Steps on How To Start A Company From Scratch
For someone who is a newbie in the business world, starting a company can be overwhelming and a larger-than-life dream. You are not at fault if you feel that way because anybody who is a first-timer or unfamiliar with the whole process does.
Fortunately, there are tons of resources that you can access to be appropriately guided on starting your dream company. It will discuss essentials such as picking business ideas, writing a business plan, growing your business and many more.
Steps on Starting a Company
1. Pick a good business idea.
They say that all things start from a small idea. First, you need to choose a good business idea. It seems easy, but you need to be careful in selecting the best business idea that would suit you.
A good business idea involves developing a product or a service that will serve as a solution to a consumer’s problem. Some of the excellent business ideas you can consider are consultancy, cleaning services, events planning, financial planning, photography, graphic design, and many more.
2. Research your business idea.
Once you have your business idea pinned down, it’s time for the more arduous process of researching about it. Doing research will allow you to identify the needs of your potential customers, analyze your competition, and get a good understanding of the market.
3. Write your business plan.
After you are done with your market research, developing a business plan is the next step. Your business plan should contain your current as well as your future business goals. This document will guide you in determining the direction of where your business should head.
4. Register your business.
After accomplishing your business plan, it is now time to make your company official by registering it. For this part, you should officially register your company in your state. If you’re starting your company in Missouri and your chosen business structure is Limited Liability Company (LLC), the initial Missouri LLC cost is $50 when you file your Articles of Organization online, and $105 if by mail, you will also need to get the appropriate licenses and permits, and file for your Tax ID number or EIN.
5. Assess your finances.
After officially registering your business, assessing your finances is the next logical step. Starting a company or a business entails expenses that you should be ready for. Although some businesses do not require big capital, you should still have a plan regarding your finances.
It would be helpful if you also learned various ways of how you can fund your business. A few of these ways include getting a business loan, applying for local grants, or looking for angel investors to help finance your company.
6. Know how to protect your business.
Since you will be investing time, work, and money, it is wise to apply for business insurance to protect your company. The typical coverage that you should consider looking into includes general liability insurance, business income insurance, professional liability coverage, commercial property insurance, and data breach coverage.
7. Grow your business.
Finally, once you have everything in place, it is time to promote and market your company. In today’s world, you do not need tons of money to promote your business. Many startup business owners leverage on social media as a tool to effectively market their company.
The steps above are the basics in starting a company. With the right information in hand and help from professionals, starting your own company should not be that hard. After you finally establish your company, you must also keep the business growing and learn new knowledge everyday that is essential to the success of your company.