My Articles | About Us | Contact Us | Advertise With Us | Search   
 
News, Tips & Offers delivered to your inbox

ABOUT US | VIEW ALL FEATURED ARTICLES | VIEW ALL TOPICS | VIEW ALL REGIONS | DM MOBILE | DM BLOG

Starting a Small Business Michigan

A lemonade stand works great Plan, plan, plan! When your idea is fresh and exciting, it's easy to start without a thought to how it will pan out and all the implications. There's nothing worse than an uncompleted project. It can completely ruin your confidence.

Local Companies

E Business Consulting LLC
313-963-0737
1 Woodward Ave
Detroit, MI
Kaleidoscope Media Group Inc
313-596-7700
1 Woodward Ave
Detroit, MI
Knight Consulting Services Inc
313-541-2701
19411 W Mcnichols RD
Detroit, MI
Mulhern Hastings & Assoc
313-964-4190
407 E Fort St
Detroit, MI
Deloitte Consulting
313-324-1500
600 Renaissance Ctr
Detroit, MI
Corporate Cars Inc
313-821-9298
8200 E Jefferson Ave
Detroit, MI
DEX Design Associates
313-833-7283
41 Burroughs
Detroit, MI
Strategic Business Plans
313-368-9124
19264 Lamont St
Detroit, MI
Hardin Laughs
313-861-2290
19347 Berkeley RD
Detroit, MI
Health and Business Consultants
313-270-4888
14409 Ashton RD
Detroit, MI
Provided By:

Steps

  1. Come up with an idea, product or service. Put it down on paper. You're more likely to succeed if you plan. Put down things like name of the business, what resources you need, short and long term business and financial goals.
  2. Chart your way to financial success. What price do you intend to sell your product or service for? How much will it cost you to produce? Work out a roughly estimated profit remembering to factor in fixed costs like rent, energy etc.
  3. Check out your competitors. How much are they selling a similar product for. Can you add something to it to make yours different and hence a better price?
  4. Put down your Unique Selling Proposition. Also how are you going to market your product? Via newspapers, a website, through word of mouth?
  5. Decide what type of business you would like to be -- an incorporation, LLC, etc. This is important for tax purposes.
  6. Think of how you're going to finance your business initially. The bank, venture capitalists, angel investors, SBA grants(government), your own savings are all options.
  7. Make your product(s) or service available to customers using your marketing strategy above.
  8. Keep a close eye on your running costs and keep them in-line with your projections.
  9. Get your accounts in order right from the start. Saves you tedious work later.
  10. Get a merchant account. A merchant account is a contract under which an acquiring bank extends a line of credit to a merchant, who wishes to accept payment card transactions of a particular card association brand. Without such a contract, one cannot accept payments by any of the major credit card brands.
  11. Set up payment methods like credit card.

Tips

  • With the advent of the internet, online businesses are probably the easiest way to start and very much less expensive in terms of start-up cost than an offline counterpart.
  • You can also think of trading on eBay or Overstock.
  • A franchise is also a good option if you don't want to start from scratch.
  • Don't be afraid to experiment with prices.
  • A franchise is a great idea although the start-up capital is way too high for most people.
  • Find a direct selling company that will provide you the training and support. Also, find a personal mentor that you can trust.
  • Most direct selling companies have low start up capital compared to a traditional brick and mortar business. You can also break even rather quickly compared to the traditional business.
  • Keep in mind to always provide VALUE to those who may be your customers.

Warnings

  • Especially if going online, beware of people that ask for money before giving you business.

Sources and Citations

  • http://www.getyourebook.com - For step-by-step guide to starting an internet business. Good collection of reviewed business and finance ebooks
  • http://www.entrepreneur.com - All round information for small businesses.
  • http://www.start-cleaning-business.com - Start a cleaning business with Suze & Ev.

Article provided by wikiHow, a wiki how-to manual. Please edit this article and find author credits at the original wikiHow article on How to How to Start a Small Business. All content on wikiHow can be shared under a Creative Commons license.

Featured Local Company

E Business Consulting LLC

313-963-0737
1 Woodward Ave
Detroit, MI
Read more about Starting a Small Business

