Step To Start a Business Step by Step

Right now, aspiring entrepreneurs all across the country are planning their paths to business ownership. It’s a journey that requires a lot of hard work, and many people end up failing. But if your company survives, the rewards of entrepreneurship are well worth the obstacles you’ll face on the road to success.

If you think you’re ready to start your first business, here’s a step-by-step overview of what you need to do to make it happen.

1. Brainstorm ideas
2. Build a business plan
3. Assess your finances
4. Determine your legal business structure
5. Register with the government and IRS
6. Purchase an insurance policy
7. Build your team
8. Brand yourself and advertise
9. Grow your business

1. Brainstorm ideas
Every new business starts with an idea. Maybe there’s something you’re really knowledgeable and passionate about, or perhaps you think you’ve found a way to fill a gap in the marketplace. Wherever your interests lie, it’s almost guaranteed that there’s a way to turn it into a business.

Once you’ve narrowed your list of ideas down to one or two, do a quick search for existing companies in your chosen industry. Learn what the current brand leaders are doing, and figure out

Some Tips Before Writing a Business Plan

Entrepreneurs are often advised to write a business plan before they officially start their business. The act of writing the business plan will help focus on the details, find items that were not previously considered and fine-tune the approach to running a successful business.

Before a formal plan can be written, however, there are a few key elements you’ll need to work out that will ultimately help you craft that document. Entrepreneurs and business experts recommend taking the following steps before you sit down to write your plan.

1. Determine your purpose
The primary purpose of a business plan is to show investors, lenders and other potential stakeholders how your company plans to make a profit. Profit is important, but it’s far from the only thing that matters when you start a business, experts say.

“Business plans can be helpful tools to clarify … business activities, [but] they … encourage entrepreneurs to focus on what they are going to do,” said Alan Williams, co-author of “The 31 Practices” (LID Publishing Inc., 2014). “This overlooks two more important questions: ‘why’ — why it exists and why employees would want to get out of bed in the morning, and ‘how’ — the values of the

Best Creative Financing Methods for Startups

For entrepreneurs with a lot of money saved up, the only obstacle to starting a business is coming up with a viable idea. But many aspiring business owners have the opposite problem — the idea is there, but the capital isn’t.

Clearing the startup financing hurdle is made even more difficult by the fact that brand-new entrepreneurs are often turned down for business loans. Traditional bank loans have always been tough to secure, and although loans funded by the Small Business Administration are typically more accessible, it’s getting more competitive: The SBA’s biggest lending program, the 7(a) program, recently maxed out its funds, and was on hold until July 28 after Congress raised the lending limit, ABC News reported. While business owners are in the clear for now, the growing number of SBA loan applicants means there’s a good chance of the program reaching its limits again.

So what’s a would-be small business owner to do? There are plenty of other options to help you fund your new venture. Here are 14 options beyond bank loans for financing your startup.

– Online lending. Recently, online lending services such as OnDeck and Kabbage have become a popular alternative to traditional business loans. Online lenders

Tips to Register a Business Name

Picking the right name for your business is one of the first critical decisions you will make for your new venture. You want to select a name that illustrates your industry, field or expertise while being memorable and relevant to your customers or clientele.

You may think you’ve found the perfect name, but before you launch your business, you need to make sure someone else hasn’t already claimed it. You’ll need to verify that it is unique and does not violate trademark law by being too similar to the name of an existing business, in your state or any other, and whose operations are in close relation to your product or service. Conducting a thorough due diligence check before registering the business entity or buying the domain name will help you avoid future costs in marketing, rebranding and even a possible lawsuit.

Begin with a short list of possible names and conduct a basic search online. Any similarities to your chosen moniker will likely show up here. You should investigate further to see if that business offers a product or service comparable to yours. If there are no readily apparent matches, it does not necessarily mean

Best Business Ideas with No Startup Costs

Starting a business is quite the financial undertaking. There is a lot to consider, and lack of money can sometimes be a deterrent for would-be entrepreneurs. For those who are dreaming big but are on a small budget, here are a few low-cost businesses to inspire that entrepreneurial passion.

1. Content creation
Social media and the 24-hour news cycle have created the perfect storm of opportunity for creative professionals like writers and graphic designers, who can use their talents to create high-quality, shareable content for businesses and media outlets. Thanks to a growing part-time economy of freelance and contract workers, it’s easier than ever to market yourself as a professional freelancer.

2. Event planning
If you’re a highly organized, detail-oriented individual who loves putting parties together, you might have the right personality to launch an event-planning business. Working for weddings, birthday parties and class reunions, event planners make it easy for others to host an exciting party. LinkedIn, cold calling and planning a few pro-bono events will help give you the proper experience. This will also help you build up a solid database of vendors and contacts so you can help your clients orchestrate the event of their dreams.

