BBS Gaming

BBS Gaming 10 steps to start your business
Starting a business involves planning, making key financial decisions, and completing a series of legal activities.

Scroll down to learn about each step.

16. Develop your product (or service)You’ve done the legwork, understand the financials, and, ideally, have begun to val...
14/01/2022

16. Develop your product (or service)
You’ve done the legwork, understand the financials, and, ideally, have begun to validate your idea with early interest from customers. Now, it’s time to go deeper into how you're going to build what you sell. For a product-based business, developing your product could mean taking one of three general approaches:

15. Get your finances in orderThe goal of any business is to make money. Otherwise, you just have a hobby (which is also...
14/01/2022

15. Get your finances in order
The goal of any business is to make money. Otherwise, you just have a hobby (which is also OK!). But if your goal is to find effective ways to start a business, knowing what you'll need to start up and how to manage cash flow once you have it will be integral to your success. Although it's hard to get a definitive list of reasons as to why most businesses fail, cash flow and insufficient capital are frequent culprits.

There are two sides to this coin: financial literacy and securing funding (if it's needed). Let's start with the first one. There are plenty of businesses you can start with minimal startup costs, but others will require money for inventory, equipment, or physical space. A clear view of your total investment—before you spend a cent—is a must for helping to make important projections, like when you’ll break even.

Where the money ends up going will largely be determined by your business, but our research shows that for most businesses, product and inventory costs represent a large share of spend in Year 1. If those calculations show you’ll need more funding than you can afford to spend out of pocket, you can look at options like a small business loan, a Shopify Capital offer (for those qualified), or a crowdfunding campaign. Read more on how to get a business loan and the different types of loans you can apply for.

14. Write your business planNext on our list of steps to start an online business is your business plan. Writing a busin...
14/01/2022

14. Write your business plan
Next on our list of steps to start an online business is your business plan. Writing a business plan helps formalize your idea and can streamline the business-creation process by getting you to sit down and think things through methodically.

And, yes, plans are (often) worthless, but planning is everything. Many entrepreneurs say they rarely look at their plan once they’ve launched—but they’ll also tell you there’s value in thinking through and researching your idea; writing a business plan is the perfect canvas for this exercise. In fact, writing a business plan may reveal more insight into how to start a business online, especially as you get to the logistics parts.

At the very least, you'll quickly figure out what questions you don't have answers to. Having a firm grasp of your "known unknowns" is important because all it means is that you're actively not prioritizing finding a solution right now; that's a lot better than being unprepared or caught off guard, especially if you struggle to answer these questions while seeking funding.

🎯 TIP: If you're interested in writing a business plan but turned off by stodgy paperwork, we've developed a sample business plan template that you'll actually use. Thousands of people have made a copy to repurpose for their own plan, and it's completely free to use.

Your day-to-day of getting your business off the ground will undoubtedly move on a much shorter timeline than the average business plan. And that's a good thing; you need to know what you think, not what you thought. But the initial draft of your plan is like charting a course for an intended destination. Along the way, things will change, and minute details in the original plan will become out of date. But if you don't know where you're going, how will you know when you've arrived?

13. Validate your product ideaUntil people pay you, all you have is a list of assumptions. Market research, surveys, and...
14/01/2022

13. Validate your product idea
Until people pay you, all you have is a list of assumptions. Market research, surveys, and feedback from friends and family can point you in the right direction, but the calling card of real product validation is the sound of the cash register ringing. So, the first and arguably best way to validate your product is to make a few initial sales.

There are, however, a number of ways to validate your would-be idea as you're developing it. Most focus on a single essential action: commitment. Let early customers commit in some form or fashion to show that, yes, people really are interested in buying this product and they aren't just telling you what you want to hear.

This bias toward speed and experimentation can save you from costly mistakes down the line. It's advice so simple and obvious it too often gets dismissed: make sure you're selling something people want. Here are a few ways to test the waters before diving into the next part of how to start a small business online.

