What an exciting feeling you must be having at this time. You have
finally made the choice to "chuck it all" and go into business for
yourself. You dream of the freedom from your unreasonable boss and the
wonderful feeling of writing your own paycheck. It's a lifelong journey
that has to start at the first step - the very beginning.
It is my
goal to take everything all those books say and boil it down to a real
action plan that is a simple as it can be. Basically making it like a
recipe. You really don't need all that filler; you just need to know how
to get started. A bunch of fluff isn't going to help; in fact it slows
you down. Instead of reading, you should be doing!
This section
will be those most difficult first steps of just getting started.
Effectively launching your business and then growing it for success are
their own unique steps in the future. For now, I'll have to assume you
have an idea already and have researched it enough to know that it is a
good idea and has a bunch of customers clamoring for your product or
service. Please be sure you have a good quality product and/or superior
service. You are not trying to make a quick buck; you want to have a
business that lasts.
I also have to assume that you already have
some sort of support network in place, trusted friends, professional
advisors like accountants and/or lawyers, and a maybe a mentor with
excellent opinions. If you don't have them, you can pick them up along
the way. But you'll need them all at some point.
You probably want
to know what qualifies me for writing about this. Academically, I have
an MBA in Entrepreneurship and Marketing. Professionally, I have been a
consultant for many entrepreneurs, I worked at a home business franchise
company for several years, and I have a few successful entrepreneurial
ventures of my own. I even helped my own family launch a very successful
online business selling premium pashmina and cashmere products. I'm not
a super rich entrepreneur, but I'm successful and happy. My key
expertise is online ecommerce, but the following ideas are relevant to
starting any type of business.
How to Establish Your Business
This
first part is really what most people don't know how to do. It's the
fundamental process of actually setting up the business. All the good
ideas in the world have to start at the beginning. It's not the fun
part, but it has to be done.
It may seem elementary to you, but why haven't you done it yet?
So, let's start from the start.
1) Giving Your Business a Name
Your
business' name is important. It is your customers' first impression
and your public identity. You probably want to choose a name that is
professional, but also may hold some meaning to you and your potential
customers. My personal and professional opinion is to not get too
elaborate with your name. Make it simple and direct so you don't have to
waste a lot of time branding or explaining to your customer just what
it is you do or sell.
For example, for my family's business
selling pashmina products, we decided to go with The Pashmina Store.
There is no question what the business is. Simple and direct...and the
URL was available (which is very important).
Most people have a
desire to name their business after themselves, using something like
their family name, their first name, or their initials. This is a
perfectly acceptable; as long as you get the idea across about what it
is you are selling. For example, if you are selling raincoats and your
name is Smith, you may call your business Smith's Raincoats or even
Raincoats by Smith.
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