7 Key Steps Toward Starting Your Own Business

A lot of people think starting a business is hard. Too many would-be-entrepreneurs get stuck early in the process because they think only a certain type of person has what it takes to make it as a successful business owner. The reality is, most people have what it takes: a good idea, the right amount of capita and the creativity.
What most people lack, however, is the patience, determination and ability to plan. It’s easy to become overwhelmed in the early stages of starting a business. The key is to have a working plan to stick to. Use something simple to guide you along the way.
Here are seven key first steps to starting your own business:
Related: 6 Things I Wish Somebody Had Told Me When I Started My Small Business

1. Take time to brainstorm.

An idea is great, but you need to be able to give it legs. Your job as a new entrepreneur and future business owner is to think about every aspect of your business. Come up with answers to every question a stranger or potential investor might ask you. For example try to answer these questions:
Who is the target market for the product?
What could go wrong and how will you solve it?
Are there additional products or services that could tie into your main offering?
What are the main things you want your customers to know about you?
By preparing answers to these questions ahead of time, you'll come across as a more confident and trustworthy business owner when it comes time to try to attract the attention of the right stakeholders.

2. Create a business plan.

After you’ve taken the time to answer questions about your business or product idea, put together a concrete business plan.
According to the U.S. Small Business Administration, the main parts of a business plan include the executive summary, a company description (what makes the company unique), a market analysis (the competition and target demographics), the company's structure, a description of the service or product line, the marketing and sales strategy, financial projections -- plus any additional useful information.
Entrepreneur also has a section of free business plan templates that can help you get started.

3. Gather needed resources.

If you're planning to start a one-person business, you don’t necessarily need to worry about hiring anyone. But it might be helpful to create a plan for the future when you want to scale the business.
No matter what the size of your business is, you'll need a few essentials to start operating. Create a list of everything you’ll need and its approximate cost, Whether it’s an office space with a new desktop and printer or a warehouse to hold the products.
If you are purchasing something that will solely be used for business, then likely it's tax deductible. Be sure to check with the IRS, an accountant or a tax attorney to be sure you are properly deducting expenses.