We all get them from time to time.
We think about them for days or even weeks.
Then we get busy with other things, and those ideas fall to the wayside.
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But what if we took concrete steps to turn those ideas into reality?
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Plus, the current state of the economy isnt helping matters.
But perhapsthe biggest inhibitor of starting a business is the idea of starting a business.
Tim Pychyl, expert on procrastination.
Instead, write something more specific like Make a list of my top five business ideas.
Its important to remember there is no perfect template when starting a business.
The order in which you take these steps may differ.
You may have to scrap plans and start over.
Or it may make sense for you to start on number four.
Despite the order, youll need to address each step at some point in your journey as an entrepreneur.
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Your stomach dropped because you knew you didnt bring any bags with you, and your neighborsdefinitelysaw it happen.
They would be cheap, pet friendly and environmentally friendly.
A half-baked idea is about as far as most people get.
You may have even forgotten about it by the time you finished your walk.
Gratton is the former president of the Hagerstown, Maryland, SCORE chapter.
SCORE provides free mentoring to small businesses and entrepreneurs nationwide.
The act of writing it down makes it more real, she says.
As you continue to flesh out your idea, consider your own expertise in the area.
Do you have any insider experience, knowledge or connections?
Are you passionate about this topic or field?
Is your idea feasible?
Who would buy this product or service?
And while you might think youre sitting on a great invention, you need second opinions.
Its crucial to get feedback from others to refine your idea.
Gratton recommends asking that one brutally honest friend we all have.
Now is when you answer those initial questions of feasibility.
As you dig into the research, youll find that your idea probably isnt novel at all.
Dont scrap your plans just because someone else has a similar business.
Youve found a threat, aka competition.
Dont be intimidated; their business will help you get a better idea of your own.
He found an international supplier on the site, which helped him iron out shipping costs and price points.
However, they got lucky.
If you want your business to be successful, its always a good idea to plan ahead.
Nothing could be further from the truth.
That said, you will need to include some numbers.
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But dont make numbers the focus.
Paint a bigger picture.
Each state has their own business climate, Gratton says.
You want a location that is friendly to your pop in of business, which can vary by industry.
As you juggle all these different aspects, dont forget to factor yourself into the equation.
Ask yourself: Is this an area where I see myself flourishing, both personally and professionally?
Well, 41% of Americans, here they are.
Each resource below has a local chapter in your area.
TheAmerican Advertising Federation(AAF) is over a century old.
It also has a dedicated club for young advertising professionals, 32 and under, calledAd 2.
It may come as a surprise that theU.S.
Chamber of Commerceis not a government agency.
There are more than 13,000 Chambers nationwide.
Chances are theres one in your area.
Memberships start at $300.
Since its founding in 1964,SCOREhas become a crucial resource for small business owners.
The nonprofit has local chapters in every state more than 250 total.
TheSmall Business Administration(SBA) is a government agency that was created through legislation in 1953.
Some entrepreneurs recruit their friends and family, while others turn to investors or fund the venture themselves.
Its not that simple, Gratton says.
Banks want to see that theyre going to get their money back.
Usually, banks want to see proof of reliable revenue before approving a business loan.
Since your business is presumed to be in its infancy, you may not have that proof yet.
However, you might take out a personal loan from the bank and put those funds toward startup costs.
The amount of these loans are much less than business loans, usually $50,000 or less.
and anything that could be used as collateral, such as your house or car.
What is it, Mr. Banker, you want to see in this business plan?
Hal Shelton recommends asking.
Let them describe it for you.
Shelton is an author, angel investor and former senior financial officer of Sunoco.
He offers free resources likewebinarsandworksheetsfor writing a business plan onSCOREs website.
In 10 days,these 10 practical stepscould help you get back on the right financial track.
Lower-tax options include nonprofit corporations, cooperatives, partnerships and sole proprietorships.
The only business structure completely exempt from state and federal taxes is a nonprofit.
But businesses that are organized as sole proprietorships or partnerships dont necessarily pay taxes themselves.
So the business itself isnt paying taxes per se.
Each business situation is unique, and the categories above are generalized.
Certain legal structures have specific eligibility requirements and stipulations.
Your business may not qualify for each one.
If youre unsure, its best not to guess.
Ask an accountant or contact your local SBDC office before filing.
In the American business world, portmanteaus are rampant.
This is when two separate words or ideas are smashed into one.
Ameribank is one example.
While theyre rampant, that doesnt necessarily mean theyre good options.
If youre planning to open a family-friendly ice cream shop, avoid stuffy names like Frozen Foods Incorporated.
You wont want to use names that are too derivative like Blended Dreams Unlimited, either.
Having the same handle across all of your social media platforms makes it easier to connect with customers.
Domain names, which are names for your website address, are just as important.
These, however, will cost you some money.
If the name is taken, it will cost you extra to buy it from the owner.
For most businesses, use a .com domain name.
The exception is if youre a foundation or nonprofit.
In those cases, .org is appropriate.
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Step 10: Register With the Government
Youve done your homework.
Its time to make it official.
What that means, unfortunately, is paperwork.
Certain industries may be required to apply for permits and business licenses.
If your state requires income or employment taxes, your business will also need a separate state tax ID.
Local and state regulations differ, so its important to check your local governments website for more information.
Dont go it alone.
All this paperwork is a herculean task for one entrepreneur.
Adam Hardy is a former staff writer and contributor toThe Penny Hoarder.
