How to Open a Small Business
Once you’ve decided you want to start a small business, formulated your business plan, lined up financing, and secured a site, the time will finally come to actually open up shop. While planning a business may present challenges, the actual act of opening a business and bringing the business concept to fruition has its own set of difficulties. To have a better chance of long-term success, you need to get your business off to a good start. Here are a few tips on how to legally establish your business, hire your first employees, spreading the word, and organizing a grand opening.
Legally Establishing Your Business
Ensure you have a business plan. A business plan is critical to the success of a business and can be seen as a plan that describes your business, products/services, market, and describes how your business will go about expanding for the next three to five years. It is essentially a "road map" for your business to follow going forward.
- How to Write a Business Plan offers much useful information on the process, such as: determining your potential market and its viability; identifying your business' initial needs and start-up costs; identifying potential investors; establishing your business strategy and marketing plan; and creating a clear, concise document that ends with your "executive summary," in which you essentially "sell" your business to investors and interested parties.
- See the following wikiHow articles for more information on How to Start a Small Business; starting up a small retail business such as a bakery; and the specifics of starting a business in California, for example, among others.
- To make sure you’re ready to open up, consult the U.S. Small Business Administration’s (SBA) 10-part checklist for starting a business. Each part of the checklist is summarized in the following three steps below.
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