10 Steps to Starting Your Business

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Dr. Elaine Williams-Morgan

Media & Management Consultant, Entrepreneur, Business Educator

1.       Write Down Your Business Idea

Your business idea can be written in a sentence, a paragraph or a page. Own it!  Begin by writing it down!

2.       Write Your Business Plan

Once you have written down your business idea, it is time to write your business plan.  The business plan details your value proposition to customers.  It is your blueprint for what your business will do and how it will be done.  If you do not know how to write a business plan, get help from a professional.

3.       Determine How You Will Finance Your Business

Will your business be financed from personal funds and savings, loans, venture capital, grants, or a combination of these.  When you determine your financing method, take step to secure the funding.

4.       Decide on Your Business Structure

Will it be a sole proprietorship, a partnership, or a limited liability company.  Take time to understand the different forms of businesses and select the one that is most suitable for the kind of business you intend to run.

5.       Decide on The Location of Your Business

If your business will be online, you need to create a website where your value proposition can be offered, otherwise you should identify a location suitable for the kind of business you will do. 

6.       Register Your Business

Register your business with the Registrar of Companies in your locale.

7.       Register Your Business With the Tax Department

Registering with the Inland Revenue department will provide you with the Tax registration number and permits required to establish your business as a legal entity.

8.       Set Up Office

Set up your office and create your website if your business is on location.  Develop your website if your business is online.

9.       Identify Help

Determine your staff requirement, identify and employ suitable staff for your business.  Alternatively, you can begin with help from family and friends and add staff as your business grows.

10.    Begin Your Value Creating Activities

When steps 1 – 9 are completed, it is time to take action to create the product and services for your target market.

Dr. Elaine Williams-Morgan is a Media & Management Consultant, Entrepreneur, and Business Educator. She blogs about Strategy & Innovation, Media Matters, and Entrepreneurship. Follow her posts at Focus on innovation with Dr. Elaine Williams-Morgan and at YourBusiness International Follow Elaine on Twitter @drElainea and on Facebook