The Building Process
Building a business requires planning, making financial decisions, and going through a series of legal activities.
The 10 easy steps I have provided for you here will help you prepare for building your business.
- Develop your business plan. When you’re
just starting out you won’t have as much information to include as an established company. Don’t get discouraged. Remind yourself through positive affirmations that you have the skills to pursue this opportunity and that your positivity will attract everything you need to be successful. While developing your business plan think about your strategy and what you want to achieve. Promise yourself you’ll review your plan every month and plan ahead to create time to do so. List any important dates or deadlines regarding what is supposed to happen, do a sales forecast, and make a budget. A basic business plan includes:
Your mission statement. This is where you get to explain what your business is all about.
Your company information. List where your company is located, how it was formed, founder roles and names and how many people you employ. If you have just started you can use this part of your business plan to write positive projections for what you would like to accomplish in the near future.
Your services/products.
Your financial information.
Your future plans.
Get assistance and business training.
Choose a location for your business that is
consumer friendly.Finance your business by researching
grants, reaching out to angel investors, and finding government backed loans.Determine which type of ownership is best
for you: sole proprietorship, partnership, nonprofit, Limited Liability Company (LLC), cooperative or corporation. Contact a local accountant for help here to determine the best structure for your business.Develop your business name and register it
with your secretary of state. You can contact a local accountant or attorney to handle this for you (this will cost more than doing it yourself online, but will help to make sure it is done correctly). I used an attorney the first time I registered an LLC because I didn’t have any idea of what I was doing.Get a tax ID number by going to your government's official revenue website (varies with different countries).
Hire an accountant to help you register for
local and state taxes.Obtain all of the licenses and permits you
will need to run your business by going to your local city office.Understand all of the legal steps you will need to take if you want to hire employees. Consult your accountant and attorney for help setting up payroll and employee benefits.
The Growth Process
Most entrepreneurial businesses need to acquire strategic talent in order to see success and growth. Basically, this means you need to have the right people in the right department. This presents the question, “How do I assess these things and attract people with the talents I need for my team?” Step 1, always be positive. Step 2, use the following to assess and hire individuals for the job you need to get done:
Knowledge. Ask yourself what kind of customer, industry, products, service and strategy knowledge your team needs to possess.
Skills. Are skills such as problem solving, technical, communication, etc. needed to perform this work?
Behavior. What type of leadership, values, ethics and decision-making will be required?
Results. What do you expect your team to accomplish and how do you expect them to accomplish it?
The other four keys necessary for success and growth include:
Developing tangible tactics and strategies
for you and your team to follow as stepping-stones towards achieving your business goals.
Develop customer management. Tweak
your strategies to appeal to everyone inside and even outside of your current market. You can’t do this by being robotic and reusing the same ads and sales pitch over and over again. You’ll need to be constantly updating and adding to your marketing plan.
Define and develop your business process.
Is everyone in agreement with how the business operates? Are you always looking
for ways to improve your
products/services?
Being a successful entrepreneur takes a lot more work than most people realize. When you’re first getting started it’s important for you to take the time to assess how much time and effort pursuing your passion is going to take. Approaching the situation positively is the best way to start this process. After assessing where you are as an entrepreneur, what you want to do and how you want to achieve it, you will be ready to execute your plan.
By enlisting the help of a positive mentor or coach you will enhance your chance of success. Mentors can help you develop anything you need to better manage your time, money, business, and life successfully. You may also want to consider hiring a coach to guide you through the process of operating within a positive mindset and running a successful business.
All images used in this post were sourced from Pixabay.com