Basics of Starting a Business

As the first official blog post for Her Business Blog, I figured we would cover the basics of starting a business. Starting the business blog with starting a business is the logical way to go, right?
Here are the steps you need to take to start your business.

• Develop the business concept. Determine if your business idea is worth pursuing. Check out competitors, and see if you have a fighting chance in the niche or industry. Determine if you have what it takes to compete with whatever your competitors are offering, and go for it!

• Write a Business Plan. Before jumping into anything, you need a plan. I plan the posts for this blog at least a month in advance so that I have time to research and write everything. So, of course, if you plan on such a small scale, you definitely need a plan for a big scale thing like this. Your business plan will be lengthy, and should be well thought out, so that you can cover as much as possible beforehand. More details to come about business plans within the coming weeks!

• Name your Business. Of course your business needs a name. Take some time to consider it, and take a look at tomorrow’s blog for more things to consider when naming your business. Also, consider your business structure here if you have not already considered it in your business plan.

• File the appropriate paperwork. Depending on the nature of your business, and where you live, you may need to secure special permits. Most businesses just require tax licensing, and the filing of a DBA (Doing Business As) or Fictitious Name, which gives you the right to operate under a name other than your own. You can file this paperwork with your County Register of Deeds, and it does not cost too much. Anything other than a Sole Proprietorship requires a bit more, and legal assistance may be a good idea. We’ll discuss this within the coming weeks too, so don’t worry!

• Secure funding. Get loans, find investors, or use your own savings to get the money you need to launch your business. We’ll talk more about determining the amounts of money you may need and how to get it before the end of the month!

• Secure equipment and things you need to run your business. Make sure you have all the computers, and other equipment you need to run your business. Consider all these needs when you write your business plan, and determine how much funding you need.

• Hire employees or independent contractors. Depending on your business structure, your capital, and your legal backing, you will have to choose between hiring employees, and hiring independent contractors. Most often, small businesses do better with independent contractors, but there are some drawbacks to the contractors.

• Market and Advertise. Develop your brand, either on your own or with the assistance of a firm. Then, market and advertise your business, either independently or with the assistance of a firm. Remember, it is what you make it, instead of just relying on the name of your business to to do it for you. Make sure you have business cards and all the necessary materials to do the marketing and advertising.

All of these things are much more detailed than I can talk about here. Therefore, each one of these things will become their own blogs, or series of blogs. This is to give you a general idea of what’s to come in your business planning ventures, as well as what is to come with the blog.