You may have a wonderful idea and plenty of drive, but starting a new business is daunting. How can you take your new would-be company from a big goal to a real, tangible organization? It starts by checking off all the boxes and meeting all requirements.

Starting Your Own Small Business

The first step of starting any company is to do your research. Find out as much as you can about running a business in your city or town. Do you need an office space or a special license? Do you need to register? Your local chamber of commerce will have resources designed specifically for entrepreneurs.

Take a look at the competition and determine how much you need to get started. Where can you raise the capital? How much will you need to make to generate profit? Who are your customers? How can you reach them? What can you offer them that’s different?

Before you take any concrete steps toward opening your business, you’ll want to test your ideas by considering what you need to know and what running your company would really be like. Make a long list of everything you need to do before you open your doors to make sure you don’t lose track of anything.

Begin by Choosing an Industry

Carefully consider the industry you want to be in and the type of business you want to have. Do you want to be a one-person company offering web design services or a multi-person bakery? Do you want to be primarily online? Keep in mind that some industries will allow you to make money faster than others, which may be critical if you’re funding your venture yourself.

Once you have a general idea of what your business will be, it’s time to roll up your sleeves and get to work. Create a business plan, outlining your intention to thrive. Include specific numbers and research. Your plan should be a road map to show you and any investors how you will achieve your goals.

After your business plan is complete, start with the paperwork. Register your business name and get any insurance or certification you need. You may wish to speak to a business lawyer at this stage to make sure you meet all legal requirements and set your company up with the business structure you need, whether that’s an LLC, corporation or other structure.

Wondering How to Start a Business From the Ground Up?

The reality is that you can’t do it alone. There are so many moving parts, and missing out on filing for the right license or meeting all requirements when you’re hiring can really hurt you down the road. What you need is someone who understands how to set up a company — someone who has done it many times before. That’s why you want to work with Coachfirm.

Coachfirm offers business coaching services to walk you through every step of starting your business. Even if your company is just a vague idea, we can help set you up for success. To find out how we can be a smart return on investment, contact Coachfirm today.