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Six-Week Start-Up: A Step-

The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything

Small Business Start-up Guide: A Surefire Blueprint to Successfully Launch Your Own Business

The Small Business Start-up Kit (Law for All Series)

Legal Forms for Starting and Running a Small Business

Previous:
First Steps: Incorporation and More

Next:
How to Market Your Business

How to Get Your Business Off the Ground

There are a few first steps you’ll want to take to announce your business and make sure that everyone knows what you have to offer.

Write a Mission Statement

A mission statement is a specific one- or two-sentence description of your company’s purpose, market, and goals. For instance, rather than say that you’re starting a restaurant, your mission statement might indicate that you aim to “run a successful fast-food restaurant serving fresh Mexican dishes to the busy downtown lunch crowd.” A mission statement helps convey key facts about your company to investors, employees, and customers, and helps focus the business on its main objectives.

Acquire Equipment

Most businesses require some equipment, which can range from a few computers to a fleet of cars. Before you pay cash for new equipment, consider some other ways to obtain it:

Lease: Most leases last for a specific period of time, such as 12 months, and require a monthly payment. Once the lease ends, you can often exchange the equipment for a newer model and initiate a new lease, or you may be able to buy the one you’ve been using at a reduced rate.
Rent: Renting is sometimes a good option if you know you’ll need an item for just a short period of time. If the total cost to rent the equipment short-term is significantly less than the cost to buy the equipment outright, you can save yourself some money.
Share: Investigate whether you can pay another business for use of its equipment as you need it, or propose partnering with several other businesses to buy the equipment together.
Buy used: If you’ll be using the equipment daily and for a long period of time, buying new may be the best solution, but don’t rule out purchasing used equipment. Ask about trade-ins that the manufacturer may have accepted. You can also try searching on eBay.
Finance the purchase: If you’ve decided that buying is the best route for your business, you can still ask about any financing terms that would let you pay for the equipment over time rather than write one big check.

Find Suppliers

If your company sells products, one of your first tasks will be to find one or more sources to supply those products. Some of the best places to find potential suppliers are:

Trade associations: Trade or professional associations for your industry should have a member directory that you can search through to find potential suppliers.
Trade magazines: Publications in your industry usually have ads and useful information that can help you find potential suppliers.
Thomas Register: Commercial and industrial companies are frequently listed on the Thomas Register, which you can search at www.thomasnet.com.
Chambers of commerce: If you want or need to buy locally, ask your chamber of commerce for recommendations of suppliers.

Register with Your State

Depending on the type of business you’re starting, the state in which you’re operating your company may require you to apply for a certificate, permit, and/or a business license, all of which help keep track of the companies doing business in the area. If you’re establishing a corporation, you’ll need to file articles of incorporation, a form that tells the state the company’s owner, purpose, and name, and the amount of shares the company is authorized to distribute. To learn what is required in your state, visit www.sba.gov.

Meet with Your Banker

Although you may not need bank financing right away, take the time to stop by and meet with your banker to inform him or her about your business plans. Introduce yourself, share your business plan, and discuss your future expansion plans at the outset, then stay in touch every few months about important milestones you hit. As your banker witnesses your growth and progress, your odds of securing a needed loan later will improve.

Get the Word Out

As soon as your business is up and running and ready for customers, take the following steps to get the word out:

Issue a press release: This document announces that your company is open for business and includes all the details customers need to procure your products or services. It can be anywhere from one to several pages in length.
Network: Get out and meet potential customers and potential referral sources by mingling where they mingle. If they go to business lunches, you should too.
Cold-call: Call potential customers to tell them about your new business.