29 Easy Steps to Starting Your Business

Yeah, sure it's easy, and of course, that title is a little tongue in cheek. It takes a lot of hard work to get a business off the ground. But, it's worth every hour I've spent getting to where I am now. When I decided to start my consulting business, I tried hard to find a good startup guide. I couldn't find any that had all the steps. So, I decided to write one. So far, it's mostly just the bare-bones outline (which is long enough as it is) you see in this article. I'll be adding to it every week or two, so try to stop by and check it out from time to time. Let me know how I'm doing. Shoot off an email if I've forgotten something or you have questions. You'll find my email address at the end of the article.

I'm from Canada, so the government agencies I've mentioned in this guide are Canadian, but really, it can be used by anyone. All you have to do, if you're from somewhere other than Canada, is find out where you need to find some of the things I'll talk about. Some of the steps might be slightly different, and you may not have to worry about things like GST for example, but I'm sure you'll find this discussion helpful all the same.

These steps are in reasonably good order, but you might find yourself varying from it under your particular circumstances. That really isn't a big deal, as long as you get most of it done. There are some steps you'll be able to skip as well, but please don't skip any of the "big ones", which I'm sure you'll pretty much figure out from taking a look at the list. So, take a deep breath, and let's get started.

1. Determine whether you really want to be in business for yourself. Look at the pros and cons of business ownership and compare your list with a list of positive and negative aspects of being an employee.

2. Evaluate whether you're ready for entrepreneurship. Do you have the personal qualities of a successful business owner? Do you have the management skills necessary to run your business? Is your financial position strong enough for you to work for yourself?

3. Nobody is going to have all the personal qualities and management skills, and have a perfect financial position. How will you compensate for any weaknesses you might have?

4. Consider whether you should purchase an existing business, buy a franchise or start a new business. There are advantages and disadvantages for each.

5. Talk to a few experts and research, research, research. At the very least, talk to an accountant, a lawyer and a banker.

6. Conduct a feasibility study of your business. Describe your typical customer, your product and your competitors. Who will your suppliers be? What will you charge for your product? How will you market your product?

7. Start building your prototype product or developing your service.

8. Write a complete business plan for your company. This is a vitally important step. It needs to include a description of your company, its goals, competitors, market, financial information, and of course, how you intend to meet your goals.

9. Make sure you have a marketing plan as part of your business plan. Will you have an advertising budget? If it's very small, don't worry. There are many ways to market your company that are free or almost free.

10. Get your financing in place. There are many ways to finance your business, from your own savings to personal credit cards to bank loans. If you need credit, know your business plan from front to back and sideways even. If you're asked questions you're not sure of, know where to find the answer in your business plan.

11. Decide what kind of structure your company will have. From a legal standpoint, there are three basic choices, each with advantages and disadvantages.

12. Choose a name for your company. Naming your company is highly individual, but remember that it's often the first thing that is associated with your business, and that there are guidelines, so choose your name carefully.

13. Check on name availability. You'll need to do a NUANS (Newly Upgraded Automated Name Search) report, which checks your name choices for uniqueness against a database of other business names. Make sure you keep your name reservation number in a safe place. You'll need it to register. A reserved name is valid for 90 days.

14. Decide whether you want to register federally or provincially. Federal registration has some advantages over provincial and the cost is about the same; however, if you register federally, you'll also have to register provincially, which almost doubles the cost.

15. Register your company. You don't have to have a lawyer process them for you, but it's usually a good idea. You should at least consult with one. You can get the forms from your local government office, have them faxed to you or download them. You can fax or email printed copies, or complete the forms online.

16. Determine whether there are special permits or licenses in your municipality. It's highly unlikely that your municipality does not have special permits or licenses.

17. Contact Canada Revenue Agency Business Window for your business number, and to register for GST/HST, payroll, corporate income tax and import/export (if applicable). You can also contact the CRA if you need general information about business expenses.

18. Design your company identity package. Identity packages generally include your logo, business card and letterhead.

19. Develop your press kit, which can include a business card, letters of introduction, a biography page, press releases, articles about your company or articles your company has written, brochures, and information pamphlets.

20. Develop your website. In today's electronic age, printed marketing materials are often just not enough. You need a website. Make sure it looks professional, and most importantly, has great copy.

21. Start marketing your company. You could have been pre-selling your company way back when the idea only existed in your mind, but if you haven't started, you need to start now.

22. Set up your business bank account. Your banker will need to see your incorporation documents in order to set up these accounts. You should set up more than one account, particularly if you need to charge GST or PST.

23. Set up your record-keeping system. Bookkeeping is required, and you should also be aware that there are government remittances that must be made at specific times. You can do bookkeeping manually or use a computer program like Simply Accounting or Quick Books, or you could hire someone to do your bookkeeping for you.

24. Purchase insurance. This is another vital step that's often forgotten. There are many different types of insurance, but most probably your company will need one kind or more.

25. Contact potential creditors and set up credit terms. You should have researched suppliers when you were doing your feasibility study. Now is the time to contact them.

26. Lease space for your business (if applicable). Alternatively, you could choose to start your business from home if it's feasible. There are advantages and disadvantages though. You have tax write-offs for example, but sometimes your image suffers.

27. Purchase supplies and office equipment. You'll need too many things to list here, and of course, each business has different needs. You might need a fax machine and printer. You'll probably need a computer. You'll definitely need paper, pens, pencils and a calculator.

28. Put the finishing touches on your product or service so it's perfect when you open your doors.

29. Open your doors for business.

Congratulations! Go out, buy yourself a bottle of champagne and celebrate. You're about to embark on a most exciting journey. And may I be the first to wish you good luck and prosperous times in your business venture.

As promised, here's my email address so you can ask questions, make comments or add steps to my list. Or, if you want, you could just drop me a line to let me know how your small business is doing. I'd really like to know.

About the author:

Copyright 2006 Eve Jackson

Eve Jackson owns and operates Details Small Business Solutions, a small company dedicated to helping small business do big business with communication and image consulting. We design company identity packages, websites and press kits, including all the copy.

www.detailssbs.com

info@detailssbs.com

Written by: Eve Jackson