Three Steps to Starting Your Own Business

Posted on Aug 28th, 2017 | Entrepreneurship

Imagine having a job where you are in complete control. You set your own hours, make as much money as you want and get to do what you love! This might sound too good to be true, but it is possible to take charge of your life when you start a business, whether it is a consulting firm, landscaping service or restaurant. No matter what your age or bank account, the sky’s the limit, and starting your own business is easier than you think. Maybe that’s why there are nearly 28 million small businesses in the United States. Yours could be next — start with these three steps:

Identify Your Dream Job or Business

The best advice I’ve ever gotten is “do what you know,” so think about the things you know better than anyone else. What strengths, skills or talents do you have? What interests you (e.g., animals, technology, numbers, food, shopping, entertainment, etc.)? Do you like working with people or do you prefer to work solo? Do you like making things or would you rather serve others in some way? If you could start any business, what would it be?

Do some brainstorming with friends and family or visit your local community college to do a skills assessment to get ideas. At this stage, don’t limit yourself by potential obstacles like time commitments or funding. Consider every possibility, and envision yourself being successful. Which business idea stands above all the others?

If you need some motivation or want someone to help you along the way, there are lots of free resources available. Contact your local SCORE chapter, the small business development center in your community or the Small Business Administration (SBA) for articles on everything from deciding if starting a business is right for you to how to choose the appropriate legal structure.

Create a Workable Plan to Make Your Dream a Reality

It’s time to transform your idea into a viable business. The steps you need to take will depend on what type of business you start. For example, opening a coffee shop will have different steps than starting a consulting business. For professional advice, you can turn to SCORE, the SBDC or SBA. For real, front-line experience though, talk to anyone you know who owns a business –- maybe your parents, an entrepreneurial friend who started a business in college or your next door neighbor who started a side business when he retired.

The SBA lists 10 steps to starting a business including writing business and marketing plans, choosing a location (unless it is a home-based business), getting appropriate licenses and permits, etc. In addition, think about the timing of your business. If you already have a full-time job, you might not be able to start your business right away. The income from your current job, however, can provide you with some financial stability while you work out the details of your plan. For example, you could start your business on the side, working evenings and weekends, to work through the obstacles. Think low risk.

Fund and Launch the Dream

Now that you’ve figured out what type of business you want to begin and have created a plan for starting it, it is time to jump in and make it happen! Depending on the business, this might involve securing funding from outside sources. If you are offering a service such as bookkeeping, landscaping or dog walking, overhead will probably be minimal, so you may not need outside financing. For larger businesses like a retail store or a restaurant, you may want to explore loans, grants and other funding sources. The SBA offers a lot of great resources to help you explore different funding options.

Once you’ve secured funding and have executed your step-by-step business plan, you are ready to open for business. Shout your news from the rooftops. With your marketing plan in place, tell everyone you know about your new business –- ask friends and family to support your new venture, share the news on social media, advertise and host an open house to celebrate!

Sounds pretty good, huh? Are you ready to start your own business? In an entrepreneurial economy with countless resources, you are only limited by your drive and your imagination. Go for it!