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The Eight Steps To Starting A Successful Small Business

1109 words - 5 pages

If you are thinking about starting a small business, now is the time. Personal computers and software that are business quality are far better and cheaper than those of just five years ago. Coupled with the internet, today's computers, and software, the small business is on a more level playing field with larger companies. A local small business owner B. G. Simpson stated that the main key to starting a business is to do it (Simpson, B. G., July 2002). Before starting your business, there are several questions that you must ask yourself. You will realize that starting a business is easy. Making that business work is the challenge. There are eight steps to making a business successful. These ...view middle of the document...

Furthermore, it will plan three to five years down the road. The size, type, and nature of your business will determine the detail of your plan, as well as, the time it will take to develop the plan. This step could end concurrently with your research or overlap later steps.The next step is to seek legal and financial advice. A lawyer and an accountant can provide consultations on legal and tax issues, especially when dealing with government regulations and legal issues. Lawyers and accountants who specialize in small business is your best bet for these services.The next step is to determine the best entity for your business. You will decide if your business will be sole proprietor or partnership; limited liability company or corporation. This will depend on many factors which include tax liability and rates, legal liability needs, business size, business type, capital, personal preference, needs, and/or future business plans. When you determining your business, consider all of these things, in addition to which business entity best protects your interest with the least government interference and taxation.The next step is to seek help from the government. After you complete all the previous steps, seek consultation from government organizations, such as the SBA. Consulting the SBA, in lieu of lawyers and accountants, may be the best bet to save money for Small Office/Home Office (SOHO) business. These organizations can give expert and friendly advice on obtaining a loan, start-up assistance, local information, minority and women business assistance, and practical advice.After you receive all the facts, the next step is to start your business. Knowing your type of business entity, you now have to file the necessary forms and pay any filing and/or licensing fees. A lawyer will be needed to assist in preparing the forms. This preparation will include providing specific information including business name, officers, and so on. When the form are ready to be signed, read over them carefully. Be sure to ask your lawyer question about anything that is not understood....

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