The 3-Part Process for Starting a Business, Explained by an Expert

The 3-Part Process for Starting a Business, Explained by an Expert

Look around our community and you will see many successful business owners. What might not be as evident are the steps they took to develop thriving businesses, providing products or services and employment to residents of our community and beyond.

“About 82% of the people I talk to who dream of starting a business, know what they want to do, but can’t get there,” explains Pedro Pomales, CEO of Sphere Financial Services in Leesburg.

It’s not an easy road, but Pedro has been down it several times. Now he teaches new business owners how to move a business idea from a dream to a reality with a three-part plan:

Part one starts with a passion. Building your passion into a business ensures you will never feel like you’re working. Pedro takes a business idea and turns it over and over to find the passion that fuels it. He helps would-be business owners see the details of their idea, what it would look like and how it would work . . . until they have an idea worth naming.

With a name, they can begin to draft a business plan. “Most people get stuck on the business plan, but all businesses need a plan,” Pedro says. The business plan provides guidance and direction for how the business will grow and develop. It is also necessary for funding applications, marketing campaigns and hiring initiatives.

Part two is where the real education takes place. Would-be business owners learn what it takes to build a business, the sacrifice and commitment necessary to be successful. You must be willing to continue working your full-time job during the day and focus on your business at night, according to Pedro.

You need to learn everything you can about your new business, the services or products you offer and the potential customers you will serve. Most small businesses you can start from home require an initial investment of three to four hours per day just to learn the business. “Some people don’t make it past this stage,” Pedro says. “They are either unable or unwilling to put in the kind of time required to build their business.”

Part three is about the financial side of the business. With a solid business plan and your proven commitment to business ownership, you may want to apply for financing. It is also time to set up accounts, establish a business line of credit and choose an accounting system. Putting financial and business processes in place now will help things run smoothly when you have clients, expenses and revenue.

Starting a business is far from easy, but Pedro uses his experience to simplify the process for his clients. He says, “The goal is to smoothly develop yourself into a business owner, transitioning from a W2 (working for someone else) to a 1099 (independent contractor working for yourself) to executive salary (drawing salary from your own business).” He believes that passion and dedication are the most important qualities for business owners who want to achieve success.