Starting a business and setting one up from scratch is easier than ever these days. It’s so easy that literally anyone can take the next step and explore the benefits of doing so. However, you do need to do some legwork and ensure that you are on a path that you can enjoy and reap the benefits of. If you skip over important steps, then you will gain a business that is unstable and way more complication than you hoped for. Our Founder chatted with HR Block Advisors about her journey, see the link above, but for now let’s dig in and explore some of the key aspects of setting up a new business.
Pick an Idea
Ground zero is to choose an idea. It doesn’t have to be perfect, but you do need to know what sort of business you will create. Will you have digital products and services? Will you open a brick and mortar store? Do you intend to open a food truck and serve snacks to hungry guests? Will you teach kids a subject that they are struggling in? Will you do a blend of the above? The options are endless, and thankfully so. Once you settle on an idea, check your local state’s attorney general website to learn if you need any sort of authorizations for business.
Setting Up Tax
First, you need to make sure that you are setting up your business to pay tax. This should always be one of the first steps that you take with your company. If you don’t do this, then you do run the risk of massive financial penalties in your future. Particularly, if your profits turn around to be larger than you expected. Be sure to visit the IRS for accurate, up to date information. You can use an online application for a federal tax ID number to get started and ensure that you have everything you need to be tax compliant.
Completing The Research
Before you start up a business of your own you will need to conduct some research into potential demand. If you are refining or developing an existing idea, then you may already know what your audience wants. If you are creating a brand-new product or service, then you will need to find out if people are willing to part with their money for it.
You can carry out market research in a number of ways. You could send out online polls to various different social media platforms, this would target a wide age range. If you are after a certain demographic, then you can aim it at whichever site is more popular with that particular group. For example, if you are targeting the over 50s with your new product then asking around on Facebook is a better fit. It is also worth carrying out research on competitors that are offering a similar product or service. This is so you can see how well they are doing or not doing, as this may be the case. Getting a lay of the land, simply lets you know what exists now — you can step into the fray with open eyes and a clear vision.
Create a Website and Secure Your Social Media Real Estate
The right website is going to be one of the most crucial aspects of starting up any successful business. Most people are online these days, and when they want a product or a service they will type keywords into their search engine of choice then begin scrolling through the options that come up. It’s not enough to simply enhance your visibility so that you’re ranking high on Google, you also have to ensure that once they get onto your website, they are not leaving without making some kind of purchase.
To do this, you’re consider hiring a professional web designer or purchasing a stellar template. They have created websites before, they know what your target audience is looking for, and they know how to make the website user friendly. All you need to do is give your input about the style and aesthetic of the site. One requires more input and active steps from you and other let’s your teammate take the lead. If you are going the template route, we have loved Restored 316 and TONIC.
Also don’t forget to obtain the social media accounts associated with your business. It’s a vital step in protecting your real estate and budding brand’s image.
Gaining Funding
Money. Consider how you’re going to pay for your business. We know that you have probably heard of those success stories that people tell of those who started a business with barely any money to their name and no help from anyone else, but these are the exceptions that prove the rule. While you might be an exception, don’t make that the plan — figure out how you’re going to get the money that you need to launch and sustain your business over the humbling entry phases.
There are multiple options for funding your business. The first is that you can put the money up yourself if you have it, but most people don’t. The second is that you can look into taking out a loan or getting an investor, or multiple investors to put up the money that you need to get your business off the ground. In this case, you likely have to sign away part ownership of the business, which is why some people avoid this. You could also look into getting a small business loan or something like crowdsourcing if this appeals to you more.
We know that it’s a long process, but it’s one that is the best self-help course we know. There’s no way to avoid making any mistakes — it’s a part of the process, but you can learn to fail faster and learn quickly from them to ensure the strongest foundation that you can have. We are cheering you on and wishing you all the best of luck!
Leave a Reply