Source | www-entrepreneur-com.cdn.ampproject.org | Joseph Ferriolo
We do amazing, meaningful things every day, but in small increments. We build a life, a family, a career, a worldview, a legacy — all in bite-sized pieces that are manageable in the moment, yet impactful in the long term.
This feeling that the challenge of starting a business is too big is a primary obstacle many entrepreneurs see blocking their road to financial independence. And yet, the basic process of building a business can be as step-by-step as starting your coffee pot in the morning or driving to work.
Turn things on, get in gear, find a starting point and go.
That’s not to say that it’s easy or that there’s no work involved. But when creating a small business, a series of steps becomes manageable instead of a neverending staircase you have to run up.
In the spirit of taking things one productive piece at a time, here are the eight steps we recommend for starting your own small business.
1. Get a strategic business plan
A business plan is the living structure of your company. It creates a pathway for success and lays out strategies for revenue, marketing, hiring, profit margins, competition and competitive advantages. You’ll also use your plan to share your vision with potential investors, bank-loan officers and even new company managers and branding experts.
2. Incorporate your company
The business formation process can be contracted out to professionals or handled piece-by-piece as you go along. If you work with a company that offers this kind of service, it can also handle many of the tasks in the following steps for you. Unless you plan to work as a sole proprietorship, which has different rules and can often be managed the same way as freelance work, you’ll want to create an LLC or limited liability corporation. You can learn more about which business structure to choose on the Small Business Administration’s website.