3. Errand/concierge service
Parents

Tips To Make Your Internships for a Better Future Career

Internships help prepare college students and recent graduates for their future careers by allowing them to take what they’ve learned in the classroom and apply it in real-life situations and environments. Some internships are paid and others aren’t, but regardless, both students and companies benefit from the experience, experts say.

“It is vital that a student understands what they are getting into before becoming fully invested in the career path that they choose,” said Todd Rothman, an educator and partner/co-founder of wyzPREP, which prepares students for the Graduate Management Admission Test (commonly called the GMAT). Internships provide the opportunity to work alongside mentors and peers, and gain experience you cannot get in a classroom, he added.

– A competitive climate
Just like the job market, the internship climate is extremely competitive, with tons of applicants competing for the same job. Nowhere is that more evident than in California’s Silicon Valley, Jeff Selingo, author of “There is Life After College,” wrote on LinkedIn. Each summer, thousands of college students descend on the technology mecca to work as interns at a mix of startups and Fortune 100 companies. During those three months, these companies are looking for the best students in their intern pools

Loan Business Tips

Congratulations! You’ve received the good news that many cash-strapped business owners long to hear: You were approved for a business loan.

Whether you’re getting a traditional bank loan or you went through an alternative lender, your newly acquired funds will no doubt help your business achieve goals, make important changes and continue growing. Your mind is probably racing with all the possibilities this money represents, but before the loan hits your bank account, you need to have a well-thought-out plan for what to do with the funds.

“This may be the end of the loan-application process, but it’s the beginning of what hopefully will be a growth-oriented and prosperous future,” said Michael Finkelstein, CEO of online lending platform The Credit Junction. “Judicious deployment of the new funds is critical to ensuring the business optimizes the new capital.”

What you should do with your loan funds?

Put the money in a separate account. If you’re using your loan funds to cover ongoing operational expenses and purchases, you might want to place the money somewhere other than your primary business checking account. Essentially pretending the money isn’t there, and only transferring money as you need it,

The Important Trends to Watch

Financing has always been a big challenge for new startups. But as evidenced by the growing number of Kickstarter success stories, the business world is learning how effective it can be to raise money through small contributions from a large number of people.

As the popularity of crowdfunding continues to skyrocket, more startups and small businesses are taking advantage of the various trends that emerge in this space in the coming years. Here are three big ones to watch.

Crowdfunding will remain a popular funding choice

In years past, crowdfunding for businesses was a novelty, a rare exception to the traditional methods of bank loans, venture capital and borrowing money. Today, announcing your crowdfunding campaign is just as common as any of these other options, if not more so. In fact, Forbes reported that in 2016 crowdfunding is expected to surpass venture capital as a means of financing.

Many major news organizations are now highlighting noteworthy campaigns,” said Bill Clerico, co-founder and CEO of WePay, a payment service provider for crowdfunding, marketplace and small business platforms. “That’s not just good for the campaigns, but it also normalizes the behavior and leads to more people

Business While in Personal Debt

Depending on where you are in your life and your career, you might be facing a little or a lot of personal debt. Many would-be entrepreneurs owe money on credit cards, student loans, mortgages, cars or all of the above, and these heavy outstanding balances could put their dreams of business ownership on hold.

Quitting your day job to start a business when you’re thousands of dollars in the red is probably ill-advised, but carrying debt shouldn’t prevent you from getting your business going. Although it’s not an easy path, it is certainly possible to become an entrepreneur under tough financial circumstances.

If you’re looking to start a business while you’re in debt, here are a few smart steps to help you minimize startup expenses and keep your cash flow steady.

Explore your financing options

If you’re carrying a lot of personal debt, your monthly cash flow is probably not optimal for funding a business. There are a lot of options for business owners in your position — crowdfunding, alternative lenders, credit-card financing, etc. — but each choice comes with pros and cons, and you should be thoroughly understand what’s involved before moving ahead.

Tips to Choose the Right Franchise

Even if you have a general idea of the industry you want to work in, there are numerous options in a variety of price ranges within each industry, leaving you the task of sifting through dozens of websites and information packets to find the one that’s right for you. Business News Daily spoke with franchise industry experts and franchisees to aid you in the process of selecting a franchise to buy.

Questions to ask yourself

If you have no idea where to start, you’ll want to begin by asking yourself a few broad questions that will place some parameters on your franchise search.

What are my personal goals?
Everyone has different motivations for wanting to become an entrepreneur. First, start off by asking yourself what your goals are, said Dan Martin, president and CEO of franchise consulting firm IFX. Do you want to make money, spend more time at home or take an entrepreneurial step in your career?

“By figuring out your actual goals, you will be able to determine what franchise is a good fit to help you meet those goals,” Martin said.

