Finances & Money

5 Ways to Begin Your Small Business

Starting a business can be both exciting and intimidating. Fortunately, the process itself is probably easier than you think if you are prepared. Here are 5 steps to a small business to get you started:

  1. Have Business Model: Creating a business model can be one of the most exciting things or the most tedious things about starting a small business. On one hand, you’ll need to account for dates, paperwork, timing and budget. However, your business plan is also a promise to your new company and your personal road map for the starting process.
  2. File Your Paperwork: Few things can sink a new business faster than tax problems. If you don’t know how to get a federal Tax ID, the process is actually simple to fix- just go online and fill out a SS-4 form to obtain an Employer Identification Number, or EIN. You’ll need your business paperwork, and will need to be far enough along in planning to specify your type of company. For instance, if you want to form an LLC company, you’ll have to specify your choice when filing for the EIN number.
  3. Know Costs: All businesses revolve around costs and profit. Even the smallest business may still have minor, or even major costs that are not immediately obvious. This is where it helps to have a good plan and budget for your small business. Make sure that your costs are reasonable, and if your budget is small, consider restructuring your plan to reduce unnecessary expenditure.
  4. Get the Word Out: Once you have a set a “start date” you can get the word out about your business. Online advertising can be a great way to save time and costs, but depending on your business and community, you may want to try other methods as well.
  5. Bring a Positive Attitude: Between the paperwork and the chances of changing plans, opening a small business is going to get a bit stressful. Having a positive attitude and a constructive way to approach stress will make the entire experience more enjoyable.

While opening a small business is a lot of work, you can get the job done with a bit of good planning and the right attitude.

 

Save More Money in 2018

Coins 1523383 1920

Subscribe and join the worldwide 52-week money challenge! Get the tools you need right to your inbox.

We won't send you spam. Unsubscribe at any time. Powered by ConvertKit

About the author

Susan Paige

Leave a Comment