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The Essential Steps for starting a small business

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Taking steps to starting a small business will certainly be determined by your readiness and your willingness to take the risks involved. The most important thing here is to know the kind of business you are venturing into and how much capital is involved in the starting-off processes. Some of the essential steps to starting a small business are highlighted below;

1 Have a thorough research on the business you are going into. There are several tools and resources which can help you in getting an adequate knowledge of the business you are about to get into. Adequate knowledge of the business will equip you and guide you along the path to success

2 Get business training and assistance. There are lots to gain from training and counseling services. From trainings and, you can make a better business plan, learn how you can grow and expand your business, finance it and relocate it if you wish. Business training will offer you the hands-on experience you require to start-off, operate and maintain a healthy business marketing strategy.

3 Choose the best suitable business location. A business location that is close to your desired market is the most ideal location you can have. Your business should be located where you can have access to raw materials as well as your targeted market.

4 Make plans for your business financing; You can search for government loans, grants, as well as ventured capitals that can get you started on your business

5 Ascertain the legal structure of your business; this Is one of the essential steps to starting a small business which most people often neglect. It is ideal to determine whether you are into a sole proprietorship of your business or you are forming a partnership. This will help you in getting a legal seal on your businesses-this will be a form of protection in times of business conflicts.

6 Register your business name - This is one of the steps to starting a small business you cannot ignore. Registering your business with your regional government will make you stay at the right side of the law and at the same time you will qualify for several grants and incentives offered by the government. Aside the registration of your company, you need to register for a tax identification number from your state revenue agency and IRS. It is also critical for you to get the necessary permits and licenses that are applicable to your business.

7 Upgrade and monitor your business strategies; One thing that keeps you going is the monitoring of all the components of your business strategies. This includes your marketing strategies as well as revenue generation strategies. It also includes your public relation efforts, customer support services and several others. It is your responsibility to keep track with the market trends with the view of making amendments in areas that are not effectively productive. You must be sensitive to every aspect of your business running to avoid its collapse.

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Topic starter Posted : 16/02/2010 4:14 am
Eminent Member

Re: The Essential Steps for starting a small business

1)Strong Business Planning:Have complete knowledge of your revenue source, break-even duration and other important strategic details from the beginning, and decide on the milestones that are to be achieved. You should know the right moment to expand your business and plan for future sources of revenue.
2)Business Friendly ECommerce Software:Always choose software that is easy to manage and allows you to focus on your core business activities.Choose an ECommerce solution that fits your business requirements. Analyze ECommerce software in terms of its scalability, security and the amount of customization allowed.
3)Create a Web Store with a Difference:
Visual memory is more enduring than textual memory. Correct branding is important for the success of your online business. Increase your brand recall by creating an estore that is in tune with the likes and dislikes of your targeted customers.
4)Make your “Hot Sellers” most Visible:Attract a customer and advertise your USP first.Create your estore in such a manner that when a visitor leaves your online store, s/he is aware of your specialty even if they do not intend on purchasing those products.
5)To clarify: Let us assume you are an online flower vendor specializing in selling fresh red roses. Create your online storefront in a way that when a visitor leaves your storefront, s/he is aware about your specialty even though he may not have seen the Red Roses section. So the next time the visitor intends to buy red roses, they will be very likely to recall your storefront.
6)Increase your Web Presence:Make your presence felt by carrying out intelligent marketing over the Internet. Perform search engine optimization (SEO) for your site, since the majority of buyers visit websites after spotting them come in the first three or four pages of search engine results. You can either hire professional services or carry out Internet marketing by yourself.

Have a nice day

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Posted : 24/02/2010 5:23 am
Trusted Member

Re: The Essential Steps for starting a small business

Here I'm sharing With You Some of The Useful steps
for Starting a Roofing business,
Roofing is the kind of job where your skill is all that works. The thing is that if something goes wrong after you have done your job it is something that has to be fixed in a state of emergency. The quality has to be sound on the inside and the outside so as to keep the outside weather conditions from entering in and inside atmosphere from going out. Moreover, it is not the kind of thing you can learn and master at an institution. Therefore, it can only be learned from a person or company who already has experience in this field of work. Therefore, it is also necessary to be choosy about who you choose to mentor and gain some experience in the field as well.

Another predicament in starting the business is the amount of capital involved. Since, you have to buy the material and equipment before getting the payment it is necessary to have some reserve amount of money needed. Without sound experience it may get tricky to find a lender for this business. But, the best part about starting this kind of business is that even if the real estate conditions are unpleasant yet, there is always the demand for repairing, replacement, painting or waterproofing. Another encouraging fact is that good roofing contractors are scarce.

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Posted : 25/02/2010 1:47 pm
Eminent Member

Re: The Essential Steps for starting a small business

Yes, there are thousands of businesses you could start, with more emerging daily thanks to new technology and good old-fashioned ingenuity. Yet despite the vast universe of possibilities, there are a few essential steps you need to take before starting a business, any business.

1. Do your market research: Just because you build it or sell it doesn't necessarily mean anyone will buy it. The first essential step is to research your potential market. Who needs what you are offering? Is there space for your product or service in the market or is the market saturated? Is the market national? Is it a niche? Can you define your ideal customers? These are all questions that need to be answered before you even consider starting a business. Too many entrepreneurs have found out the hard way that there was not enough market share for them to capture. Others have realized that their target market audience was far too limited to make their business work.
2. Show yourself the money: You can't start a business without capital. Determine what you have, what you will need and how you will go about getting it. If you plan to seek investor funding or financing, start writing a business plan and practice your pitch. Research the costs associated with your business. Know how much money you'll need and decide where it could come from.


Posted : 26/02/2010 4:55 am
Eminent Member

Re: The Essential Steps for starting a small business


1. Find a Niche. For small businesses, it is best to find a niche. A small company with limited resources can efficiently serve niche markets. Concentrate your efforts on a fairly narrow market offering. This entails sticking to what you do best, and becoming an expert in that field. Realize that it is not possible to be good at everything. By concentrating on a fairly narrow market niche, you may be able to avoid head-on collision with bigger competitors. If you are a hardware store selling everything from paints to lumber, the entry of giant retailers like Home Depot in your area can spell the end for your business. However, you can try to limit your offering, for example, to construction of porches and decks and be the best retailer for this segment.

2. Be small, yet think big. The most common question of small business start-ups is “How can I compete with my big competitors?“ Small businesses have inherent advantages over big businesses, including flexibility, ability to respond quickly, able to provide a more personalized service. Make sure that your business takes maximum advantage of those areas that represent the strengths of small companies.

3. Differentiate your products. Present the benefits of your products and services to your customers, highlighting the unique solutions it offers to their problems. Avoid being a copycat; rarely do imitators succeed in the market. Study, but do not copy your competitors, and package your products distinctly.

4. First impression counts. Strive for accuracy and quality the first time around. You often do not have a second chance to make a good first impression. This entails a well-laid out store, courteous staff, and personable voice over the phone, etc. However, if you are a one-person business working in a home office, remember that you are the center of your business and marketing efforts. Everyone you come in touch with is potentially a client or a referral to another client because they are either impressed with you as a person, impressed with your skill at providing a certain service or product. Make sure that you are always presentable, professional in your ways and knowledgeable about your business.

5. Good reputation. Your business hinges on its reputation. It is imperative that you build a good reputation for the quality of your products and support services. Remember that two things guarantee success: high quality goods and superior service. Always aim for quality. If you are a tax consultant, strive to prepare a totally accurate, perfectly done tax returns for your clients.


Posted : 27/02/2010 3:27 am