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Five Steps to Starting a Business


Starting and running a successful business requires strong organizational skills. Currently, there is a tendency that approximately 90 percent of business does not achieve the goals and fail. To avoid such negative outcomes and succeed in business, a person should follow a certain strategy. This strategy consists of fivefundamental steps.

1. A business plan. First and foremost, a person, who wants to start business, should choose several the most successful businesses in the same industry and explore them. It is critical to learn their strengths and weaknesses, right and wrong action, and thereby, identify gaps in the chosen industry that one’s business can fill. A business plan includes such key components as marketing strategy, 
company structure, and financial needs. Besides, a person should set the specific goals and determine a suitable way to accomplish them. A business plan resembles the roadmap. The outside factors may influence the determined route, but they cannot hinder to reach the destination. Regrouping and adapting ensure one’s business prosperity.

2. A great name. A right name also makes a significant contribution to the success of a business. It reflects the uniqueness and value of one’s business as well as influences customer’s perception. Choosing an appropriate name to the business, a person needs to consider whether a name ease of memorization, spelling, and pronunciation, its meaning in another language and in slang, its importance for a person, and if it will be actual in fifty years. Additionally, a person should make certain that both the name and a web address are not used by another business.

3. A killer location. The location for the business should not be chosen casually or reflect the personal preferences (Kishel & Kishel, 2005). A person’s business probably fails if the customers cannot find its location. Limited parking, absence of foot traffic, and questionable neighborhood are the factors that also decrease the number of potential customers. However, many current successful businesses exist only online. In order to start e-commerce business, a person needs to register his/ her website address, also known as URL. The URL has a great impact on the visibility, brand identity, and search engine optimization. The latter contributes to improving the rankings on Google. Worth noting, although a person aims to sell the products via website, he/ she should take into consideration 
brick-and-mortar side of his/ her business, like the advertisement or business card. 

4. Licenses and permits. Starting the business requires the licenses and permits. A business license allows a person to transact business within the country or city. An employer identification number also refers to basic requirements. Sales tax license, zoning restriction, health certificates should be considered as well. Lastly, a person has to demonstrate the licenses and permits if required.

5. Signage. The signage represents an effective way to reinforce an identifiable brand of the business. A large and colorful banner with the logo of the person’s company ordinarily attracts a number of visitors. The signage increases the visibility of the business. It helps the potential customers associate person’s name and logo with his/ her business and location. The signage provides ongoing advertisement for the business. The absence of signs hinders the customers from finding the business and remembering its name. The importance of the informational signs lies in the fact that they contain information regarding hours of operations, special events, sales, and discounts.

In conclusion, the above-mentioned steps provide a foundation for the business. Their effective implementation inevitably leads to achieving determined goals. Considering all these steps, a person can conduct the successful business.

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