7 Steps to Starting a Business

There are too many business owners and coaches out there telling you how quick and easy it is to hit six figures in your business, but they’re either full of shit or a lot if things worked out for them really well on the first try! I’m here to keep it real, if you can’t already tell.

If you’re still here and excited to start your own business, and don’t know where to start, you’re in the right place. I’m going to break down the steps to starting your own business so you have a roadmap to follow.

STEP #1: The first step is to take a step back. Think about how you want your business to support you and fit into your life. Think about the big picture. Do you want a business that gives you freedom and flexibility to travel and work from anywhere in the world? Or are you more excited about a hands-on business or maybe a store front (or two, or three +)? Thinking about these things now is important to help you answer the next question.

STEP #2: It’s time to dive into answering, what will your business look like? If you are looking for location freedom, an online service based business is a great way to go. If you want to be more hands on or have storefront(s), a product based business sounds like it is right up your alley. Or maybe a combination or the two is the option that fits into your life the best.

STEP #3: It’s time to brainstorm and collect ideas. Based on your answer to Step #2, do a brain dump of all of the ideas that come to mind for your service or product based business. Find a quiet spot, set a timer for 5 or 10 minutes and get all of your ideas out of your head. If it pops into your mind, write it down. Don’t edit based on any limiting beliefs (like so and so is already doing that)! You might want to repeat this step a few times to see if you come up with any new ideas. You can also ask friends and family for any feedback based on what they know about you which can be helpful if you’re feeling blocked.

STEP #4: You’ve got a list of ideas that needs to be narrowed down. Let your gut guide you here. What ideas are you most excited about? Put a circle around them. What ideas don’t match up with your goals? Cross them out. Keep narrowing down until you have 2 or 3 ideas left.

STEP #5: Take your 2 or 3 ideas and do some digging into what you’ll need to be able to start each business. What are the start-up costs? Do you need any education? What are the requirements in your area for each business option? Does the business idea align with you and your values? What roadblocks could get in your way? Does the income potential of each business idea line up with your financial goals? Is there a way to combine a few of the ideas that you have selected? Don’t speed through this step. Do your homework and make sure you see the big picture of each idea.

STEP #6: It’s time to take the leap into action. Based on all your research and again, tuning into your gut, pick the idea(s) that gets you the most excited and feel the most aligned with you, roll up your sleeves and get to work. Write out what steps you need to take to get your business from idea to reality. Assign each step a goal timeline so you can track your progress. Add a reminder to your phone to check back in on your progress regularly so you stay focused.

STEP #7: Let’s talk about the MONEY! Here are a few steps you can take to set yourself up for success on the financial side of your business. As a new business owner, you can get lost in other aspects of your business and forget about the steps to set yourself up for financial success. Getting them set up from the start will make your life so much easier.

Open a separate checking account for your business (it may not need to be an official bank account-check on the requirements based on where you live AND your business structure).

Set up an account to save for taxes. Find an online tax estimator for your area or talk to your accountant to get an idea what % you should be setting aside.

It’s time to talk about the B word, this time it’s not budget, it’s bookkeeping. Staying on top of this will save you money on taxes! Don’t wait until income tax time to try and find all your receipts and track your expenses, because the longer you wait, the more you will miss.

Designate one credit card for all business expenses. This will make the bookkeeping easier, especially as your business grows. If you decide to start with, or add a program like quickbooks to help with bookkeeping, this will make that so much easier as well.

Now, take a deep breath, maybe take some time to meditate and slow down your brain. Starting a business can feel overwhelming a lot of the time, and it can be hard to know what to do next. If you’re feeling anxious about what type of business to start, or what steps to take next to launch or grow your business, you don’t have to do it on your own, I’d love to help you. We can connect for a 90 min Biz Strategy Session, or on a free consultation call to see if we vibe! :)

Have an amazing day, and go rock your business launch!

xoxo

Sherry