This year thousands of people will start their own small business and most will fail. Why? Most people will not take the time to organize and plan out how their business will run. If you want to be one of the successful small business owners this year, follow these steps.
The first thing you need to do is research your business idea. How many businesses in your area exist with the same concept? Is there a real need for your service or product? Try to focus on starting a business that fulfills need in your community or is a unique idea.
The next step to establishing a small business is planning. The best way this can be done is by writing a business plan. You will need a business plan to get loans. Your business plan will describe in detail how your company is set up and how it will be financed. In Milwaukee you have many resources to help you. Visit the Small Business Development Center in Milwaukee’s downtown area. They can provide you with a course to show you how to write a professional business plan and provide you with a mentor.
After your business plan is created you can begin the process of finding financing for your business. If your start up cost is low, you can use your own savings or borrow from family and friends. If you need more funds, apply for a small business loan. Since you have a professional business plan created you are off to a great start for the small business loan process. Visit www.sba.gov to get information on applying for the small business investment companies program. You can also apply for a loan from your personal financial institution. If you are a woman, minority or low income individual contact Wisconsin Women’s Business Initiative Corporation, they offer low interest loans to qualified applicants.
Focusing on the legal aspects is another important step of starting your business. You must register your business, get a tax id number from the IRS, register for Wisconsin taxes and obtain your business permits.
The final step to being an official small business owner is to obtain some insurance.
The type of insurance depends on the business you decide to establish.
Once you have established your business don’t forget to network. Just because your business is established doesn’t mean you should stop working with mentors and getting advice from other business owners. Join a social networking group like Entrepreneurs. They are a small Milwaukee social network of business owners and contractors who work together to get information on their business needs and expanding their business.