Regional Articles
- Starting a Small Business Adrian MI
- Starting a Small Business Allegan MI
- Starting a Small Business Allen Park MI
- Starting a Small Business Alpena MI
- Starting a Small Business Ann Arbor MI
- Starting a Small Business Auburn Hills MI
- Starting a Small Business Battle Creek MI
- Starting a Small Business Bay City MI
- Starting a Small Business Belleville MI
- Starting a Small Business Benton Harbor MI
- Starting a Small Business Berkley MI
- Starting a Small Business Big Rapids MI
- Starting a Small Business Bloomfield Hills MI
- Starting a Small Business Brighton MI
- Starting a Small Business Burton MI
- Starting a Small Business Cadillac MI
- Starting a Small Business Canton MI
- Starting a Small Business Cheboygan MI
- Starting a Small Business Clarkston MI
- Starting a Small Business Clinton Township MI
- Starting a Small Business Clio MI
- Starting a Small Business Coldwater MI
- Starting a Small Business Commerce Township MI
- Starting a Small Business Comstock Park MI
- Starting a Small Business Davison MI
- Starting a Small Business Dearborn Heights MI
- Starting a Small Business Dearborn MI
- Starting a Small Business Detroit MI
- Starting a Small Business Dowagiac MI
- Starting a Small Business East Lansing MI
- Starting a Small Business Eastpointe MI
- Starting a Small Business Eaton Rapids MI
- Starting a Small Business Escanaba MI
- Starting a Small Business Farmington MI
- Starting a Small Business Fenton MI
- Starting a Small Business Ferndale MI
- Starting a Small Business Flat Rock MI
- Starting a Small Business Flint MI
- Starting a Small Business Flushing MI
- Starting a Small Business Fort Gratiot MI
- Starting a Small Business Fraser MI
- Starting a Small Business Garden City MI
- Starting a Small Business Gaylord MI
- Starting a Small Business Gladwin MI
- Starting a Small Business Grand Blanc MI
- Starting a Small Business Grand Haven MI
- Starting a Small Business Grand Ledge MI
- Starting a Small Business Grand Rapids MI
- Starting a Small Business Grandville MI
- Starting a Small Business Grosse Pointe MI
- Starting a Small Business Hamtramck MI
- Starting a Small Business Harper Woods MI
- Starting a Small Business Harrison Township MI
- Starting a Small Business Hazel Park MI
- Starting a Small Business Highland Park MI
- Starting a Small Business Hillsdale MI
- Starting a Small Business Holland MI
- Starting a Small Business Holly MI
- Starting a Small Business Holt MI
- Starting a Small Business Howell MI
- Starting a Small Business Hudsonville MI
- Starting a Small Business Inkster MI
- Starting a Small Business Ionia MI
- Starting a Small Business Jackson MI
- Starting a Small Business Jenison MI
- Starting a Small Business Kalamazoo MI
- Starting a Small Business Lake Orion MI
- Starting a Small Business Lansing MI
- Starting a Small Business Lapeer MI
- Starting a Small Business Lincoln Park MI
- Starting a Small Business Livonia MI
- Starting a Small Business Ludington MI
- Starting a Small Business Macomb MI
- Starting a Small Business Marquette MI
- Starting a Small Business Midland MI
- Starting a Small Business Monroe MI
- Starting a Small Business Mount Clemens MI
- Starting a Small Business Mount Morris MI
- Starting a Small Business Mount Pleasant MI
- Starting a Small Business Muskegon MI
- Starting a Small Business New Baltimore MI
- Starting a Small Business Niles MI
- Starting a Small Business Northville MI
- Starting a Small Business Novi MI
- Starting a Small Business Oak Park MI
- Starting a Small Business Okemos MI
- Starting a Small Business Owosso MI
- Starting a Small Business Petoskey MI
- Starting a Small Business Pinckney MI
- Starting a Small Business Plymouth MI
- Starting a Small Business Pontiac MI
- Starting a Small Business Port Huron MI
- Starting a Small Business Portage MI
- Starting a Small Business Redford MI
- Starting a Small Business Rochester MI
- Starting a Small Business Rockford MI
- Starting a Small Business Romulus MI
- Starting a Small Business Roseville MI
- Starting a Small Business Royal Oak MI
- Starting a Small Business Saginaw MI
- Starting a Small Business Saint Clair Shores MI
- Starting a Small Business Saint Johns MI
- Starting a Small Business Saline MI
- Starting a Small Business Sault Sainte Marie MI
- Starting a Small Business South Haven MI
- Starting a Small Business South Lyon MI
- Starting a Small Business Southfield MI
- Starting a Small Business Southgate MI
- Starting a Small Business Sterling Heights MI
- Starting a Small Business Sturgis MI
- Starting a Small Business Swartz Creek MI
- Starting a Small Business Taylor MI
- Starting a Small Business Temperance MI
- Starting a Small Business Three Rivers MI
- Starting a Small Business Traverse City MI
- Starting a Small Business Trenton MI
- Starting a Small Business Troy MI
- Starting a Small Business Utica MI
- Starting a Small Business Walled Lake MI
- Starting a Small Business Warren MI
- Starting a Small Business Waterford MI
- Starting a Small Business West Bloomfield MI
- Starting a Small Business Westland MI
- Starting a Small Business White Lake MI
- Starting a Small Business Wixom MI
- Starting a Small Business Wyandotte MI
- Starting a Small Business Wyoming MI
- Starting a Small Business Ypsilanti MI
- Starting a Small Business Zeeland MI
Related Local Event
A&WMA CONFERENCE & EXHIBITION
Dates: 6/16/2009 - 6/19/2009
Location: Marriott Hotel Detroit
Detroit, MI
View Details
Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin
Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History
Articles.DirectoryM.com | Search | About Us | Contact Us | Mobile | Blog | En Español
Copyright © BET Information Systems, Inc. All rights reserved.