How do you start a successful business?


Quick Answer

To start a successful business, choose a viable business idea, write a business plan, and find the necessary start-up funds. Get a business license and any permits required for your business in your jurisdiction. Set up a designated workspace, buy business insurance, and put an accounting system into place.

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Full Answer

  1. Determine the best business for your passions and personality

    Take inventory of your passions and your personality traits to discover a business idea that is right for you. Do research to see if there is a viable market for your idea.

  2. Write a business plan

    Draw up a detailed business plan that includes the business name, structure and details about the product or service you plant to provide. Describe your expected clients or customers, information from your research on the market and potential funding sources. Include projected income totals and information on how those totals are determined.

  3. Acquire start-up funds

    If you do not have enough savings to fund the business, look for investors or apply for loans.

  4. Get a business license and necessary permits

    Register your business name with your county or state office. Apply for any licenses or permits required in your jurisdiction.

  5. Set up a workspace

    Decide where your business is to be headquartered, and set up your workspace with a computer, filing cabinet and other supplies necessary depending on the type of business you are starting.

  6. Buy small business insurance

    Buy a small business insurance policy to protect your company from disasters or lawsuits.

  7. Put an accounting system in place

    Depending on your level of financial literacy, speak to a financial adviser, hire an accountant, or invest in bookkeeping software to keep your finances in order.

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