7 Steps To Starting A New Business
Start writing a post
Adulting

7 Steps To Starting A New Business

The biggest risk is not taking any risks.

71
7 Steps To Starting A New Business
Pexels

There are about 27.9 million small businesses in America. This is a significant number given the number of people who take a chance and open their own business. A good thing about America is that we have a mixed economy, where people have the freedom of opening their own business with minimal government intervention and control. Starting a new business comes with many risks, but proper planning and strategic steps can make the process less overwhelming.

There are 7 main steps to starting any kind of new business:

1. Conduct Research

The first step is to conduct proper research. If you have a potential idea, it should go through the validation process where it must solve a problem, offer something the market wants, and fulfill people’s needs.

2. Formulate a Business Plan

The second step in starting a small business like a restaurant is to make a business plan. It will serve as a financial guide for your business since funding and investors will be needed as well.

3. Gather Resources

The third step is to gather the needed resources and put the plan into action. Funds and other costs must be taken care of through loans or other forms of finances.

4. Pick a Business Name

The fourth step is to register a business name and obtain a license.

5. Pick a Location

The fifth step is to pick a good location for your new business to help it thrive in its surroundings.

6. Advertise The Business


The sixth step is to launch marketing and brand-awareness campaigns to ensure the business is properly advertised in order to help it grow.

7. Open the Business

The final step is to get your business going and open it! Be sure to follow the business plan for future goals and ideas.

Starting up a new business has a plethora of benefits, the most important being economic. New businesses boost economic growth, provide new jobs, and increase average income. Not only does starting a business allow people to meet their personal goals, but it also allows people to pursue their passion in life and become their own boss. Undoubtedly, more than half of all new businesses fail at startup, but this fact shouldn’t discourage people from starting one because there is evidence all around us that hard work and smart financial decisions can go a long way.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
the beatles
Wikipedia Commons

For as long as I can remember, I have been listening to The Beatles. Every year, my mom would appropriately blast “Birthday” on anyone’s birthday. I knew all of the words to “Back In The U.S.S.R” by the time I was 5 (Even though I had no idea what or where the U.S.S.R was). I grew up with John, Paul, George, and Ringo instead Justin, JC, Joey, Chris and Lance (I had to google N*SYNC to remember their names). The highlight of my short life was Paul McCartney in concert twice. I’m not someone to “fangirl” but those days I fangirled hard. The music of The Beatles has gotten me through everything. Their songs have brought me more joy, peace, and comfort. I can listen to them in any situation and find what I need. Here are the best lyrics from The Beatles for every and any occasion.

Keep Reading...Show less
Being Invisible The Best Super Power

The best superpower ever? Being invisible of course. Imagine just being able to go from seen to unseen on a dime. Who wouldn't want to have the opportunity to be invisible? Superman and Batman have nothing on being invisible with their superhero abilities. Here are some things that you could do while being invisible, because being invisible can benefit your social life too.

Keep Reading...Show less
Featured

19 Lessons I'll Never Forget from Growing Up In a Small Town

There have been many lessons learned.

43853
houses under green sky
Photo by Alev Takil on Unsplash

Small towns certainly have their pros and cons. Many people who grow up in small towns find themselves counting the days until they get to escape their roots and plant new ones in bigger, "better" places. And that's fine. I'd be lying if I said I hadn't thought those same thoughts before too. We all have, but they say it's important to remember where you came from. When I think about where I come from, I can't help having an overwhelming feeling of gratitude for my roots. Being from a small town has taught me so many important lessons that I will carry with me for the rest of my life.

Keep Reading...Show less
​a woman sitting at a table having a coffee
nappy.co

I can't say "thank you" enough to express how grateful I am for you coming into my life. You have made such a huge impact on my life. I would not be the person I am today without you and I know that you will keep inspiring me to become an even better version of myself.

Keep Reading...Show less
Student Life

Waitlisted for a College Class? Here's What to Do!

Dealing with the inevitable realities of college life.

117568
college students waiting in a long line in the hallway
StableDiffusion

Course registration at college can be a big hassle and is almost never talked about. Classes you want to take fill up before you get a chance to register. You might change your mind about a class you want to take and must struggle to find another class to fit in the same time period. You also have to make sure no classes clash by time. Like I said, it's a big hassle.

This semester, I was waitlisted for two classes. Most people in this situation, especially first years, freak out because they don't know what to do. Here is what you should do when this happens.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments