How to Start a Successful Company
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Here on Selfmadesns.com, I share my personal life experiences so you can learn from both my mistakes and successes. However, what works for me might not work for everyone. Always do your own research and consider consulting a professional before making important decisions. Doing both will give you the best chance for success. For more details, please visit our Terms and Conditions and Privacy Policy pages.
How to Start a Business
You know, some of us enjoy the simple things in life. We like when things are planned out and stay on track. Life feels easier when you know the outcome. You know that if you put in 80 hours over two weeks at your job, your paycheck will be there waiting. That check will cover your bills, take care of your family, and maybe even leave a little something extra in your pocket.
But some of us don’t take that route.
Some of us choose to earn it the unpredictable way — not knowing if we’ll make a dollar from one day to the next. And strangely enough, we enjoy those unpredictable days because they make the paydays that much sweeter.
This post is for those who bet on themselves.
Let’s talk about how to start a business.
Step 1: Your Business Plan
This one is for anyone ready to take that first step — anyone willing to step out on faith. And that first step is having a business plan.
Let’s walk through what should be in it and why it matters so much.
Keep It Flexible
Your business plan should be flexible. Why? Because things change. The best businesses adapt and adjust to the times.
Your plan is your guide. It should outline the goals you want to achieve. When you hit one milestone, you create another. That’s why flexibility is key.
Here’s what your business plan should cover:
- A clear overview of your strategy
- Major milestones to aim for
- Defined roles and responsibilities
- Realistic financial projections — how much it’ll take to start, how you’ll run it, and when you expect profits
The Standard Business Plan Structure
A well-rounded business plan typically includes:
- Executive Summary
- Products & Services
- Market Analysis Summary
- Strategy & Implementation
- Company & Management Overview
- Financial Plan
- Appendix
There’s no set length — just make sure you cover all the essentials.
If you’re applying for a loan, go detailed. But if it’s just for personal use or to share with close partners or your team, a shorter, straight-to-the-point version works just fine.
Make sure to review and update your plan every 6 to 12 months. Things change quickly, and staying ahead will give you a real advantage.
Step 2: Pick a Name
Every business needs a name. Something memorable. One thing you’ll notice is that many big companies are just last names — Hilton, Chanel, Kellogg’s, McDonald’s, Forbes, Disney, Harley-Davidson. That might help you when deciding on your own.
Step 3: Get Your LLC
Next, you’ll need to form your LLC (Limited Liability Company). This business structure protects you as the owner from being personally liable for company debts or obligations. It’s a must if you want to operate with peace of mind.
Step 4: Get an EIN
After that, you’ll need an EIN — your Employer Identification Number. Think of it as your company’s Social Security Number. Everything you can do with your own SSN, you’ll be able to do for your business with an EIN.
Step 5: Open a Business Bank Account
Once you have your company name, LLC, and EIN, the next step is to open a business bank account at a financial institution you trust. At that point, your business is officially ready to operate.
Business Tips for Growth and Longevity
Whether you’re just starting or looking to take things to the next level, these tips will help sharpen your approach and strengthen your foundation.
Tip #1: Put the Customer First
Customers are the lifeblood of any business. What they think and want should guide your decisions. Get to know your target audience as deeply as possible.
Here’s the mindset:
- Consumer first
- Stakeholders second
- Company last
Avoid the “I think” trap — because what you think may not matter if it doesn’t align with your customers. For example, maybe you don’t like red shirts. But if all your customers are asking for red shirts? You better start stocking them.
Tip #2: Protect Your Market
Once you find your audience, hold onto them. Keep things fresh. Stay consistent while experimenting with strategic growth.
For example, if you’re already selling shirts, it might make sense to start offering pants too. That way, customers can get more of what they need from one place — your place.
Tip #3: Build a Consistent Brand
Your brand needs to leave a lasting impression.
Be active in your community. Sponsor a youth sports team, host a food drive, or organize a back-to-school event. These connections go a long way.
Also, don’t forget to stay active on social media. Posts and videos are powerful tools for brand visibility today.
⚠️ A Quick Warning
Make sure to keep your business finances separate from your personal finances. Mixing them can lead to serious trouble.
Also, consider drafting an operating agreement — it’s optional, but it can be helpful depending on how your business is structured. Do your research and decide if it’s right for you.
And no, you don’t need a fancy office. Your home works just fine when you’re starting out.