What role do I want to play in the

How to Raising Capital from Private Investors

Erin Steinbruegge, the chief operating officer of OneSpace, an online platform that connects businesses and freelancers, just helped guide the company through a successful capital raise, which resulted in $9 million in funding for the company. OneSpace maintains a network of 500,000 freelancers and independent professionals worldwide, and helps to connect them with employers who need access to on-demand talent. Steinbruegge offered advice for other entrepreneurs looking to raise capital when she spoke with Business News Daily about OneSpace’s successful experience. Here’s what she had to say.

Business News Daily: Tell us a bit about OneSpace and what the company does.

Erin Steinbruegge: OneSpace is a virtual workspace platform that brings companies in need of flexible, scalable talent together with freelancers seeking assignments that match their skillsets. Founded in 2012, we have grown to include more than 500,000 freelancers and completed more than 120 million projects. The platform offers everything needed for companies and freelancers to succeed in the modern-day workplace, from talent on demand, performance management tools, security benefits, payment options to online dashboards. With more individuals wanting workplace flexibility and companies needing access to global talent on demand, OneSpace is the perfect bridge to

How to Find Best Investors Will Fund Your Company

If you’re looking for an angel investor to fund your business, you may want to consider exactly what the investor is looking for to improve your chances of success.

Angel investors are individuals who invest in early stage or startup companies in exchange for an equity ownership interest. In a Business Insider article, renowned investor Ben Horowitz explained that, unlike traditional venture capitalists, angel investors usually invest smaller amounts of money, make their investment decisions quickly, and rarely require a board seat as a condition of investment. This makes them an attractive funding option for startups that don’t need large investments and want to retain more control over their business.

Management team

Exceptional management is vital for any business. Three-quarters of survey respondents said the management team of a startup was their biggest consideration for investing.

“Startups are not only about the technology or business idea but also very much about the people behind them,” said Swati Chaturvedi, CEO and co-founder of Propel(x). “A compelling, experienced team that can sell the vision and the potential impact is key to success, and something savvy angels look at closely.”

Some exceptional qualities to have as

How to Find Best Legal Structure

Your choice of structure can greatly affect the way you run your business, impacting everything from liability and taxes, to control over the company. The key is to figure out which type of entity gives your business the most advantages when it comes to helping you to achieve your organizational and personal financial goals.

Types of business entities

1. Sole proprietorship

This is the simplest form of business entity, and it is used by more than 70 percent of businesses in the United States, according to the Small Business Administration. With sole proprietorship, one person is responsible for all of a company’s profits and debts.

Get legal advice.

“If there is one thing I would advise for all entrepreneurs before officially opening a new business, it’s to seek legal counsel. We often make the assumption that legal counsel is for when we get ourselves into trouble, but preventative and proactive legal preparation can be the very best way to set your business on the path to long-term success. When you call on legal counsel after you’ve run into a problem, it’s often too late or could critically impact your business in both the

Tips Before Starting a Business

Do Your Research

“One of the most important things to do before starting a business is to research the competitive landscape. Just because you have a brilliant idea does not mean other people haven’t also had the same idea. If you can’t offer something better and/or cheaper than your competitors, you might want to re-think starting a business in that area.” – Ian Wright, founder,

Get organized.

“The key to starting a new business is to be organized. So many people are driven and have great ideas, but they fail to follow through with them due to their organization. Small business owners wear many hats. Without a plan to stay organized, you’ll find yourself being pulled in so many directions that you won’t get anything accomplished.” – Eric Brantner, founder, Scribblrs.com

Ask yourself why.

“Every entrepreneur should be able to answer the question, ‘Why are you doing this?’ It seems like a simple question, but there will inevitably be times when things go wrong, hope is dwindling and you need to remind yourself of why you’re in it. As an entrepreneur, building and growth is a process that never fully ends.

Tips to Start Your Business Plan

Right now, aspiring entrepreneurs all across the country are planning their paths to business ownership. It’s a journey that requires a lot of hard work, and many people end up failing. But if your company survives, the rewards of entrepreneurship are well worth the obstacles you’ll face on the road to success.

If you think you’re ready to start your first business, here’s a step by step overview of what you need to do to make it happen.

Brainstorm ideas

Every new business starts with an idea. Maybe there’s something you’re really knowledgeable and passionate about, or perhaps you think you’ve found a way to fill a gap in the marketplace. Wherever your interests lie, it’s almost guaranteed that there’s a way to turn it into a business.

Once you’ve narrowed your list of ideas down to one or two, do a quick search for existing companies in your chosen industry. Learn what the current brand leaders are doing, and figure out how you can do it better. If you think your business can deliver something other companies don’t (or deliver the same thing, but faster and cheaper), you’ve got a solid idea and are ready