The document outlines 10 steps for starting a small business: 1. Get an idea and inspiration for your business. 2. Research the market and competition to validate the business idea. 3. Create a business plan to outline goals, marketing strategy, and funding. 4. Plan your business finances and funding options which may include loans, grants or investors.

1. P A R T O N E
BUSINESS EDUCATION

2. HOW TO START SMALL BUSINESS
Deciding to start a business can be one of the most
exhilarating decisions you make in your life. But there are
a lot of moving parts and many different elements to
consider.
Here are 10 steps that provide an overview of the basic
steps required to start a business successfully. Take one
step at a time, and you'll be on your way to small business
ownership.

3. Step 1: Get Inspired
All businesses start from a common point - an idea.
You may have dreamed of starting your own
business for years, or inspiration may have hit you
unexpectedly. Regardless of the source, the first step
of starting your own business is coming up with
a business idea

4. continues…….
Step 2: Do Your Research
You've identified your big idea, now it's time to balance it with a
little reality. Are you really ready to start a business? Take
this starting a business quiz to gauge your readiness and see
what you need to prepare yourself for business ownership.
The next stage of research you conduct in your small
business start-up process will help you figure out if your business
idea has potential.

5. Continues………
In order for a small business to be successful, it
must solve a problem, fulfill a need or offer
something the market wants. There are a number
of ways you can identify this need, including
research, focus groups, and even trial and error. As
you explore the market, some of the questions you
should answer include:

6. Continues………
 Is there a need for your anticipated
products/services?
 Who needs it?
 Are there other companies offering similar
products/services now?
 What is the competition like?
 How will your business fit into the market?
Don't forget to ask yourself some questions, too,
about starting a business before you take the plunge.

7. Step 3: Make a Plan
You need a plan in order to make your business idea a reality. If
you intend to seek financial support from an investor or financial
institution, a formal written business plan is a must.
Even if you don't anticipate seeking financial support, a simple
business plan can give you clarity about what you hope to achieve
and how you plan to do it.
In general, your business plan should outline your business
goals and the motivation behind them, as well as your plan for
reaching your goals in terms of marketing and funding.

8. Step 4: Plan Your Finances
Starting a small business doesn't have to require a lot of money,
but it will involve some initial. There are a number of ways you
can fund your small business, including:
 Financing
 Small business loans
 Small business grants
 Angel investors
You can also attempt to get your business off the ground
by bootstrapping, using as little capital as necessary to start your
business.

9. Step 5: Choose a Business Structure
Your small business can be a sole proprietorship, a partnership,
a limited liability company(LLC) or a corporation. The business
structure you choose will impact many factors from your
business name, to your liability, to how you file your taxes.
You may choose an initial business structure, and then
reevaluate and change your structure as your business grows
and needs change.

10. Step 6: Pick and Register Your Business Name
Your business name plays a role in almost every aspect of
your business, so you want it to be a good one. Make sure
you think through all of the potential implications as you
explore your options and choose your business name.

11. Continues………
Once you have chosen a name for your business, you will
need to check if it's trademarked or currently in use. Then,
you will need to register it. A sole proprietor must register
their business name with either their state or county clerk.
Corporations, LLCs, or limited partnerships typically
register their business name when the formation
paperwork is filed.
Don't forget to register your domain name once you have
selected your business name.

12. Step 7: Get Licenses and Permits
Paperwork is a part of the process when you start your own
business. There are a variety of small business licenses and
permits that may apply to your situation, depending on the
type of business you are starting and where you are located.
You will need to research what licenses and permits apply to
your business during the start-up process.

13. Step 8: Set Up Your Business Location
Setting up your place of business is important for the operation
of your business, whether you will have a home office, a shared
or private office space, or a retail location.
You will need to think about your location, equipment, and
overall setup, and make sure your business location works for
the type of business you will be doing.

14. Step 9: Choose Your Accounting System
Small businesses run most effectively when there are systems
in place. One of the most important systems for a small
business is an accounting system.
Your accounting system is necessary in order to create and
manage your budget, set your rates, conduct business with
others, and file your taxes. You can set up your accounting
system yourself, or hire an accountant to take away some of
the guesswork.

15. Step 10: Promote Your Small Business
Once your business is up and running, you need to start
attracting clients and customers. You'll want to start with
the basics by writing a unique selling proposition (USP) and
creating a marketing plan.
Then, explore as many small business marketing ideas as
possible so you can decide how to promote your business
most effectively.
Once you have completed these business start-up activities,
you will have all of the most important small business bases
covered, and be ready for small business success.

16. “ALWAYS BELIVE YOU CAN”
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Prepared by Sam`s Amani L,