Are you thinking of starting your own company?

You can find over 30 million small businesses in the United States, but a good number will fail within the next decade. Rather than shy away in fear of failure, take it on with a solid plan so that you find success.

Business Basics: 5 Steps Towards Starting Your Own Company

Read on to learn 5 business basics you need to know in your entrepreneurship journey.

1. Draw a Plan and Narrow Your Niche  

Whether you’re drawing a for-profit or a nonprofit business plan, you need to create a solid business strategy and then find your niche.

Begin with your mission statement that explains exactly what you want to accomplish. Once you hash out what you want to accomplish, decide what will move you in that direction.

Do you want to sell items, provide services, or do both? What will these items and/or services be?

Continue to flesh out this idea and narrow down how you will operate. Avoid an all-over-the-place plan and choose your niche.

Do not try to please everybody with this plan. Making your own business specialized will cater to the people who truly want what you offer.

2. Find Your Finance Options

To make money you need money. When you run your own business, startup costs may include:

• Incorporating your business entity
• Space
• Equipment and inventory
• Supplies
• A website
• Business Insurance

This list only includes some potential costs prior to opening. To begin operations you may need to pay for things like utilities and advertising as well.

Many people do not actually have the means necessary to fully startup. Know your finance options.

First, check if you qualify for any small business grants because this money comes with no future cost to you. If you still need help, consider taking out a small business loan. Pay attention to the payment terms and interest when choosing where to borrow money from.

Credit cards provide another option for funding your company and offer rewards if you choose wisely. You might also raise money for your business through crowdfunding with sites like Kickstarter or GoFundMe.

3. Get Trademarked

Trademark your name and logo. It claims your ownership and prevents others from stealing your ideas. This can last up to ten years when you meet the legal requirements.

The laws may differ depending on the state where you are trying to apply for a trademark. So if you are trying to apply for a trademark in California, San Diego, you should definitely consult a San Diego-based trademark attorney.

4. Learn the Law

Most businesses operate under heavy federal, state, and local regulations. Learn all of them and then follow them. Not following regulations can get you fined or closed down for good.

5. Grow Your Company

Business growth doesn’t come out of the blue.

Hiring employees build your business on the inside. Choose people who fit your brand and are capable of carrying out your mission.

For external expansion, focus on a marketing strategy. Make yourself visible through branding, social media, advertisements, blogs, and community outreach.

These Business Basics Lead to Success

Building a strong foundation will give your business a healthy start in staying afloat amongst 30 million others. Take it one step at a time to make it all feel manageable.

We once started out just like you and want to help others find their way too. Keep reading our blog for more helpful advice.

Some other articles you might find of interest:

Make your business rock with these business plan writing skills:

Startup’s Guide to Write a Business Plan

Would you like to know how investors value a startup?

How Do Investors Value a Startup?