How to get a small business off the ground in minimal time

While brainstorming ideas for a new business may be an ongoing pursuit, putting a new small business plan into action may be feasible in a matter of weeks.

According to an article in Entrepreneur.com, business owners who remain focused on the big picture can get a business launched in minimal time.

Experts agree that starting a business during an economic downturn is a viable option. Many workers who have lost jobs re-emerge as entrepreneurs eager to capitalize on their vision.

Harnessing that vision is Entrepreneuer.com's first suggestion. Before taking steps to physically set up the business, ensure sufficient background research on target market and customer needs has been carried out.

Clarifying ownership strategy is the next item on the magazine's to-do list. Will you operate a proprietorship, a partnership or as an incorporation?

After naming a business, legal experts recommend understanding the benefits and challenges associated with the value of that name.

One industry expert told the Ottawa Business Journal that proper trademark registration can keep other businesses from using the same or similar business names.

After initial budget and sales forecasts are complete, Entrepreneuer.com says to focus on website and logo design. These two tools help create a business brand and are key to making sales, says the magazine.

If owners manage to survive Entrepreneuer.com's whirlwind guide to start-ups, they may be looking for a set of employees to join the business.

Profit magazine's latest issue says now is an opportune time for small businesses to find big talent. Claiming the market is flooded with talented professionals given ongoing corporate layoffs, author Jim Estill advises start-ups to "jump on top talent."

Estill says, "These people will be willing to work for you for far less than their old pay - or to work part-time, as advisers or for future consideration. Use this time," he suggests "to get a few great minds on your side."

Another thing small business can take from corporations - market share - says Estill.

He encourages small businesses to be creative and take chances on new markets while the bigger companies are hampered by capital spending freezes and an unwillingness to make new investments.

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Knowing the correct steps to take when starting a new business gives your business a much better chance of success. NEBS has been helping Canadians start, manage and grow their businesses for over 30 years.