How To Start A Business For Dummies

Starting your business can be tough, but there are many ways to do it. There’s no one right way to launch, but some tried-and-true strategies will help you feel more confident in the marketability of your product or service.

The easiest way to start a business is to create something people want and are willing to pay for. Creating a great product that people love can get you partway towards this goal!

But creating a great product isn’t enough; you have to figure out how to market it too. And marketing doesn’t happen overnight – it takes time and effort to develop your skills, but don’t worry about what kind of professional you should be yet.

Many individuals who begin their businesses later in life didn’t spend much time learning formal marketing techniques like SEM (pay per click advertising), social media influencers, and so forth. They built up their expertise over time by doing things such as holding garage sales, running housekeeping services, etc. and then using those experiences to promote their own products or services.

This article will go into detail about some easy ways to launch and grow your business. Some of these ideas won’t cost a lot, and all of them take only minutes to complete, which makes them perfect springboards for when you are ready to invest more money into your venture.

Write your business plan

dummies how to start a business

Before you start taking steps to launch your business, you’ll first need to write an actual business plan. This is a one or two page document that outlines all of the components of your company and how to run it. It includes the mission statement for your company, as well as the products and services you will offer, the location where you will do business, and who you will hire to help you with your business (employees).

The other major part of the business plan is the financial projection. You can use any type of finance tool such as Excel to create this projected income and expense chart.

Fund your business

dummies how to start a business

Starting a business can be expensive! Even with all of the services that offer free or inexpensive start up supplies and software, you will still need to invest in some other materials to run your business.

You will probably have to buy inventory, products, or both to get started (depending on what type of business you want to go into).

Good luck trying to find goods at a reduced price if you are running out of stock!

Cash is also very important for starting a business so make sure to save enough before buying anything else. Many times, entrepreneurs earn extra money by selling their old items online or picking through discount sites looking for merchandise to sell.

By investing in your business now, you will be able to focus on it while earning additional income later.

Pick your business location

dummies how to start a business

Finding a good place to do your business is an important first step in starting your business! Before you start looking for space, though, you need to choose where you want to base yourself and what kind of business you want to run.

You will also want to make sure that this location is close to public transportation so that you are able to get back and forth easily. This way, you can focus more on running your business without having to worry about getting somewhere too late or finding a taxi at night.

Choose a business structure

dummies how to start a business

Finding your business name, developing your business idea, and deciding on your business structure are some of the most important things you will do as an entrepreneur. This article’s aim is to go into more detail about the different types of businesses and what benefits each type offers.

The two main types of business structures are Sole Proprietorships (also known as “Individual” or “Owners-Only”) and Partnerships. There are also Limited Liability Companies (LLCs), which we will discuss in greater depth later in this article!

Sole proprietorship

A sole proprietor is an individual who owns their own business. They usually have full control over all aspects of the business, including hiring employees, setting salaries, choosing marketing strategies, etc.

This can be very effective when you are starting out due to the limited time that most people have to work during early stages in life. After college, many individuals find themselves with no job opportunities so they start their own business instead.

However, as your business grows, it becomes harder for the sole owner to fulfill every responsibility alone. Therefore, it is best to begin looking for help at around the one year mark.

At that point, you could either hire someone else to take over certain responsibilities or form a partnership with them. Both options give equal power to each party involved in the business, making it easier to agree on next steps.

Choose your business name

dummies how to start a business

Now that you have determined that you want to start a business, your next step will be choosing a business name! This is one of the most important steps in starting your business because this is what people will refer to your business as!

If you are looking to launch a new career or if you just can’t seem to find yourself in the job market at present, then launching a business may be the best option for you. You could offer professional services or products to other businesses or individuals (as a consultant) or you could create your own product or service – maybe even both!

Some tips when it comes to picking your business name:

Don’t use words that sound too generic. People get these kinds of names all the time so there is no need to copy them! If possible, try to avoid using the word “Business” or “Shop�”- those are pretty common!

Avoid trademarks or copyrighted terms - unless you have permission to use them! Many entrepreneurs make the mistake here by thinking that they cannot use their favorite keyword or symbol in their business name. But why would you be able to use something that someone else owns?

Make sure your business name describes what kind of business you are running. For example, if your business is going to sell cars, then do not choose the business name `Car Dealer`.

Register your business

The second step in starting your business is registering it with the state or province you want to operate under. This includes choosing a name for your business, giving yourself a title, and determining if you need licensing or not. There are many ways to do this, so make sure you research all of the different routes that can help you run your business!

Most states offer at least one free website where you can register your business and additional tools such as accounting software and smartphone apps to manage your company. Some even have mobile phone applications where you can search for businesses around you to find out who is licensed and what products and services they sell.

There are several ways to go about doing this, so choose the best option for you! Many people use Google to look up how to start a business and then head down some rabbit holes along the way before realizing there’s no easy way to start a business. Make sure you don’t fall into this trap, but instead pick one route and work from there.

Get federal and state tax IDs

dummies how to start a business

Starting your business requires some additional paperwork, which includes getting appropriate licenses and registrations as well as proof of identity. You will need to have these before you can begin working!

Most importantly, you will need to be able to prove yourslef as an individual owner of the business while also proving that you are within the income eligibility requirements for being an employee or self-employed. This is done through what we call “tax ID’s”.

A tax identification number (TIN) is a nine-digit unique identifier used to identify individuals and businesses for both taxation purposes and record keeping. These numbers are assigned by either Revenue Canada or the province/territory level agencies that handle taxes such as HST in Ontario.

Each person must have their own TIN, this can be a simple one you take from someone else with permission or if you choose to use your real name it is your responsibility to keep private. Others may know this as your personal social insurance number (PSIN).

Apply for licenses and permits

dummies how to start a business

Starting your business is not easy, nor does it come with automatic rewards unless you are very clear about what you want to do. You will have to go through several legal processes before you can actually begin doing your business!

Licenses and permits include things such as: seller’s licences, buyer’s licences, money transmitter licensing, professional certificates (for example, medical), insurance policies, and so on. Some of these can be obtained online via sites designed to help you start your business or connect you with experts in the field who can guide you along the way.

There are many ways to get started, so don’t feel like you need to rush into anything! Take your time and do some research first to make sure everything is okay before getting going.

About The Author

Juice Beta is ending July 1st! Subscribe before end of month to lock in Juice Plus for 50% off!
$49 $25
Sign up now
Juice Beta is ending soon! Subscribe now to lock in Juice Plus for $49 $25
Sign up now
cross