Start Small Business

How to Start a Small Business

This quick guide will help you to start a Small Business. Keep in mind following things while you are going to start a new Business.

STEP: 1 – Find out your Passion & Develop a Business around it -

There are two ways of making money from a Business. First is find out those industries & products which are high paying and having a larger market and second is find out your Hobby or Passion and develop a Successful Business around it. The later one is easy because you won’t realize that how hard you have worked to succeed if you have developed a Business around your Passion.

Honestly speaking, For me the first thing never works. For me, only second thing works. I am not saying that you also do the exactly same like me. Because people are of different varieties. There are many people around the world who drive by the Business profit only. They can do Business for money only. They don’t require any Passion to be persistence in the business.

When I wanted to start my own Web Business, I made a list of literally 50 things that I really like to do. After that I have shortlisted all of my Hobbies, Interests & Passions. Finally I found that, I am passionate about discussing, educating and sharing my Knowledge and experience of Money, Finance, Business & Investment. I thought that I can write without fatigue or reward on Personal Finance, Investing & Entrepreneurship for whole of my life. So Finally I decided to start a Finance Blog. And the Blog “My Journey To Billionaire Club” is in front of you. I have developed a Business around my passion. And today I am earning money from this Business.

STEP: 2 – Business Plan -

Once you decide your Business idea, you MUST work hard on developing a Business Plan first. Because Business Plan is the vision of your Business & where you want to take your Business in the future. Many people have a false Belief that a Business Plan must be sophisticated & developed by some professional person.

But well, this is not true. A Business Plan can be on a piece of paper only having the Aims & Objectives of your Business. When I was planning to start my Blog Business, My very first Business Plan was on a single page only on which I had written Goals for this business & Strategies that how will I fulfill those goals.

I had also written a Marketing Plan for my Blog on the back of that paper. I had written points about How will I market this Blog. So a Business Plan is a Must before starting a small Business.

STEP: 3 – Start-up Capital -

You must have clear cut idea about how will you raise start up capital for your new Business. Weather you will start your business from your own savings or will you take a Bank loan or will you bring the Investors?

STEP: 4 – Legal Structure -

Which legal structure you will prefer before starting a small business is very important. Weather you want to go with sole proprietorship, Limited Liability or Corporation structure. I personally advise to chose a corporate attorney who will guide you in this manner.

If I talk about my self, than I have chosen Limited Liability Structure. Me & my Parents have promoted a Company, “PATEL EDUCATION PRIVATE LIMITED” & This Blog is the Asset of this Company. This entity is very costly for a small Blog Business only. But my future goals are very Big so keeping in mind my future goals, I have chosen to go for this structure.

STEP: 5 – Start Business -

Once you finished all of the above steps, its time to start a Business. Start buying assets (Websites, Blogs, Forums, Computers, Office Space or anything else which is needed) for your Business.