by Building a business from scratch may sound difficult. That’s why there are lists of steps to follow to make it happen. These are some of the steps that successful entrepreneurs like Felipe Antonio Bosch Gutierrez have followed to create their businesses and be successful.
We recommend you take them into account if you are looking to start a small business on your own.
Create your business plan
A business plan is a dynamic document that serves as a roadmap for establishing a new business. This document simplifies understanding and absorption by potential investors, financial institutions and company management. Even if you intend to be self-financing, a business plan can help you develop your idea and identify potential problems. A complete business plan should contain the following sections:
An exit strategy is important for any business seeking financing because it describes how you will sell the business or transfer ownership if you decide to exit or move on to other projects.
An exit strategy also allows you to get the most value out of your business when it comes time to sell. There are a few different options for exiting a business, and the best option for you depends on your goals and circumstances.
Choose your business structure
When structuring your business, it is essential to consider how each structure affects the amount of taxes you owe, day-to-day operations and whether your personal assets are at risk.
Before deciding on a business structure, discuss your situation with a small business accountant and possibly an attorney, as each type of business has different tax treatments that could affect your bottom line.
Get your finances in order
Before you finance your business, you should have an idea of your start-up costs. To determine these, make a list of all the physical supplies you need, estimate the cost of professional services you’ll need, determine the price of any licenses or permits needed to operate, and calculate the cost of office space or other real estate. Add payroll and benefit costs, if applicable.
Businesses can take years to turn a profit, so it’s better to overestimate start-up costs and have too much cash than too little. Many experts recommend having enough cash on hand to cover six months of operating expenses.
Get the right business tools
Business tools can help make your life easier and keep your business running smoothly. The right tools can help you save time, automate tasks and make better decisions.
Market your business
Many business owners spend so much money creating their products that they don’t have a marketing budget when they launch them. Alternatively, they have spent so much time developing the product that marketing is an afterthought.
Even if you are a physical business, a web presence is essential. Creating a website doesn’t take long either: you can have one up and running in as little as a weekend. You can create a standard informational website or an e-commerce site where you sell products online. If you sell products or services offline, include a page on your site where customers can find your locations and hours.
Provide quality digital content on your site that makes it easy for customers to find the right answers to their questions. Content marketing ideas include videos, customer testimonials, blog posts and demos. Consider content marketing as one of the most critical tasks on your daily to-do list. This is used in conjunction with social media posting.
You may also be interested in: Tips for opening your first small business
