How do I start a small business?

When I mention that I help folk better understand the numbers behind their businesses, it tends to spark conversations about starting a small business.

I don’t like answering typical questions like:

  • What do I need to start my business?
  • Do I use my name or pick a different name for my business?
  • What accounting software do I need?

Why? Because those questions are “top of the head” questions. Somehow, somewhere, those questions became the only questions to consider about starting a business.

But, I know better.

I know when someone seriously wants a small business, they don’t want just a start. They want a smart start.

They want to place their energy, time and sometimes money behind something that fits the vision in their heads.

Whether you have an idea (or 3), or your business is going on a few months to a few years, it’s smart to evaluate where you’d like your business to be (or it is) and where you’d like it to grow.

Here are a few tips to give your small business a smart start:

  1. Ask yourself WHY you want to start a business. Write it down.
  2. Answer yourself honestly about WHY you want to start a business. Write it down.
  3. Think about how your life will change in a year because of your business. Write it down.
  4. Think about how your life will change in a month because of your business. Write it down.
  5. Think about how you feel when you think about starting your business. Write it down.
  6. List all the people you know who are small business owners. Write them down.
  7. E-mail or phone each of the small business owners and set up a video chat or a “snack break” to talk through your idea.
  8. Open a savings account to make your small business a reality.
  9. Pick a name for your small business.

I believe it’s handy to write or type the information above down, step-by-step, because you’ll remember why your business is important to you. Some say it’s all about your WHY.

If your small business is already up and running, still follow the tips above with a few tweaks. Instead of picking a name in tip #9, ask yourself if your business name still fits your vision. With your business in full swing, tips #6, #7 & #8 are even more crucial.

When you completed tips #1 through #9, then you’re ready for tip #10:

Get some more help with your business plan and vision. Give me a call or take a look at other resources.