Having a business is certainly a dream for many people. Unfortunately, starting a new business can be very difficult for a beginner. They need mental strength and courage to start, even if it’s just a small business. Often the shadow of the risk of failure or loss arises and makes them hesitant to start.
To overcome the above, here are 7 exact steps needed to start a business successfully. Take your time and mind to create a business that is in accordance with your wishes and bring success.
Step 1: Do Research
If you already have a business idea, it’s time to balance with a little reality. Does the idea have the potential for success? For a business to succeed, you must be able to solve problems, meet needs, or offer something the market wants. There are several ways to identify needs such as conducting research to conducting trial and error. Through research done, you can determine many things that are best for your business.
Step 2: Make a Plan
You need a plan to make a business idea come true. A business plan is a design that will direct your business from the initial stages of establishment to business growth, and this is a must for all new businesses. There are various types of business plans for various businesses. This type of business plan is usually made in detail, making it easier for the Bank or investor to validate your business plan when you want to apply for capital to a bank or investor.
Step 3: Plan for Finance
Starting a small business does not have to require a lot of money, but will involve several investments and the initial ability to cover costs before making a profit. You need to plan finances by developing a spreadsheet that estimates the initial costs of the business such as licenses, permits, equipment, legal fees, insurance, branding, market research, inventory, trademarks, bookkeeping, and so on. In addition, you also need to prepare a financial plan for production costs, rent, utilities, inventories, employee salaries, etc. that are needed to run a business for at least 12 months.
Step 4: Choose a Business Structure
Your business can be an individual company, partnership, limited liability company, or corporation. The business entity that you choose will affect many factors. You can choose the initial business structure and then re-evaluate and change the structure along with growth and business needs.
Step 5: Select and Register a Business Name
Business names play a role in almost all aspects of a business. Make sure you think of all the potential implications when exploring options and choosing a business name. After choosing a name for your business, you need to check whether the name is already a trademark of another business. Next, you need to register a business name that can be done in various ways according to the chosen business structure.
Step 6: Get a License and Permit
Documents are part of the initial process when you want to start your own business. There are various business licenses and permits that may apply to certain situations, depending on the type of business you start and where the business is located. You need to examine what licenses and permits apply to your business during the initial process.
Step 7: Choose an Accounting System
A business can run effectively in accordance with the system used. One of the most important systems for business is the accounting system. An accounting system is needed to create and manage budgets, set prices, do business with other parties, and file taxes. You can set up your own accounting system or hire an accountant to run the system. If you choose to set up your own accounting system in starting a business, you can use Journal accounting software.
Journal is an online accounting software that can help your business and work easier and faster by preparing financial reports instantly. Not only that, there are many other interesting features offered by the Journal such as seeing detailed cash in and out, monitoring sales and purchases along with a list of invoices, to checking the inventory by looking at the entire list of items. So what are you waiting for? Register your company immediately to Journal and enjoy easier business management.