By Hunter Perrin - 4/19/2005
1 - The idea.
Your first step towards starting a business is finding the right business idea for you. A common misconception is that a successful business is one that solves a specific problem. A successful business is often one that simply provides some functionality and convinces the public they need it. Remember there are many ways to make money. You should also try to relate your business to something you like. If you like fixing things and you like bikes, think about fixing bikes. You can also look into some franchise opportunities to see if one is right for you. You don't have to have the perfect business idea to make a living, just provide something that people would want.
2 - Naming.
Now that you have your business idea, think of a good, memorable name for your company. You should think of something simple and short. Fishman's East Bay Motor Company isn't very easy to remember. Using its initials to make a much shorter name, like FEB Motors, is a much better idea. Another good way to come up with names is to combine parts of words. A name like Fastech or Inicom will be quite memorable to the average person. Do you remember Microsoft?
3 - Storefront.
Now you must decide if your company needs a virtual storefront, a physical building, or both. An online laundromat isn't the brightest idea, nor is a pillow case store. If your company requires that customers be local or bring something in with them, a physical location would probably best suit you. However, if your company sold a single product, or only a few types of products, an online storefront would most likely be best. If you offer a wide selection of products, which tend to be small enough to ship nationwide, you may want to consider both. Your physical storefront's location is very important. You need a place that is easy to get to and relatively visible. Internet storefront locations are just as important as physical ones. When deciding on a domain name, use something simple. Allthefishyoucouldeat.com is not a good domain. Also, you must choose the right server. You can either buy your own or buy space on someone else's. Try the links on the bottom of this page for some good deals. The right storefront isn't a hard thing to decide, just consider what your company sells.
4 - Legal stuff.
It's time to go to the government. There are quite a few things a new business will require, especially in the USA. Talk to your local government officials and make sure you aren't going to be doing anything illegal.
5 - Stocking up, starting out.
You're going to need some money for this step, so you might want to get a loan or find some investors. It's time to build an inventory. If you plan on selling products, now is the time to order them. Be sure you have a safe place to keep them. If you are offering a service or services, now you need to order your equipment and any supplies you will need. Set up your storefront(s) and prepare to open for business.
6 - Advertising.
Don't expect to have wonderful success for at least 18 months. You need to attract customers and build a large customer database first. Try participating in community events like street fairs. Advertise in local newspapers and mailers. Keep in mind, no matter how good it is, your product won't sell itself. Good advertisers remember that the point of advertisement is not to show the public your product; it is to convince the public they need your product. One of the worst things you can do is to stop an advertising campaign because you are bored with it. Remember that something familiar and dated to you is new and exiting to potential customers.
7 - Keeping organized.
Be sure to maintain your business in an orderly manner. Computer systems are great for automating repetitive tasks and keeping track of financial information. Be prompt with any payments you need to make. Don't be afraid to ask others for some secrets of success. Maintain a professional appearance and require a dress code for any employees.
8 - Learning to grow.
As your company grows and things get difficult, don't forget to update your systems and devise new methods. If things are still swamped, it may be time to hire some new employees.
Business can be an enjoyable experience if you remember to take it easy once in a while.
Links
Domain Name Registration Deals - URLSpot.com
Quality Server Space Deals - KwikHosting.com
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