Business executive Bobby Chacko recently discussed the ins and outs of starting a small business.
You’ve got the idea in mind, but putting it into fruition is an entirely different story. Starting your own business is no easy task, but experienced business executives like Bobby Chacko claim that, when done correctly, it’s indescribably rewarding. Bobby Chacko recently offered his top tips for starting your own business.
“Starting a business is no easy task, but if you have a bit of know-how and a lot of inspiration, anyone can do it,” Bobby Chacko said.
Bobby Chacko explained that one of the first steps to starting your own business is understanding if there’s space in the market for your business concept. Market research will help you determine if there is an opportunity to turn your idea into a profitable business. Conducting market research can also help you determine if this product or service already exists in your area and what kind of customers are using it.
“A solid business plan is the foundation of every successful business,” Bobby Chacko said. “This is a clear guideline of how your business will be structured, how it will run, and most importantly, how it will grow.”
Bobby Chacko explained that if you’re in need of investors, you need to have a solid business plan in place to persuade them to invest in you. This leads to the next idea introduced by Bobby Chacko — understanding how you’ll fund your business. Your business plan will help you determine how much money you need and how you’ll acquire that money.
“Fortunately, in today’s society, there are more ways to find funding for your business idea than ever before,” Bobby Chacko said. “If you have a great idea, crowdsourcing can be an ideal way to fund a start-up, but there are numerous other financial outlets available as well.”
Bobby Chacko continued by stating that the next step is to create your business structure. This can include incredibly important parts of starting a business, like meeting registration requirements, understanding personal liability, and how you’ll pay your taxes. This is where you’ll determine whether you want to create a corporation, an LLC, or another type of business structure.
“You’ve probably already thought about a business name, but the final steps of the process are creating a name, registering your business, and getting your federal and state tax IDs,” Bobby Chacko finished.
I always recommend going through the process of starting a business with a seasoned veteran, because they can help you understand the licenses, permits, and other government documents you need to get started in the right direction.