Do you want to start a business and be your own boss? If YES, here are 7 easy steps to become a CEO of your own company even without experience.
Becoming a CEO in your own company is far easier than becoming a CEO in a company owned by another individual or group. In fact, being the CEO of a business you own is almost inevitable. All you need to attain that position and succeed in it are a good business plan, the drive and passion to succeed, and the required startup funds.
It goes without saying that achieving your dream of becoming the CEO of your own company requires setting up the company at first and running it effectively. Of course, you can’t be the CEO of a company that doesn’t exist. So, you must establish your business first, and you will become its CEO—automatically. Now, let’s discuss the steps you will need to take to become the CEO of your own business.
How to Become a CEO of Your Own Company in 7 Easy Steps
Your first step towards establishing a successful business is to write a business plan that details proposed name of the business, the goals and objectives of the business, the products and services to be offered, the management plan, the market analysis, the required startup and operation costs, the marketing strategy, and so on.
Writing a business plan has multiple advantages. First, it gives you more insight into your target market and the competition, and helps you understand your chances of success. Second, it helps you know the right steps to take to set up your business successfully and run it effectively after its launch.
Third, it helps you predict the likely challenges that come with starting and running your business, so you can be prepared for them. And since it contains vital information about your business, your business plan will come in handy if you need to secure startup funding from third-parties such as lenders and investors. Writing a business plan won’t guarantee the success of your business. But not writing it is one of the shortcuts to failure.
Without the required funds, you will be unable to forge ahead with your plans to setup a business. If you cannot provide all of the required funding from your own end, you will need to seek approach others.
You can start with your family and friends, as they will be most willing to assist. However, if you will get funding from them, you must define clearly whether it is a gift, or a loan, or an equity fund. Don’t skip necessary formality because of the closeness between you and them.
In the event you cannot get the required funding from friends and family, you may turn to organizations that issue grants for startup funding or government agencies that issue loans to small business owners (such as the SBA in the U.S).
You can also consider approaching angel investors—wealthy entrepreneurs who are always looking for promising businesses to invest in. And if you have no problems with ceding part of the ownership of your business, then you can approach venture capital firms for the required startup funding.
3. Register your company name
Choose a good name for your business. Your ideal name is one that is unique, easy to pronounce and remember, and reflective of what your business is about. If you choose to use your own name, that’s fine, too.
Contact your local agency in charge of business name registrations and check whether no one else is using your chosen company name (this is unlikely if you are using your own name). If the name is available, pay the required fees and take other necessary steps to complete the name registration process.
4. Complete all paperwork
Starting your business will require that you obtain certain licenses and permits—regardless of your location. To avoid running into problems, you must obtain all necessary licenses and permits that apply to your business. If you need more information on how to take this step correctly and completely, then visit the appropriate local agency to find out more, or contact a seasoned attorney or business consultant.
In addition, you must find out the tax requirements that apply in your state and country and complete all tax registrations. Also, you must not forget to purchase necessary insurance policies to protect yourself and your business in the event lawsuits and unexpected disasters.
The location of your business is one of the key factors that will determine its success. Your ideal location is easily accessible and has lots of parking space around it.
If yours is a manufacturing business, then availability of water, power supply, raw materials, and so on are things you should factor in when choosing a location for your business. The proximity of your location to your target customers is another important factor.
6. Hire employees
If you need additional staff to work with you, you need to hire competent individuals with the qualifications, skills, and experience required to help your business.
7. Market your business
You must figure out the best way to create awareness about your business and reach out to your target customers. Try multiple advertising media to find out which ones will work best for your business. And strike a balance between online and offline media during the experimental phase of your marketing.