Every innovative giant in today’s business realm started out with one simple idea but the main element all these landmarks had in common was turning that great idea into a reality. Although this story might seem like a fairytale, the process of getting things together to start a business can be overwhelming and rather scary especially in this competitive market. However, getting a business up and running may not be as daunting as most people might think.

Like any big objective, if you progress towards your destination one step after another, you will definitely be able to achieve what you have dreamed of and come up with ways to tackle any challenge life throws at you. Here is a list of six of the best ways to start planning for your potential start-up and lay the foundation for a successful small business.

1. Construct a Brief Business Plan:

One of the key things which you need to follow in a small business start-up is to keep everything simple and both your monetary and time investments as low as possible. Most enthusiastic business owners have the most vigorous business plans for the future. However, that is only needed when you are either looking for investment or financing. On the other hand, even if you are looking for these two things, it is better to construct a brief business plan so you can prevent yourself from wasting a lot of money and time. Hence, make a brief, one-page plan to start-up your small business.

This includes:
* Determining where you want to take this company.
* Setting a mission for your business.
* Noting down your objectives and goals.
* Setting pointers for all the strategies you need to use.
* Making action plans to achieve your objectives and goals.

2. Make a Budget:
Even if you are keeping your costs low, make sure to create a budget for your outcome and income. If you are self-funding, make sure to keep the numbers realistic and keep a 20 percent for incidentals so you overcome the burn rate. The burn rate is the money you spend month after month, and it helps you to determine when you can start making a profit. You can set the profitability for the first 30 to 90 days, however, make surer to keep a reserve budget in case things go south.

3. Choose a Legal Entity:
Before you start your business you need to file paperwork, which is costly and includes a lot of extras such as a municipality fee. Make sure to do your research and determine what your total filing fee is. In the initial stages, it is smarter to start as a sole proprietor as it can save you a lot of cash up-front.
However, this may put your personal income at risk. Hence, make sure you weigh the pros vs cons and talk to a local official such as an attorney, to recognize which way is best for your long or short term goals. Moreover, you can also file for a business entity after you have proved the viability of your business in the first 3 to 6 months.

4. Take Care of Your Funds:
Make sure to keep your professional income separated from your personal account to prevent any tax confusion in the future. Set up a free business checking account with any financial institute, with a few documents such as your filing paperwork. You do not need to pay for any account yet. Just go to a financial institute of your choice and open a free account. This will help you in keeping your personal account separate and won’t take much time.

5. Set Up Your Website:
Regardless of whether you are going to be a brick-and-mortar titan or a digital warrior, you need a website for online presence. You can secure a domain name with websites such as Go Daddy for as low as £9.99. If you are starting an online store, you can get attached to an already built platform or get in touch with a team of experienced web developers.

6. Examine Your Sales:
Now that you have the foundation, it’s time to gain some sales! If you have a service-based business, talk to the local chamber of commerce and see if there is a platform to introduce your business. On the other hand, if you have a product-based business, introduce your product on other platforms such as a farmer’s market. You can drive traffic to your website by simple using capped Facebook Ads combined with a capped Google AdWords account to check the traffic.

Conclusion:
Starting your own business might seem intimidating at first, but the above mentioned ways can help you check the viability of your unapproved plan without having to invest a lot of money. This will not only cut corners on your investment but will also provide you with the right experience you need as a small-scale business driven individual.