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To many people, starting a business can be difficult even though they have an idea on what type of business they would like to run. If you are one of those people who are dreaming of becoming the success stories of the present and future business world, the likes of Bill Gates, Steve Jobs, Larry Page and Sergey Brin, then all you need to do is to follow the simple steps outlined below:
1. Generate an idea
Coming up with an idea for a small business is not that hard as you may generate an idea from either combining two or more existing business ideas, from the things that you enjoy doing or identifying a market opening (niche). When coming up with an idea,keep in mind that the product or service might be one that you have been always dreaming of producing or offering. It might be even something that people do not know that they need yet – identifying an opportunity and seizing it. In this case, the idea is not to come up with a business plan but to just generate a vivid picture of what you would like to do.
2. Come up with a working name for your small business
This step does not necessarily have to come after the generation of the idea. If you have an idea and the name is good, the idea will tend to grow and define your business.
3. Have well Defined Business Goals
With well-defined goals for your small business, you will be able to know where you are headed as you will be able to know what kind of decisions you need to make in order to make your business grow. In light of this, you may decide to bring on board one or two of your trusted friends. After all, some of the world leading businesses were formed through partnerships.
4. Find an attorney
There will be many hurdles to jump as you try to get your small business off the ground. Having an attorney take care of your small business legal needs will not only give you a peace of mind but also it can give you the much needed legal guidance on your way to succeeding.
5. Create a business plan
A business plan defines what you are thinking as an entrepreneur. In the business pan, your idea of a small business becomes vivid and you will be creating a path way for the investors and also creditors just in case you do not have the startup capital.
6. Have an idea of how the competition is
Check out the prices of similar products in the market put out by your competitors. In addition to pricing, ask yourself what you are willing to add on the product in order to differentiate it from the others.
7. Start your small business!!
Build your product after you have acquired enough resources to get going. At this stage it is advised that you implement marketing and distribution strategies for your product in order to boost the sales.
Do you have your own business or plan on starting one soon? Please share your story!