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Starting a Small Business – What Does it Entail?

No doubts, it’s quite a major decision to start a business. The good news is, it is doable and you can succeed in your small business if you adopt the right approaches to starting a small business. It starts with brainstorming on a business concept, crafting a business plan, getting funding, and adopting suitable marketing approach. You should consider integrating outsourcing solution in the course of running your small business.

So, what does starting a small business entail?

Step #1: Spell out Your Goals

You need to define your goals early. Such goals include whether you want to maintain a small business that will continue yielding steady income, or if you eventually want to sell the business and move to something higher. So, you need to have a goal in mind as you think of starting a small business.

Step #2: Come up with an Idea or Choose from Existing Ideas

Also, if you’re planning to start a small business, the next phase would be to decide on a suitable business idea. From a fresh product that people would likely need to an existing product or service that is insufficiently supplied, there are tons of ideas you can consider as you plan to build a small business. It’s good to leverage help from creative and bright people when brainstorming on a suitable business idea. You can also ask someone who is doing well in business; it mustn’t be necessarily the type of business that the individual is running.

Also, during the brainstorming session to help you arrive at a suitable business idea, you should check inward and consider your existing knowledge, skill, talents, or a trade you’ve learnt. The skill or talent may not necessarily culminate into a business but can be applied in running your business eventually.

Step #3: Come up with a Business or Working Name

In fact, you should consider doing this even before brainstorming on a business idea. You may find out that the intended business name may even inspire a suitable business idea. Don’t forget you can always change the name to something else if you wish to do so. Of course, you should remember to check the availability of the business or working name you’ve chosen.

A great tip when it comes to choice of business name is to keep it simple and memorable. Also, it should point to the product and/or service that you offer.

Step #4: Think of Partnership

Do you want to run solo or bring in one or two persons to partner with you in your small business? Quality partnership can help grow your business faster as you can see in partnerships such as Bill Gates and Paul Allen, John Lennon and Paul McCartney. However, you should choose your partner wisely.

Finally, outsourcing will help you save cost and maximize profit no matter what business you eventually choose.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs build & grow their business with revolutionary new theories and systems allowing them to design the business and
personal lifestyle of their dreams.

One Response to “Starting a Small Business – What Does it Entail?”

  1. Thanks, my group has been looking for this kind of stuff.

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