Starting your own small business is a big, scary step into the unknown, but just by considering the option, you’re one step ahead. There a no boundation on who can become a great entrepreneur. You don’t necessarily need a college degree, a bunch of money in the bank or even business experience to start something that could become the next major success. However, you do need a strong plan and the drive to see it through.

Here’s a complete guide which will help you through the business planning.

1. Finalize a Perfect Business Idea:
When first starting out in business, you can fall into one of the two categories.

The first one, you have a great business idea, but are unsure about the process of launching a new business. If that’s you, then skip directly to market research. How excellent your business idea may be, but you need to do adequate market research to make sure you target audience feels the same way.

The second one, you are ambitious, independent and have the adventurous vibe to become an entrepreneur. But you don’t have the idea about the business you want to do. Businesses vary across many variables, its important to think outside the box.

What Skills Do You Have?

What Resources Do You Have?

What Need Could You Fill?

Do the Market Research !!

2. Make a Plan:
You need to plan in order to make your business idea a reality. It is the blueprint that will guide your business from the start-up phase through establishment and eventually business growth. Its a must have for all new businesses.

There are different types of business plans for different types of businesses.

3. Plan your Finances:
At some point in the financial trajectory of your business, you might wonder how to finance a business—either to deal with short-term cash flow challenges or to fund the growth of your business.

Maybe you’ll reach out to friends and family, pursue debt financing in the form of a business loan, or even work with an investor.

Below are the various financing options you may want to consider.

Small Business Loans,
Term Loans,
SBA Loans,
Equipment Financing and many more…

For complete information about financing options visit:http://www.fundera.com/small-business-financing

4. Find Your Business Location:
Unless you are working out of your home, you will need a location for your business. It might be an office or a retail space or a warehouse. You may consider the following points:

-Demographics: Start by considering who your customers are. If you are a retail store that relies on local community, this is important. For other businesses it might not be.

-Foot Traffic: Your store should be easy to find for the people.

-Accessibility and Parking: Don’t give customers a reason to o somewhere else. Your store should be pretty accessible.

-Competition: Sometimes having competitors nearby is a good thing. Other times, it’s not. You’ve done the market research, so you know which is best for your business.

– Proximity to other services and businesses: Look at how nearby businesses make your business workplace a better one.

– Rent, Utilities & other costs: Rent is the biggest facilities expense, but check out the utilities, as well, and whether they’re included in the lease or not.

5. Register the Business:
Now that you have done enough planning, its time to get to some of the finer details.

Here are the main steps you’ll need to take to get your business legally established with the proper federal, state, and local authorities.

– Get a Business License
– Register your Business Name
-Choose Your legal Structure
-Get a Tax Identification Number
-Register fir State and Local Taxes
-Apply for Any Needed Trademarks or Patents

6. Build Your Team:
You need a team that would work along with you for you. If you will be hiring employees, now is the time to start the process. If you are outsourcing work to independent contractors, now is the time to work an attorney to get your independent contractor agreement in place and start your search. Lastly, if you are a true solopreneur hit the small business alone.

7. Promote Your Business:
Once your business is up and running, you need to start attracting the clients and customers. You need to create a proper marketing plan.

Once you have completed these business start-up activities, you will have all of the most important bases covered.

Conclusion

Starting a new business might sound a big and scary step or it might be true also but if you have the determination and ideas, you just need to catalogue them properly. Once a full proofed plan is ready then you are just few steps away from setting up the business. It might be time taking but will surely pay you.