Steps to Starting Your Own Business Make More Money, And Quit Your Corporate Job
1. Personal evaluation
2. Analyze the industry
There are also a number of less traditional sources worth turning to:
Advertising representatives for statistics and data on your competition or the industry in general
List brokers (to get an idea of the number of prospects out there)
Suppliers of your industry (again to get a sense of demand and for market information)
Students who will likely be happy to perform research for you at an affordable fee.
Evaluating your market In order to identify how attractive your prospective market really is (your own desires aside for the moment),
3. Make it legal Realistically speaking, registering your business as a business is the first step toward making it real.
Types of business formations include:
4. Start the planning process
The standard business plan comprises nine parts, including:
6. Set up shop - Find a location. Negotiate leases. Buy inventory. Get the phones installed. Have stationery printed. Hire staff. Set your prices. Throw a “Grand Opening” party.
7. Trial and error
1. Personal evaluation
“Know yourself, and work in a job that caters to your strengths. This knowledge will make you happier” – Sabrina Parsons
2. Analyze the industry
“The more you know about your industry, the more advantage and protection you will have” – Tim Berry
There are also a number of less traditional sources worth turning to:
Advertising representatives for statistics and data on your competition or the industry in general
List brokers (to get an idea of the number of prospects out there)
Suppliers of your industry (again to get a sense of demand and for market information)
Students who will likely be happy to perform research for you at an affordable fee.
Evaluating your market In order to identify how attractive your prospective market really is (your own desires aside for the moment),
3. Make it legal Realistically speaking, registering your business as a business is the first step toward making it real.
Types of business formations include:
- Sole proprietorship
- Partnership
- Corporation
- Limited Liability Company (LLC)
4. Start the planning process
“Our goals can only be reached through the vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success” – Pablo Picasso
The standard business plan comprises nine parts, including:
- The Executive Summary
- Company Overview
- Products and Services
- Target Market
- Marketing and Sales Plan
- Milestones and Metrics
- Management Team
- Financial Plan
- Appendix
- Feasibility plan
- Operations or annual plan
- Strategic plan
6. Set up shop - Find a location. Negotiate leases. Buy inventory. Get the phones installed. Have stationery printed. Hire staff. Set your prices. Throw a “Grand Opening” party.
7. Trial and error
