People are always asking for a list of fundamentals, a checklist they can use to start their own businesses. From your business type to your business model to your physical location, there are so many variables it's not easy to come up with a list that will work for everybody. The key, regardless of what type of business you're starting, is to be flexible!

1. Seven Steps to
Starting Your Own
Business

2. People are always asking for a list of fundamentals, a
checklist they can use to start their own businesses.
From your business type to your business model to your
physical location, there are so many variables it's not
easy to come up with a list that will work for everybody.
The key, regardless of what type of business you're
starting, is to be flexible!

3. Step 1:
Personal Evaluation
Begin by taking stock of yourself and your situation. Why
do you want to start a business? Is it money, freedom,
creativity, or some other reason? What skills do you
have? What industries do you know about? Would you
want to provide a service or a product? What do you like
to do? How much capital do you have to risk? Will it be a
full­time
or a part­time
venture? Your answers to these
types of questions will help you narrow your focus.

4. Step 2: Analyze the industry
Once you decide on a
business that fits your
goals and lifestyle, you
need to evaluate your
idea. Who will buy your
product or service?
Who would be your
competitors? You also
need to figure out at
this stage how much
money you will need to
get started.

5. Step 3: Make it legal
There are several ways to form your business – it could be
a sole proprietorship, a partnership, or a corporation.
Although incorporating can be expensive, it is well worth
the money. A corporation becomes a separate entity that
is legally responsible for the business. If something goes
wrong, you cannot be held personally liable.
You also need to get the proper business licenses and
permits. Depending upon the business, there may be city,
county, or state regulations as well as permits and
licenses to deal with.

6. Step 4: Draft a Business Plan.
If you will be seeking outside financing, a business
plan is a necessity. But even if you are going to finance
the venture yourself, a business plan will help you
figure out how much money you will need to get
started, what needs to get done when, and where you
are headed.

7. Step 5: Get financed
Depending on the size of your venture, you
may need to seek financing from an “angel” or
from a venture capital firm. Most small
businesses begin with private financing from
credit cards, personal loans, help from the
family, etc.

8. Step 6: Set up shop.
Find a location. Negotiate leases. Buy
inventory. Get the phones installed. Have
stationery printed. Hire staff. Set your
prices. Throw a "Grand Opening" party.

9. Step 7: Trial and error
It will take awhile to figure out what works and
what does not. Follow your business plan, but
be open and creative. Advertise! Don't be afraid
to make a mistake.

10. Thank You
Mihran Kalaydjian, CHA
Consultant, Strategist, and Writer
@Mkalaydjian