Owning a business is hard work, but these steps should help along road to success

99.9%.

That’s the percentage of U.S. businesses classified as small businesses. Across the country, 33.2 million small businesses employ 61.6 million people, according to the U.S. Chamber of Commerce. Entrepreneurship is a powerful economic engine in the U.S, and a range of resources existsto help turn dreamers into doers.

Here are the key steps for aspiring entrepreneurs to consider:

Research

Coming up with a business idea is easy. Turning that idea into a viable, revenue-producing business is where the real work begins. The foundation of that work is research. Your thorough research will prepare you to launch your business and improve the likelihood of your success. You want to research your idea from every angle: existing products and services, your competition, the broader industry, your potential customers and your specific customer segments.

From there, develop your unique value proposition. Why should a customer come to YOU when there are so many other options? Then do more research based on that UVP. Identify resources, suppliers, logistics, customer acquisition plans, quality assurance measures and so on.

Money

Although stressful and overwhelming, it is crucial that you know the money side of your business. Make a detailed list of expenses and don’t forget about taxes (income, payroll, sales, property), license fees, insurance, shipping and returns, and marketing. Review that list with advisers then research the cost. Be realistic!

Once you have figured out your costs, you can turn your attention to revenue. Questions to consider include: “What will people be willing to pay for my product or service?” and “How many ways can I pursue revenue?”

Consult professionals

Ironically, the area most vital to starting a business is where entrepreneurs often take the most shortcuts. The adage “you get what you pay for” rings true here.

An attorney provides assistance in creating your entity and entity documents; developing or reviewing contracts and leases; understanding local ordinances or laws; and estate and succession planning.

An accountant can assist you in setting up your books; managing payroll; understanding bank account procedures and expenses; and determining how to minimize your tax liability.

An experienced insurance agent will determine whether you need coverage for general liability, business income, professional liability, commercial property, auto coverage, workers’ compensation, and more.

A community banker will help you establish business credit and find funding sources for your business.

Operations

You will want to focus attention on several issues as you make final arrangements to open your business. Finalize things like location, utilities, signage, insurance and zoning, among other things. Purchase start-up supplies and equipment. Set up a payment processing system and bank account. Hire and train your staff. Develop your marketing strategy.

Once you begin operations, you will manage daily operations. Make sure things are happening as you intend. Have quality control procedures in place. Seek feedback from customers. Inconsistency kills businesses. It is imperative that you have processes in place and that everyone, including you, follows those processes. Ensure proper handling of the money. Monitor supplies. Pay bills.

Take care of customers. Remember, you need them; they don’t need you. Go above and beyond when there’s a problem, so the customer leaves happy. Do not inconvenience your customer, and if you do, make it up to them. Keep in mind that people are more likely to talk about bad experiences than good ones.

Take care of your employees. Instill a sense of pride and excellence in yourself and your staff. Make sure your staff are prepared for high stress situations. Jump in when your help is needed. Pay attention to the well-being of you and your staff. Always be ethical and practice the Golden Rule.

Self development

Leading others does not come naturally for most people. Learn. Be open to advice and criticism. Participate in the Northwest Indiana entrepreneurial ecosystem. Network with other entrepreneurs. Knowing that you are not in this journey alone is powerful, as is the ability to collaborate with other entrepreneurs.

This may feel overwhelming, but remember, the path entrepreneurs follow is remarkably similar, and there is extensive support available along the way. Business ownership requires hard work, but it is also immensely rewarding and empowering.

Take the leap. Follow the dream.