How to Start a Small Business

While searching some information about How to Start a Small Business, i found few tips and advise that may help.

Most advises is Plan, plan, plan!

So here are the steps.

1. Come up with an idea, product or service. Put it down on paper. Put down things like name of the business, what resources we need, short and long term business and financial goals.
2. Chart your way to financial success. What price do you intend to sell your product or service for? How much will it cost you to produce? Work out a roughly estimated profit remembering to factor in fixed costs like rent, energy etc.
3. Check out your competitors. How much are they selling a similar product for. Can you add something to it to make yours different and hence a better price?
4. Put down your Unique Selling Proposition. Also how are you going to market your product? Via newspapers, a website, through word of mouth?
5. Decide what type of business you would like to be -- an incorporation, LLC, etc. This is important for tax purposes.
6. Think of how you're going to finance your business initially. The bank, venture capitalists, angel investors, government, your own savings are all options.
7. Make your product(s) or service available to customers using your marketing strategy above.
8. Keep a close eye on your running costs and keep them in-line with your projections.
9. Get your accounts in order right from the start. Saves you tedious work later.
10. Get a merchant account. A merchant account is a contract under which an acquiring bank extends a line of credit to a merchant, who wishes to accept payment card transactions of a particular card association brand. Without such a contract, one cannot accept payments by any of the major credit card brands.