Got An Idea? How to Start Making It Happen

Posted by Saul Garlick on December 12, 2011 · 1 Comment 

​The recent economic downturn hasn’t increased the number of start-up businesses. In fact, fewer people are taking risks which has slowed down job creation. Even though we are officially out of the recession, the unemployment rate hasn’t decreased. Existing companies are not hiring and very few new businesses are currently forming. If you are part of this vicious cycle, it may be time to take a risk to bring your brighter future to fruition. Are you ready to take some risks? If you have ideas and dreams and are not currently working, now is the time to start making it happen!

Your business idea may be large enough that you will need a business loan or small enough that you will need your own craftiness to make it work. The U.S. Small Business Administration (SBA) has ample guidance and information on loans as well as anything else you may need. Here are some steps you can take to start taking action on your idea:

Educate yourself

Now that you know what type of business you want to run, it is time to become an expert in that field. Make sure you get any licenses or education that may be required, do a competitive analysis on other businesses that offer the same product or service as you hope to. Examine why they do well or why they don’t.  Determine how to make your prices competitive and how you’ll differentiate yourself from the competition.

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Lay the ground work

What will you need to get started?
 

• A business name – You will need to come up with a business name and make sure that no businesses in the your state have that name.
• Choose what type of organization you want – The most common types of organizations to choose from are sole proprietorship, partnership, corporation, and S corporation. Limited Liability Company (LLC) is a new structure that can be formed depending on the state you are in.
• Brand Yourself – You will need to start with a logo and then move onto your business cards and any other marketing materials you need initially. There are many ways to produce cost effective marketing for your company. You can even use email marketing and a template based website that you maintain yourself to help cut costs.
• Find a location – Do you need a location outside of your home? You may be able to save money by working from home if an outside office is not necessary.
• Get a business loan if needed – There are venture capitalists and banks out there that are willing to loan you money. If you need funding, see what options are the best fit for you.
• Set up accounting – Make sure to set up your tax forms and accounting services in the beginning so you can make sure to keep track of what your business is making and spending. There are many ways to do this through the right invoicing software or by going to a paid accountant.

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​Get started selling yourself

You may need to create a portfolio to build credibility in your new business. If that is the case, then networking and volunteering your services are key ways to get your name out there. There are many networking organizations that you can join to help you build your business. Approaching family and friends and asking them if they need your services, even if it is volunteer work, will help build your portfolio to show what you are capable of doing.

If you don’t need a portfolio for your type of business, then make sure you are ready to jump right into working for your customers.

Don’t give up

All businesses that succeed are hard work and take time and energy to grow into a prosperous business. While the startup will be a challenge, if you hang in there, you will see the fruits of your labor.

Are you ready to take the risk and realize your business dreams? What other steps have you taken if you’re already pursuing your dreams?

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