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Getting Started

By on Saturday, September 18th, 2010 | No Comments

Starting your Minipreneur Business

Starting your own small business or Minipreneur business can be an intimidating but extremely rewarding venture. Many (but not all) aspects of starting a Minipreneur type business are similar to those for starting a conventional small business.

To help you plan and organize for your business start up, we have broken down the basic Minipreneur business start up steps into the following ten primary components.

Step 1: Get organized

  • Create a dedicated work space at home
  • Create a basic bookkeeping and filing system for receipts, bills, software licenses, due dates, tax information,etc
  • Ensure your computer and all software is up to date

    • Step 2: Know your Strengths and Weaknesses

  • Complete a “Strengths Finder” analysis

    • Step 3: Research Your Business or market segment and identify Your Opportunity

    Step 4: Write a Business Plan

  • Not the 90 page traditional plan everyone is used to, but instead write a “One Page Business Plan”

    • Step 5: Legal Components

  • Determine the Legal Structure of Your Business
  • Register a Business Name or a DBA (“Doing Business As”) with your state government
  • Obtain the necessary Business Licenses and Permits
  • Purchase Business Insurance
  • Choose and set up a mailing address

    • Step 6: Financial components

  • Create an Accounting System
  • Get a Tax Identification Number
  • Open a Business Checking Account that is separate from your personal account
  • Interview and hire an accountant
  • Register for State and Local Taxes

    • Step 7. Marketing / Branding

  • Write your Marketing plan
  • Create or pay to have your logo created
  • Print business cards – stationery, invoices, statement forms,etc

    • Step 8: Set up your website

  • You need a professional site for ANY business you decide to start

    • Step 9: Set up your Social Media Marketing campaign

  • This is a key component for all businesses in general and particularly so for Minipreneur businesses

    • Step 10: Implement a plan for Outsourcing

  • FOCUS on what you do best rather than wasting time in areas that you are not an expert!
    However,if you truly want to succeed with your business you should put a plan together for WHEN to outsource. In our context, outsourcing means doing for your business only what you are best at and having someone else do everything else. Your time is best spent managing your business, not being wrapped up in the details of accounting,legalities, financing, site developent and marketing. FOCUS on what you do best rather than wasting time in areas that you are not an expert!

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