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By giving your consent below, you are agreeing to the use of that data. For more information on our data policies, please visit our Cookie Policy. Revoke Consent Submit Consent. Starting a Business. Everything you need to know about how to start a business. Next Article -- shares Add to Queue. Image credit: Hero Images Getty Images. Matthew McCreary. Entrepreneur Staff. That why we are here. Check out this step-by-step guide to help turn your big idea into a successful business.

Evaluate yourself. What skills do you have? Where does your passion lie? Where is your area of expertise? How much can you afford to spend, knowing that most businesses fail? How much capital do you need? What sort of lifestyle do you want to live? Are you even ready to be an entrepreneur? Think of a business idea. Here are a few pointers from the article: Ask yourself what's next. What technology or advancement is coming soon, and how will that change the business landscape as we know it?


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Can you get ahead of the curve? Fix something that bugs you. People would rather have less of a bad thing than more of a good thing. If your business can fix a problem for your customers, they'll thank you for it. Apply your skills to an entirely new field.

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Many businesses and industries do things one way because that's the way they've always been done. In those cases, a fresh set of eyes from a new perspective can make all the difference. Use the better, cheaper, faster approach. If so, think about the current offerings and focus on how you can create something better, cheaper or faster. Do market research. Is anyone else already doing what you want to start doing? If not, is there a good reason why?

Using only online resources. Surveying only the people you know.

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Related: How to Start a Business Online 4. Get feedback. Here are six steps for handling feedback : Stop! Your brain will probably be in an excited state when receiving feedback, and it might start racing to bad conclusions. Slow down and take the time to consider carefully what you've just heard.

Look for the grain of truth. If someone doesn't like one idea, it doesn't mean they hate everything you've just said.


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Remember that these people are trying to help, and they might just be pointing out a smaller problem or solution that you should look into further. Seek out the patterns. If you keep hearing the same comments, then it's time to start sitting up and taking notice. Listen with curiosity. Be willing to enter a conversation where the customer is in control. Ask questions. Figure out why someone liked or didn't like something. How could you make it better?

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What would be a better solution? Make it official. A quick checklist of things to shore up might include: Business structure LLC, corporation or a partnership, to name a few. Business name Register your business Federal tax ID State tax ID Permits more on permits here License Necessary bank account Trademarks , copyrights or patents While some things you can do on your own, it's best to consult with a lawyer when starting out, so you can make sure you've covered everything that you need.

Write your business plan. Start with name the name of your business, which is harder than it sounds. This article can help you avoid common mistakes when picking. Executive summary. This is a high-level summary of what the plan includes, often touching on the company description, the problem the business is solving, the solution and why now. Business description.


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What kind of business do you want to start? What does your industry look like? What will it look like in the future?

Online. Weekends. Nights.

Market strategies. What is your target market, and how can you best sell to that market? Competitive analysis. What are the strengths and weakness of your competitors?

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How will you beat them? Design and development plan. What is your product or service and how will it develop? Then, create a budget for that product or service.