12. Choose a business nameWhat's in a name? For starters, your business name is a universal facet of your marketing; it ...
14/01/2022

12. Choose a business name
What's in a name? For starters, your business name is a universal facet of your marketing; it shows up everywhere you do. Word of mouth is hard enough to earn, so there's no reason to make life harder with a dull, confusing, or irrelevant business name.

That said, the early days of starting a business are fluid, with very little being set in stone. Whatever name you come up with now isn't the one you have to live with forever. Keep things simple and focused: find a name for your business that makes it clear what you do, that’s short and memorable, and that aligns with your mission and vision statement. This isn’t an effortless task, but it’s very achievable with a bit of ingenuity.

Name generators can help you come up with an initial set of ideas—the rest is up to you. If you're starting from scratch, there are also a few time-tested practices to lean on for direction. Below are some tips to start a business with s fitting and memorable name:

Keep it short and simple. A good tripwire here is if you've spoken about your business idea before and people frequently ask you to repeat the name. Don't make customers work to remember your brand. One or two words is ideal, although three to four short words can also work if they form a concrete phrase. (E.g., Storq, Star Cadet)
Dare to be different. If your market research shows that everyone in your industry seems to have similar names or relies on similar elements, consider avoiding these tropes and veering in a completely different direction; many brands underestimate the marketing upside of wild originality. You can always amend your name with your product category to blend clever with clear, too. (E.g., Deathwish Coffee, Beefcake Swimwear)
Be original. You’ll need to ensure your business name isn’t in use by another business, especially a competitor. To do that, run a free trademark search in the countries you’ll be doing business in, and make sure to check Google and social media sites, too. The same goes for URLs, so run a quick domain name search or a whois lookup before you register anything. (If you’re still unsure, it’s best to consult independent legal counsel for advice specific to your business.)

11. Find a business ideaFirst of the steps to start an online business is figuring out what you want your business to be...
14/01/2022

11. Find a business idea
First of the steps to start an online business is figuring out what you want your business to be. Finding small business ideas is a task you can approach systematically by relying on time-tested approaches that have worked for other entrepreneurs. No matter whether you're looking to start a low-investment business on the side or you'd prefer to go all-in on your idea, the best way to find a product to sell starts with asking questions:

A. What's the potential opportunity size?
Entrepreneurs are often too dismissive of small markets. Yes, the market size should match your ambitions from the business, but the opportunity size of a specific niche is determined by a few other dimensions. For example, if a product category has relatively few active customers, but the price of the product is relatively high and requires repurchase, that's an attractive opportunity that founders focused on market size might miss.

That said, the costs to acquire any customer isn't exactly cheap these days. The best opportunities will come from product areas where you can encourage repeat purchases, either in the form of a subscription or by (eventually) upselling and cross-selling customers complementary products. That can come later, but keep the potential in mind as you explore opportunities.

10Open a business bank accountA small business checking account can help you handle legal, tax, and day-to-day issues. T...
23/11/2021

10
Open a business bank account
A small business checking account can help you handle legal, tax, and day-to-day issues. The good news is it’s easy to set one up if you have the right registrations and paperwork ready.

9Apply for licenses and permitsKeep your business running smoothly by staying legally compliant. The licenses and permit...
23/11/2021

9
Apply for licenses and permits
Keep your business running smoothly by staying legally compliant. The licenses and permits you need for your business will vary by industry, state, location, and other factors.

8Get federal and state tax IDsYou’ll use your employer identification number (EIN) for important steps to start and grow...
23/11/2021

8
Get federal and state tax IDs
You’ll use your employer identification number (EIN) for important steps to start and grow your business, like opening a bank account and paying taxes. It’s like a social security number for your business. Some — but not all — states require you to get a tax ID as well.

7Register your businessOnce you’ve picked the perfect business name, it’s time to make it legal and protect your brand. ...
23/11/2021

7
Register your business
Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, too.

6Choose your business nameIt’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures ...
23/11/2021

6
Choose your business name
It’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure your business name isn’t already being used by someone else.

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