We’re just a few weeks into the new year and you may find yourself ready to make some changes in your personal and professional life. If one of these changes includes starting your own business, you’re in the right place. Starting your own business involves many steps and can even present some hurdles along the way. However, building your business from the ground up is an accomplishment no one can take away from you. Below, we’re sharing some ways in which you can navigate this new chapter in your life and start your new business, and the new year on the right foot.
Do Your Research
The first, and possibly the most important step in building your small business is taking the time to do your research. You want to be sure your business will be profitable and the product or service you’re selling is something people actually want to buy. Start by asking yourself this simple question: Would I buy it? If the answer is yes, you can then begin looking into other factors such as location, accessibility and cost. It is also important to look into your competitors and where their successes and failures stand, as your aim is to stand out in your line of work. If you fail to do your research, you might end up investing a lot of time and energy into a business that doesn’t earn a profit and without a profit, you may not be able to stay afloat.
Look into the different ways you can incorporate as well. Consider what goes into forming an LLC vs an S Corp, and all the other methods of creating a business as well. What will provide you the best tax advantages and protection from liability?
Get Your Loved Ones on Board
While owning your own business may be a life-long dream, you must take into consideration that it is a huge investment both timewise and financially. The long hours spent building and running your business can take a toll on the relationship you have with those closest to you and for this reason, it’s important to ensure they are on board. Check in with your spouse, children, and anyone else you have a close relationship with to be sure they’re willing to not only support you on this venture but also pick up the slack while you focus your time and energy on getting things off the ground. Building your business takes time and sacrifice, but the payoff will be worth it in the end.
Develop a Business Plan
Creating a plan of attack is a necessary step before, during and after you start your business. Building a house without a blueprint isn’t a good idea, so you shouldn’t start a business without a plan. Many people feel they can skip this step, however, a business plan is vital and can be utilized as a tool to measure various aspects as growth occurs. The best part about this document is that it can be adjusted at any time. If you need to make a change to your business model, you have the option to update your business plan to reflect those changes. Maintaining this document also provides you with the ability to pass on historical data should you ever decide to sell your business somewhere down the line.
Bonus Tip: Once you’ve developed a business plan, you’ll want to focus on your marketing strategy as well as some type of representation for your business. A great way to establish this is through a logo and there are many options out there when it comes to designing one. This logo creator, for example, generates hundreds of unique logos in minutes at no cost! Consider adding this step into your business plan and add a personal touch to your new venture.
Open a Business Bank Account
Initially, you may think operating out of your personal account is doable for your small business. Why go through the hassle of opening another account when you’ve got one all set up already? While this may work for a while, eventually, things will get messy and you’ll be left with an overwhelmingly large knot to untangle. Opening a separate bank account from the beginning is your best bet, and if you’re short on time, opt for a digital bank account in order to avoid long lines and a drawn out process. Going digital will not only save you time at sign up but the many features such as mobile deposits and team access will cut down on time spent away from your business in the long run as well.
Secure a Space
Finding a space to house your small business may be the step that finally makes your dreams feel more like reality. For some, their venture may begin right in their very own home while others may require a storefront or office setting. Working from home, especially for yourself, can present some challenges, but there are several ways in which you can ensure productivity. If you’re in an office setting with others, you may find it easier to remain motivated. Either way, the space you work out of should be one that you’re comfortable in and one that provides the tools necessary for your business to be successful.
Starting a small business may be something you’ve been dreaming of for years, or something you’ve just recently taken an interest in. Either way, the new year is the perfect time to turn those dreams into a reality. The tips listed above are just small stepping stones to help you along the beginning stages of your small business venture. As you grow and become more successful, you may want to consider investing in different tools or software that allow you to build your business even further. Right now, implementing these steps, along with hard work, patience and dedication are just what you need to get your small business up and running in 2020