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First Step in Starting a Business

By Edited Aug 22, 2016 1 3

Learn the first step in starting a business.

Do you dream of opening your own business?

Don't know where to start?

So where do you begin?

Starting a new business can be a scary proposition if you don't have any prior experience. In reality it's not as bad as you might think. Most people who start a new business often times don't have any prior experience. The key is perseverance.

Every new business will have its ups and downs but the potential return and satisfaction of owning your own business will be extremely rewarding if you have a plan.

So what is the first step in starting a new business?

The first step in starting a new business actually entails many small steps. The very first thing you will want to do is create a business plan. A business plan will allow you to get all of the details worked out prior to actually opening the business.

The basics of a simple business plan are:

Company Description:

What is your business going to do? What types of services or products will you sell? What are all of the important details about your industry on how will they affect your business? What are the core strengths of the business? What will it take for the business to succeed?

Products or Services:

Describe in detail what your products or services are. Go through all of the details of your competition and your competitive edge over the competition.

Marketing Plan:

Your marketing plan will be crucial to survival. This where you will go through and thoroughly research all aspects of the market. This includes how everything will affect your business including economics, competition, site location, a plan to overcome potential problems, how you will go about selling your product or services, marketing strategy, sales forecast, etc.

Financial Plan:

Just as the marketing plan is crucial to your business' survival so will be your financial plan. Before opening a new business it's crucial to know how you will fund it and where you will obtain financing for your new start-up business.

To recap, the first step in starting a business is a multistep process. Before you start out on your new endeavor it's essential that you are prepared and have thought through every possible detail before starting a new business. The key is not to get overwhelmed and allow the fear to stop you from succeeding. Having a plan will help you ensure that your chances for success are much higher than by just trying to wing it.



Aug 28, 2009 3:33pm
Great article!
Jul 23, 2010 2:27pm
Writing a business plan is great. It causes you to consider many aspects of the business you want to start that you may not have even thought about previously!
Aug 20, 2011 1:26pm
This article helps everyone who wants to start a business. I will bookmark it for future use. Thanks.
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