10 Steps To Starting A Small Business

1. You need an idea, product or service. Put it down on paper. You're more likely to succeed if you plan. Put down things like name of the business, what resources you need, short and long term business and financial goals.

2. Chart your way to financial success. What price do you intend to sell your product or service for? How much will it cost you to produce? Work out a roughly estimated profit remembering to factor in fixed costs like rent, energy etc

3. Check out your competitors. How much are they selling a similar product for. Can you add something to it to make yours different and hence a better price?

4. Put down your Unique Selling Proposition. Also how are you going to market your product? Via newspapers, a website, through word of mouth?

5. What type of business would you like to be? An incorporation, LLC etc. This is important for tax purposes.

6. Now you've got your business plan together, think of how you're going to finance your business initially. The bank, venture capitalists, angel investors, SBA grants(government), your own savings are all options.

7. Once you've secured your finances, get the ball rolling by making your product(s) or service available to customers using your marketing strategy above.

8. Keep a close eye on your running costs and keep them in-line with your projections.

9. Get you accounts in order right from the start. Saves you tedious work later.

10. Don't be afraid to experiment with prices. All the best.

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