Small business owners, we have millions of them across the world. When you consider some of the most popular reasons to start a business, including having a unique business idea, designing a career that has the flexibility to grow with you, working toward financial independence, and investing in yourself — it’s no wonder that small businesses are everywhere.

There are no limits on who can become a great entrepreneur. You don’t necessarily need a college degree, lots of money in the bank or even business expertise to start something that could become the next global success. However, you do need knowledge of what you want to do, strong plan and the drive to see it through.

But not every small business is positioned for success. In fact, only about two-thirds of businesses with employees  survive at least the first two years and about half survive five years.You may be in for a real challenge when you decide to take the plunge. You ditch your day job to become a business owner.

If you’ve got an eye for anything and a passion for shoes like my self for example, you can turn your love into a business. With some preparation and hard work, you can start your own business by following these tips:

    1. Evaluate yourself before you start a small business.

Why do you want to start a business? Use this question to guide what kind of business you want to start. If you want extra money, maybe you should start a side hustle. If you want more freedom, maybe it’s time to leave your 9-to-5 job and start something new.  Once you have the reason, start asking yourself even more questions to help you figure out the type of business you should start, and if you have what it takes.

•What skills do you have?

•Where does your passion lie?

•Where is your area of expertise?

•How much can you afford to spend, knowing that most businesses fail?

•How much capital do you need?

•What sort of lifestyle do you want to live?

•Are you even ready to be an entrepreneur?

Be honest with your answers. This will create a foundation for everything you do moving forward. It’s better to know the truth now than later.

     2. Have a valid small business idea.

Do you already have a great idea? If so, congratulations! You can proceed to the next section. If not, there are many ways to brainstorm for a good idea. Following an article on Entrepreneur, “8 Ways to Come Up With a Business Idea,” there are different ways to break down a business idea:

•Ask yourself what’s next. What technology or advancement is coming soon, and how will that change the business landscape as we know it? Can you get ahead of the curve?

•Fix something that bother you. People would rather have less of a bad thing than more of a good thing. If your business can fix a problem for your customers, they’ll thank you for it.

•Apply your skills to an entirely new field. Many businesses and industries do things one way because that’s the way they’ve always been done. In those cases, a fresh set of eyes from a new perspective can make all the difference.

•Use the better, cheaper, faster approach. Do you have a business idea that isn’t completely new? If so, think about the current offerings and focus on how you can create something better, cheaper or faster.

Also, go out and meet people and ask them questions. Seek advice from other entrepreneurs. Research ideas online or use whatever method you are comfortable with.

   3. Do market research on your small business idea.

Most likely at this point you have already identified a valid business idea. Now it’s time to balance it with a little reality. Does your idea have the potential to succeed? You will need to run your idea through a validation process before you go any further. In order for a small business to be successful, it must solve a problem, fulfill a need or offer something the market wants.

Is anyone else already doing what you want to start doing? If not, is there a good reason why? Start researching your potential rivals or partners within the market by using this guide. It breaks down the objectives you need to complete with your research and the methods you can use to do just that. For example, you can conduct interviews by telephone or face to face. You can also offer surveys or questionnaires.

    4. Choose a Small Business Structure

Your small business can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. The business entity you choose will impact many factors from your business name, to your liability, to how you file your taxes.

You may choose an initial structure, and then reevaluate and change your structure as your business grows and needs change.

Depending on the complexity of your business, it may be worth investing in a consultation from a lawyer to ensure you are making the right structure choice.

5. Pick and Register Your Small Business Name

Your name plays a role in almost every aspect of your business, so you want it to be a good one. Make sure you think through all of the potential implications as you explore your options.

Once you have chosen a name for your business, you will need to check if it’s trademarked or currently in use. Then, you will need to register it.

Don’t forget register your domain name once you have selected your name.

6. Get Licenses and Permits for your small business

Paperwork is a part of the process when you start your own business.

There are a variety of licenses and permits that may apply to your situation, depending on the type of business you are starting and where you are located. You will need to research what licenses and permits apply to you during the start-up process.

7. Choose Your Accounting System for your small business

Small businesses run most effectively when there are systems in place. One of the most important systems is an accounting system.

