10 Steps Guide To a 1 Million Dollar Company

2022 is almost here. For women in business, there is no better opportunity than now. As January slips away, many new year’s resolutions will as well. Instead of pledging a ridiculous diet or exercise goal, why not make a life-changing, long-term move this year. As the economy bounces back, opportunities to start a small business arise, but they won’t be around forever.   

With this guide to building a million-dollar company, you will have the framework to start your own small business and be successful. Following this guide is only part of the journey; being a business owner is hard work, especially from scratch. But there is no goal unattainable for a strong woman in business.

Step 1: Business Idea   

Starting a small business begins with an idea. Aspiring business owners need to find a balance between what they are passionate about and what is marketable. Everyone wants to turn their favorite hobbies into a multimillion-dollar company, but it's just not practical for most people.         

Step 2: Market Research   

Do your homework. Knowing your market is so important. This step will help you with all the other aspects of your business. If you know your market inside and out, you find that niche to make your company stand out.   

Step 3: Feedback   

Having outside feedback is a must. Sometimes an outside opinion can help your team find mistakes they’ve overlooked. You can be too close to a project. Taking a step back and hearing an outside opinion can save months or years of hard work.   

As a woman in business, this step is important if you are marketing outside your gender. Getting the male perspective is crucial because they are almost half your potential client pool.   

Step 4: Business Plan   

Having a solid business plan isn’t just about obtaining financing. This should help your business stay on track.   

Step 5: Financing your Business

All small businesses need money. If you don't have a large amount saved up, you will need to ask for capital. A solid business plan and adequate market research should secure the funding required if the business idea is viable.         

Step 6: Business Structure

A well-thought-out structure can save headaches down the road, especially when working in a partnership.   

Step 7: Business Name   

This step has changed dramatically over the past few decades. Creating a catchy business name that sounds good doesn’t cut it. You need a domain name for your website. You must also be thinking about search engine optimization when choosing a business name.         

Step 8: Licenses and Permits   

All businesses need to register with their Secretary of State. This can be done online in a few minutes. Aspiring women in business will also need a tax identification number. These are both done easily online. Other licenses and permits can become more complicated, but you should be prepared from your extensive market research.   

Step 9: Business Location   

The coronavirus has forever changed the consumer goods and food industry. It is still unclear how shopping patterns will change in a post-pandemic world.  Choosing a business location is not an easy task, especially with the growing demand for direct-to-consumer shopping.    

Step 10: Promotion   

Every business needs to get the word out. There are more advertising options than ever, but most take an expert to navigate. New business owners need to prepare and be realistic about how they will communicate to new potential customers.    

Looking for more ways to start your business? 

Check out Roadmap, 10 Steps to Start a Business’s workbook. We’ll show you practical, step-by-step to help you build your plan, create your business, and launch.   

Follow these steps, and you will be on your way to your first million-dollar company. The road ahead isn't easy, but an ambitious woman in business is a force that can't be stopped. Good Luck!