well versed and experienced attorney. Actually people have begun forming such entities online, but you may want to research the viability of this option before moving further.

7. Get a business license.
Visit your county clerk's office and register your name for your business. They will give you a Business Index number, which you can use to open a business checking account. This is typically an easy process.

8. Get appropriate training or education.
You do not want to try to figure out what you're supposed to do the first day you open for business. Get any additional training or education that will support you in running your new business. For example, if you're opening a specialty clothing store, it would be wise for you to either work in a specialty clothing store for a few months, or go to a training center deemed appropriate for learning how to run a specialty clothing store, or both.

9. Prepare your place for business.
Complete any building construction, purchase and set up any equipment, supplies, and inventory you may need, and set your physical space up for business. Do not purchase anything unless you know it's going to be something you will need during the process of doing business. You can always purchase convenience or luxury items later.

10. Market your business.
Begin marketing your business at least a week before opening. Print out and distribute flyers announcing the opening of your new business to the local businesses and neighborhoods. Display " Coming Soon" and tantalizing signage at your place of business, and even at the roadside, where applicable. Write up and distribute press releases announcing the opening of your business to the local newspapers and radio stations. Go through your rolodex and let everyone you know about the exciting beginning to your new business venture. If you have a website for your business, use internet marketing strategies to promote your business. Basically, the more energy and excitement you can create about your business, the more customers and clients you will attract.