Your accounting system is necessary in order to create and manage your budget, set your rates and prices, conduct business with others, and file your taxes. You can set up your accounting system yourself, or hire an accountant to take away some of the guesswork.

8. Write your Small business plan.

A business plan is a blueprint that will guide you from the start-up phase through establishment and eventually growth, and it is a must-have for all new businesses.

The good news is that there are different types of plans for different types of businesses.

If you intend to seek financial support from an investor or financial institution, a  traditional business plan I s a must. This type of business plan is generally long and thorough and has a common set of sections that investors and banks look for when they are validating your idea.

If you don’t anticipate seeking financial support,a simple one page plan can give you clarity about what you hope to achieve and how you plan to do it. In fact, you can even create a working business plan and improve it over time. Some kind of plan in writing is always better than nothing.

9. Financing your small business.

Starting a small business doesn’t have to require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit. Put together a spreadsheet that estimates the one-time startup costs (licenses and permits, equipment, legal fees, branding, market research, inventory, trademarking, grand opening events, property leases, etc.), as well as what you anticipate you will need to keep you running for at least 12 months (rent, utilities, marketing and advertising, production, supplies, travel expenses, employee salaries, your own salary, etc.). Those numbers combined is the initial investment you will need.

Now that you have a rough number in mind, there are a number of ways you can get funds including: Fund your startup yourself, Pitch your needs to friends and family, Request a small-business grant, Start a crowdfunding campaign online,Apply to local angel investor groups,Solicit venture capital investors, Join a startup incubator or accelerator. , Negotiate an advance from a strategic partner or customer, Trade equity or services for startup help, Seek a bank loan or line of credit.

10. Develop your product or service.

After all the work you’ve put into starting your business, it’s going to feel awesome to actually see your idea come to life. But keep in mind, it takes a village to create a product. If you want to make a shoe and you’re not a designer, you will need to reach out to a technical person. Or if you need to mass-produce, you will have to team up with a manufacturer.

When you’re actually crafting your product, you should focus on two things: simplicity and quality. Your best option isn’t necessarily to make the cheapest product, even if it lowers manufacturing cost. Also, you need to make sure the product can grab someone’s attention quickly.

11. Start building your team.

To scale your business, you are going to need to hand off responsibilities to other people. You need a team.

A business tip I learnt from Anna Runyan of the Classy Career Girl is you need the fantastic 4 when starting. You need the personal assistant, book keeper, legal adviser and project manager. With these 4 you can begin then grow  in terms of team members as the need arises.

12. Find a location for your small business

Setting up your place of business is important for operation, whether you will have a home office ,a shared or private office space, or a retail location.

You will need to think about your location, equipment, and overall setup, and make sure your business location works well. 

13. Start getting some sales.

No matter your product or industry, your business’s future is going to depend on revenue and sales.  But how do you actually make those sales? Start by identifying targets who want your product or service. Find early adopters of your business, grow your customer base or put out ads to find people who fit. Then, figure out the right sales funnel or strategy that can convert these leads into revenue. 

14. Grow your business.

There are a million different ways to grow. You could acquire another business, start targeting a new market, expand your offerings and more. But, no growth plan will matter if you don’t have the two key attributes that all growing companies have in common.

First, they have a plan to market themselves. They use social media effectively through organic, influencer or paid campaigns. Also have an email list and know how to use it. They understand exactly who they need to target — either online or off — with their marketing campaigns.

Then, once they have a new customer, they understand how to retain them. You’ve probably heard many people state that the easiest customer to sell to is the one you already have. Your existing customers have already signed up for your email list, added their credit card information to your website and tested what you have to offer. In doing so, they’re starting a relationship with you and your brand. Help them feel as good about that relationship as possible.

Start by utilizing these strategies, which include investing in your customer service and getting personal, but realize your work will never be done.

Keep in mind that success doesn’t happen overnight. But use the plan you’ve created to consistently work on your business, and you will increase your chances of success.Keep researching the market, hiring good people and making a superior product and you’ll be on your way to building an empire.

Cheers to a prosperous journey and see you at the top!