Starting a business isn’t an easy thing to accomplish, but with some good strategy and a great deal of elbow grease, you can get it done.
You feel like if you have to go to your 9-5 job for one more day you’re going to explode. When you first signed on with the company you liked the message they were selling but everything changed when a new manager took over.
Have you ever thought of starting a business that’s similar to the one you’re working at? All you need is a vision, a small startup fund, and a staff of talented individuals to make it happen.
Check out this guide to learn what you can do to get your company up and running so you can ditch that horrible job.
Decide What Kind of Business You Want to Run
If you already know what kind of business you want to start, this step won’t apply to you as much. You’ll still have to do a little bit of marketing research to make sure there’s a demand for the product or service you’re planning on selling. Other than that, you’re ready to create your business plan.
If you’re a budding entrepreneur with no direction, you’re going to have to do a little bit of pre-planning. Think about what unique skills you can bring to the table. For example, if you can sew, you could open your own clothing line.
Create Your Business Plan
Once you know what kind of business you’re creating, it’s time to move on to the business planning stage. Here, you’ll write down everything that’s going into your business such as, what service does it provide?
How will it help people in your neighborhood? Speaking of people, who are you creating this business for? What does your average everyday client look like in your head?
Take a walk around your block and look at your competitors. How are they marketing their businesses and how can you make yours stand out from theirs?
What resources do you need to get started? Going off the sewing example from above, you’ll need a sewing machine, needles, thread, and a bunch of other supplies to make and alter clothing. How are you going to fund this equipment and the building that you’re working out of?
Get the Legal Stuff Out of the Way
After you’ve written down the answer to all the big questions above and have a good idea going, you’ve got to get your legal paperwork done. You won’t be able to open your shop until you do without facing certain repercussions.
Decide on Your Business Structure
The first legal item you have to take care of is deciding your business structure. This will determine how you file taxes and other important aspects of your company.
The basic one is a sole proprietorship. You’ll control every part of your business on your own and will be responsible for any liabilities and penalties that are thrown your way.
If you enter a partnership that means you’ll be working with another person to run your company.
Corporations are usually reserved for huge businesses. Not little startups. It can be worth it to go with this option if you’re planning on hiring a lot of employees though.
Register Your Company
You won’t be able to open your doors until you register your company name with the proper authorities. You’ll also need an employee identification number.
You can sign up for one on the IRS website. It only takes a few minutes and it’s free.
Keep in mind that you’ll need to register for federal and state taxes. Doing this is different in every state so you’ll have to do a little research to figure out what you have to do.
Apply for Your Business License
The last thing you’ve got to take care of is applying for your business license. In some states, you can apply for a general license and be good to go.
Other states require you to get a specialty license if you’re opening up a business that revolves around things like childcare and food service.
Figure Out How You’re Going to Fund Your Business
You won’t be able to buy a building and equipment unless you get funding from somewhere. Some can get a modest loan from family and friends but others don’t get that lucky.
If you’re one of the ones that are scrambling to find ideas, a loan might be your best bet. There are tons out there such as term, SBA, and unsecured loans. Do a bit of research to find out which one is best for you.
Hire Your Staff
Finally, you’ve selected a building and location for your business. Now it’s time to hire employees to help you run it. If you don’t have the money to hire an HR team, you can invest in Indeed and other agencies to find the best employees.
It’s also important to keep in mind that you don’t need to hire a full staff of people right away. In the beginning, you may only be able to get by with independent contractors and freelancers and that’s okay.
Promote Your Business
You won’t be able to pull in clients if your target audience doesn’t know that you exist. Make a business website and link it to your blog and social media.
Consider getting into email marketing and attend trade shows and local events to help get people interested in what you have to sell. It may also be a good idea to run promotions during your first week or two of being opened.
Starting a Business That’s Successful
Has starting a business always sounded appealing to you? It’s a lot of work but it will be more than worth it when you’re attending your grand opening ceremony. Follow the steps in this article and you’ll be well on your way toward making your company dreams come true.
You don’t have to start up your own business to bring in tons of money. Check out our blog daily for even more money-making ideas and tips.