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Essential Steps to Starting a Successful Business

Thinking of starting your entrepreneurship journey and want to know the checklist you should keep handy in this journey of yours? Read our article to know what are the most important steps you need to consider when starting off with your own start-up.

The modern trend seems to be favourable for the businesses. People prefer to start a business of their own rather than doing a 9-5 job. The following points are necessary to keep in mind while making a decision to start a business for the very first time in life:

1. Determine the Viability of Business Idea

It is important to determine whether the business idea is good enough to initiate a business and for that purpose, it is important to do a thorough research on the relevant industry, the target market, and the current trends relevant to that business idea.

2. Forming A Business Plan

Everyone has a business idea and wants to own a business. It may sound a lot easier, however; starting a business is not as easy as it may sound. Technological advancement has brought numerous changes in the business world. It is important to keep a check on all the essential documents, which are necessary for the success of a business. Given below is a list, which can assist in making the business launch a little easier.

3. Business Plan

It is important to create a business plan for the startup. A business plan gives an idea about the overall financial health of a certain business. It is full of information based on the financial statements for next few years, marketing plan, operational plan, and all the essential pieces of information, which are necessary to launch a business.

A business plan template can assist in making the forecasted financial statements and the marketing plans. Without a template, the business plan might not look formal.

After forming the business plans and taking care of the essential documents, it is important to consider the following points as well:

4. Required Capital

The business plan is likely to give an idea about the amount of capital necessary to initiate the business. It is necessary to have a certain startup cost ready for the business.

5. Choosing Business Name and Domain

After going through the various steps and finally deciding to launch a business it is important to decide the name of the business and for the website, it is very important to choose the best available domain.

6. Getting Family Support

The family is like a backbone to a person. It is the strength and having family behind the back is important to the success of the startup.

7. Legal Structure of The Business

It is important to decide whether the startup is going to be a sole proprietorship, a partnership or a Limited Liability Corporation.

8. Employee Identification Number

Applying for the EIN can assist in separating the person from the business. It can also assist in giving out the Social Security Number.

9. Applying for The Business License

It is important to apply for the Business License. Obtaining a business license depends on the industry under which a person is operating.

10. Having an Online Presence

Technological advancement has brought numerous changes in the life of a modern person. In the times of today, it is important to have an online presence. Being a part of the virtual world requires to put up a website. It is important for the credibility of any company to have a website having maximum information about the company.

11. Revenue Stream

It is important to focus on earning. After all revenue and profitability are the ultimate goals of any business. A lawyer can help in putting up a contract form for the business and the clients.

12. Renting an Office

Business, which is based on a brick and mortar require an office space and this can take a huge chunk of the amount in the form of the rental payments. However, if the office is not necessary as the business is mostly online, it is wise to avoid renting the space as much as one can.

13. Business Cards

Business cards are important for networking and these are easily available. It is quite cheaper to print the business cards and a person can re-print them whenever necessary.

14. Business Bank Account

A business bank account can save a person from a lot of expenses and hassle. It is important to keep the personal bank account separate from the business bank account.

15. Upgrading the Laptop and Smartphone

As a businessperson, it is important to have a nice working smartphone and laptop as it gives out a good impression to the clients.

16. Hiring Employees

As the business growing up and expands it is important to hire employees for assistance. There is now a possibility of hiring the freelancers and independent contractors for getting the work done.

17 Important Business Documents

Business documents are vital to the success of a business. Given below are some of the most common business documents

Business documents
The idea of opening a business seems interesting but one might feel vulnerable while completing the list of the business documents. There are various documents, which are essential to start a business, and some are essential while the business is running. It is important to keep the checklist ready in order to avoid any last-minute issues.

In the past the businesses were mostly brick and mortar based, however, belonging to the era of modernization and information technology many people have taken the path to the virtual world. An online business is the new big thing in the market; and when a person is doing business online, there are many things, which are necessary to keep in mind. For example, it is important to define the online terms of use and the online privacy policy.

There is quotation and invoice template for all sorts of businesses whether it is an online business or a business in the physical world. It is always better to follow a certain pattern or a template in order to avoid any hassle, which can affect the startup.

Business reports
The business reports contain information about the business and are longer in comparison with the letters. The business reports can contain information on the finances, the sales figure, or anything depicting the statistics, graphs, charts, and any other important information for the business.

A business report template can assist in making the business reports. Without following the template, the entire task can be quite tedious for the startup.

Financial Documents
The financial documents as the name depict comprise the financial information, which can be about the budgeting, financial statements, or the bank statements. With the help of the financial documents, a company can file the tax returns and can have a record of financial health. It is important to keep all the documents in check in order to make the business run smoothly.

A financial report document template for the balance sheet, income statement, financial report or any other type of financial information can play a vital role in making the financial calculation a little easier to follow. Having a certain pattern or template can assist the company to maintain a professional record.

Businesses enter into a contract with their clients or suppliers through the quotations. The result is the agreement through a contract. There are different kinds of quotations depending on the business.
A quotation format can assist in making a systematic contract, which can be beneficial for the business. It is important to define all the terms and conditions. The relationship with the customer should be clear in order to achieve success in the business and it is important to win the customer loyalty.

Invoices are essential to keep a record and they show professionalism as well. Many people are doing freelance business these days and it is important for them to invoice their customers. However, following a certain invoice template can make the business look professional. It is important for the startup company to keep the invoices and follow a certain template for their company.

Letterheads are important once a business is running. Letterheads play a vital role in branding and making the business a success. The customers notice the letterheads and they depict the logo or the color scheme of the business. It is important to be creative with the letterhead as it can cause a lasting impression on the potential customer. Letterheads can keep the target market aware of the business by reminding them about the business through a unique logo.


Author: DR.N.V. Srinivasa Rao28 May 2018 Member Level: Platinum   Points : 4

The very first step in starting a business is understanding the demand and the availability of the product. If the product you want to sell is very much available in the market and the takers are less, then the market will be customer's market. It would be very difficult to sell the product unless otherwise, your product is good in quality and the price is less when compared to other equally doing products. Instead, if you choose a product which is less abundant in the market and takers are more, you can introduce your product easily and can get a good share of the market. So to start a business the first and the foremost point to be selected is the product or service and its demand and competition in the market.
Initially, till you establish yourselves in the market, a lot of work is required to be done for a good response from the market. These are required to carefully understand the needs and seeing that our product will address all the expectations of the customer. Making a correct entry into the market is always better than the wrong entry. One should be careful about this.

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