I just finished a new interview with Ivor Kellock for his radio show your thoughts are appreciated.
How to Start a Business
If you are wondering how to start a business without a ton of upfront capital, it can be a bit tricky to figure out. Much of how you start your new business depends on the niche and industry as certain businesses cost a lot more to start up.
First, you should figure out how much capital is needed to start your business. The more funds you have, the better your options for business start-up. You may consider applying for a loan at your local financial institution but never dedicate funds to the business that you are not prepared to lose in regards to your own savings. Decide what kind of business you would like to start, and do thorough research in that field. Look for competitors and learn how they carry out their business. Take special notice of areas that you see are in need of improvement and come up with a unique method you can use to market. In other words, try to fill a “hole” in the market.
Put together a plan of total action. Document in detail the steps that come in between yourself and the primary goals of starting a business. Try to accomplish each step on your list before going forward with your start-up. Determine what type of business structure you will utilize. Will you need just an office space to accommodate your place of business or will you need a commercial building to operate? Maybe you can actually work from your own home office. Decide whether you will hire employees and how many will suffice for your initial start-up. Decide what status is needed such as sole proprietorship, corporation, LLC or partnership. You should be able to differentiate the filing status by visiting the IRS.gov website or speaking with a tax professional.
Once you get these details out of the way, then it’s time to get a business operating license which can be acquired through your state or local tax assessor’s office. You will also need to apply for a Federal Tax Identification number with the IRS for tax purposes. Once you have your business license and tax ID, you can begin your business operations. Considering that your start-up supplies and overhead along with advertising were included with the initial start-up capital, the only steps that should be left is marketing and advertising your business.
It makes sense to write down your goals at the beginning so that you can always look back to see if you are still on track for success!