How to Start a Business (from Scratch)
At a point in your life, you started nursing some ideas of How to Start a Business and Make Money.
This is what I called starting a business ideas.
And if you were able to start up and establish your business with those ideas, then you’re doing well.
But if maybe you couldn’t start the business, probably you don’t know how to get started and the things involved, then you have no problem now.
Since you’re on this page today, this is the right time for you to start a business.
See, starting a business involves a lot of planning, decisions and steps to follow so you can get it right and set up your business.
Now, I will share the steps involved in How to Start a Business from Scratch.
Follow me; let’s quickly see them.
10 Steps on How to Start a Business from Scratch
Here are the step-by-step processes on how to start a business from home, even without money.
- Perform a Market Research
Before starting up a business; you need first to carry out proper market research to know what the business is all about.
This will help you know the opportunities you will get by turning your ideas into a successful business.
Conducting market research will help you gather information about the businesses already operating in your area and then who your potential customers are.
Hence, after the research, use the information gathered to take advantage of your competitors.
2. Create a Business Plan
Writing a business plan is another step to take once after your market research; this is usually seen as your business’s foundation.
Creating a business plan will give you a roadmap of how to structure and grow your business and use it to draw investors to your business.
To create a perfect business plan, here is a guide on How to Start a Business Plan.
3. Get a Business Capital
Capital is among the list of things needed to start a business from scratch and fund your business.
With your business plan being drafted out, you will figure out how much money is needed to start your business.
You can get a Capital for your business by saving up the money or even borrowing the capital.
4. Set Your Business Location
Now, it is time to set a location for your business, which is one of the essential decisions to make when starting a business.
Pick a business location that doesn’t affect the nature of your business, including tax and revenue.
5. Pick a Business Structure
Once after setting out a location for your business, the next step is to pick a Business Structure.
Choosing a legal structure for your business will have an impact on your business registration requirements.
Also, the structure will determine how much you will pay in your taxes and personal liability.
So, choose a business structure according to the level and type of business you’re setting up.
6. Pick a Business Name
When starting a business, it is not easy to choose a perfect business name. Most times, the name you want to choose might have been selected already.
And now, you want a business name that reflects along with your brand and business nature.
So before starting, make sure to think and choose a unique name peculiar to your business and has not been used by someone else.
7. Register Your Business
Now, once you have gotten the perfect name to use for your business, the next thing is to register the business name immediately.
Make it legal by registering your business name and protect your brand.
If the name is different from yours, you may be required to register under federal and state governments.
You can register your business name by signing up on CAC.
8. Get Federal and State tax IDs
One of the steps to note on starting a business is getting a tax ID either for government and state tax IDs.
This can be done using your Employer Identification Number (EIN), more like a Social Security number for your business.
However, not all states require you to get a tax ID.
9. Apply for Licenses and Permits
When starting a business, make sure to apply and get licenses and permits to keep your business running smoothly.
Having these will make you stay legally compliant and prove more authenticity about your business.
Your licenses and permits will vary by factors like the type of business, industry, state, location etc.
10. Get a Business Bank Account
The last step required in starting up your business is opening a Business Bank Account for your business.
This is different from your regular personal bank account. Getting a business checking account will help you to tackle legal and tax issues.
You can easily set up one if you have the right registrations and complete documents ready.
Finally, once all the above steps are met and made readily available, it is time to open shop and cut the ribbon.
Voila! Your Business is officially Open.
Now, it is time to focus solely on growing and managing your business.
So, that is all you need to know on How to Start a Business from Scratch and Make Money.
Start your own business today, and you will be glad you did.