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Starting Your Own Business: Turn Your Passion into Profit with Strategic Planning

by Angela McShan for Urban Mindz

Father and Son Opening a Small Business

Entrepreneurship is the contemporary American dream. The rewards are monumental, and the process is one that builds character and confidence. Underneath the surface of all the positive attributes, there are a few challenges to overcome. Challenges in entrepreneurship can be met successfully when you’re passionate about the pursuit.

If you are thinking of becoming an entrepreneur, or already in the process of starting a small business, you are a very wise person. You have determination, drive, and passion, which are all essential for the foundation of a successful business. Now that the foundation has been laid, it’s time to build from your blueprint. Your business blueprint is your passion. What are you passionate about? What are those elements that make you smile when you think of them and can stay up all night bringing them to fruition? The answers to these questions are the building basics of your business blueprint.

The Possibilities

The initial thought of starting a business is exactly where a small business originates, in your mind. You must be able to foresee the possibilities and mentally engage the idea of becoming a business owner. Say it aloud, “I’m a business owner.” Has a nice ring to it, right? Of course it does, because entrepreneurship is designed for those who can imagine what many think to be impossible. The key to becoming successful in your attempt is to be aware and not afraid of the challenges that may arise, and to prepare to defeat those challenges one goal at a time.

The wait is over and it’s time to move forward with your plans to become a successful small business owner by following these steps:

1. Identify the Why

What’s your motivation for starting a business? That’s the first question you must ask yourself. Why do you want to become a business owner? It’s important to realize that business ownership isn’t for someone who’s seeking overnight success. It’s for the purpose-driven individual that desires to build a business based on knowledge and passion of a product or concept.

2. Formulate a Business Idea or Concept

Have you already formulated an idea or concept for your business? If not, you should begin brainstorming to develop a solid concept. There are several ways to approach or think of ideas for your business. Take the following initiatives to finalize the best idea for you.

  • Think of what’s blooming in the world. Research things that are taking place in technology and advancements that are on the horizon. Now, imagine how those advancements will influence or impact your business. Can you strategize a plan that puts you on the frontline and ahead of the competitors?

  • Be the change. People consistently seek improvement in products and services. It’s more convenient to have a great product that works effectively. Starting a business that corrects ongoing issues or makes improvements is a brilliant idea.

  • Expose your skills to a new environment. You don’t necessarily have to remain in an environment because it’s comfortable. Put a fresh new perspective on the way things are done by applying your skills in a way that hasn’t been done before. Get uncomfortable in your approach.

  • Do it better and more efficiently. Is your business idea similar to thousands of others out there? That’s absolutely okay. The difference between their idea and yours is YOU. Do it better, more cost-efficiently, and make it more appealing. People will come and they will support.

3. Make Your Idea an Official Business

Smart and savvy entrepreneurs are cautious and protective over their business ventures. Take all the necessary steps to make your business official and legal from the start. Don’t wait to see if things will go well or how the business will be accepted. It may be too late by then. Failure to incorporate the proper legal steps could lead to lawsuits, loss of branding, and a loss of revenue. The most important detail in starting a small business is having complete ownership of that business.

Here is a brief list of legal initiatives you should implement when starting a small business.

  1. The Business Structure: Will your business be a corporation, LLC, partnership, etc.?

  2. The Business Name: Remember that this is a business and you want to choose an eye catching name. Research available domains also to find out which ones are available that are closely related to the business name.

  3. Register the Business: Take the necessary steps to register your business properly. Obtain federal and state tax IDs. You are required to obtain business permits and licenses, which guidelines for each may vary by state.

  4. Open Financial Accounts: Start a business account that is separate from your personal accounts. This is necessary to properly document revenue generated by the business.

  5. Acquire the Necessary Trademarks, Patents, or Copyrights: A small business isn’t officially yours until you have acquired the necessary trademarks or copyrights.

There are several online resources that walk you through completing all the necessary steps for making your business official. As a new business owner, you shouldn’t leave anything to chance. Legal Zoom provides all the necessary tools to help transition your business from an idea to an “I DID IT”, legally, before the big launch.

Refuse to allow anything to prevent you from living out your passion of becoming an entrepreneur. You can do it while raising a family, working, or studying full-time; even when you don’t have all of the answers to all of the questions. It’s okay to “do it scared” and watch your dreams come true. Remember, small starts can result in big finishes. Go ahead, finish BIG!

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