How to Start Small Business Successfully?

Do you want to start a small business? But you do not know how to start small business? You need to follow step by step to make your small scale business idea successful.

Work on Basic Things- First you need to work on basic things which are required to start small business.

Choose Small Business Idea:- Choose small business idea in which you are interested.

Part 1 Setting Out the Basics

A- Have an idea- First you select your small business idea. You can select small business idea as per your interest. You should explore your hobbies, then decide in which you expertise.

Some people are trained in specific field such as craft, soft toys etc. So, you need to choose in which field you can work as trained person.

B- Set Up your Aim:- Every business is started with some goals. Setup your business goals. You must ask yourself following question from yourself before implementing your small business.

1- Do you earn money only for some period of time or looking for long run small business.

2- Do you want financial independence or just to utilize your time

3- Will your half of time will be devoted to household duties.

c- Decide Your Partners:- You want to work solely or in your partnership. Its may prove better idea if you work with trusted partners. Before deciding partner, you work on following things:-

Is your partner trustworthy?

Is he or she is hardworking?

Is your partner posses qualities which you are seeking?

d- Decide Your Business Name:- Decide your business name as per your business. Your business name should reflect your business type such alisha garments, fresh goods bakery.

e-Important things to Consider:- There are some important things you need to consider before starting your business:-

Choose your team carefully while hiring people. You are going to start small business first time so you

dont have much knowledge about hiring and team handling. You can take the advice from any expert.

Do proper market research before choosing your small scale business idea. In today's competitive, proper background check is very important.

f- Prepare a business summary:- Prepare business summary in which describe following things:-

• Your overall business concept
• Where to get fund and how much you want to invest.
• Team size
• description about team members.
• Support required

Part-2- Create Business Strategy

In part 1, we have covered the basic of starting small business. Now its come to defining business strategy. Before starting any business, it is very important to create business strategy to ensure the success of your business.

A- Make Detail Description:- Create the detail description of your business such as what is your product, your target customers, whom you will deliver, features of your product

B-Create Some Marketing Strategies:- Marketing strategy is very important for the success of your business. So, decide your marketing budget and plan carefully.

C-Decide Budget:- Decide your budget like how much you want to spend. What will be your budgeting strategy. Where and how much you will spend?

E-Your Operational Plan:- Who will lead, and who will follow? Define your organization, from the receptionist up to the CEO, and what part each plays in both function and financials. Knowing your organizational structure will better help you plan your operating costs, and fine-tune how much capital you will need to function effectively. Keep in mind that your business will continue to evolve and that this will be a rough idea of who is needed to keep things functioning; as the business grows, you'll likely make changes to the hiring plans to fit what is happening at the time. Also, in a number of cases, the "staff" is you and whomever you can consult, such as your lawyer and accountant. This is fine, as long as you show that you're prepared to pay for external advice and help until your business is ready to take on staff

Part-C- Work on Legal Aspects:- You should also working on legal aspects as it is required to start business with legal permissions and you can work defined rules and regulations. Legal aspects covers building covenants to city ordinances, state requirements, fees arises, partnership etc.

Hire Accountant:- It is very important hire accountant for your business. Accountant required to understand tax issues of your business. So, here tax advisor can help you.

Create a business entity:-Create a business entity so that you can start business. In terms of small business, you should form a small business in following way:-

1- Business with sole partnership, means you are running business solely.

2- General Proprietorship, means with partnership.

3- A limited partnerships

4- A limited partnership (LLP)

Part- D- Budget Management

Add Your Start-Up Cost:- Every business require some investment. There may be two situation. Either you have fund to start small business or you may have to look for other sources. Calculate your start-up cost. You can also approach for funding through venture capitalists, small business administration and angel investor.

Calculate Your Cost:- Calculate your entire cost. Add all expenditure like set up cost, employee salary etc.

Now Start Your Business:- Now you are ready to start your business. You must have formed your operational plan. Now you can start your business as per your operational plan.

Also Read- Small Business Ideas for Women