First Steps to Starting a Small Business

The first steps to starting a small business should include a checklist of things such as... Writing a business plan, naming your business, acquiring a business license, insurance, business cards, advertising, opening a business checking account and choosing from three basic business legal structures:

1. Sole proprietorship

2. Partnership (limited or general)

3. Corporation (S, C or LLC)

Besides the procedural aspects of starting a new business, you also need drive, determination, motivation, a positive attitude, patience and passion.

More specifically you need to choose a business that you have passion for. For example, if you choose a business just because "you want to make a lot of money" then you will more than likely fail!

There are a number of good sources available that provide valuable information such as the Small Business Administration and entrepreneur magazine. We highly recommend both of these sources to help provide you with the nuts and bolts to when it comes time to starting your own business.

When putting together a business plan, there are a number of key elements to consider during the first steps to starting a small business. And since a significant number of small businesses fail, the most important element you need to consider during the first steps to starting a small business is how can the business succeed in today's business climate! 

How to succeed in today's Business World

As you will learn from reading our articles in the Business Center... Most millionaires accumulate their wealth through entrepreneurship and building a thriving, profitable business. So the next logical question that needs to be asked is: What makes a business entrepreneur successful?

The answer is actually very simple: When starting a small business you need to follow consumer behavior and business trends during the planning stages of building a business. And what is one of the biggest business trends... 

Internet Use Catches up with TV Viewing 

"A new study from Jupiter Research shows that the average US Internet user spends 14 hours a week online - the same amount of time they spend watching TV"

Why is that important... and why do we have these research results as one of the headlines in our course on starting a small business?

With the amount of time spent on the internet on the rise (approximately 14 hours a week) your business needs to have a presence on the web in order to be successful!

Furthermore, marketing your business online is no longer a luxury, it has now become a must as consumers increasingly turn to the internet to research products and services! That being said, there are still many businesses out there who still do not have a web site:

"IDC research found that by the end of 2006, of the 6.8 million businesses in the United States with fewer than 10 employees, only 4.2 million had a Web site"

So the first stage to starting a small business should include learning why a significant number of businesses fail...

Well to begin with -- as the statistics prove above -- many small businesses still do not have a presence on the web which includes having a web site. But nevertheless for the majority of small businesses who do have a web site, most of them still fail! And why do the majority of small businesses who do have web sites still fail?

They fail because they don't know how important internet marketing for online businesses is, to succeeding in today's business environment!

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