Last updated on March 29th, 2018
Long gone are the days, when launching a new business was considered to be a thing only meant for those with deep pockets. Over the years, a number of small businesses and startups have created a buzz with their stellar business idea, zero-hierarchy culture, passion and energy.
But entrepreneurship is no mean feat, it’s like a roller coaster ride filled with sudden turns and heart-throbbing free falls. It wouldn’t be an exaggeration to say that to be on the top, you need a lot of help. So if you are at the helm of starting a new business,
Here’s an infographic on How To Start Your Own Business to point you in the right direction.
Market Research & Business Plan
Drafting a comprehensive and elaborate plan for your business is very important for your business. If you’re planning to startup a new business, it’s essential to write a small business plan that clearly sets your vision, goals, and purpose of your venture. And to write an effective business plan, you’ll need to determine the need for your service, target-market demographics, funding, marketing strategy, resources, business locations, and other key attributes. This is where online market research comes to your rescue. With effective online market research, you’ll be able to ensure that your small business plan effectively communicates your business vision and influence investors and affiliates to help you out.
Hire a Business Consultant
Most small business owners believe doing everything alone. They take a plunge into the competitive business world without having all required skills and end up succumbing to the market pressure. That’s why it’s important for first-time entrepreneurs to realize that they can’t handle everything alone. And that’s why, it’s important to hire a team of experts to drive success for the business. Remember, it pays to hire the services of a business consultant, coach or advisor when planning to establish your new small business. It is only an experienced professional who can help you sketch a comprehensive business plan, bridge the profit void and help you lay a strong foundation for your new small business.
Choose the Best Business Location
If you’re at the helm of a startup, choosing the business location to set up your office remains one of the most crucial steps. Remember, a successful small business is all about an apt location. Scouting locations that other successful startups have successfully explored and utilized can certainly influence your ability to hire resources, look for business partners and present your ides to investors. Before you start scouting for premises and location of your business, decide what you’re looking for, what you don’t want and how much are you willing to pay. But before you make any final decision, do well to consider a few critical business location factors including regulatory requirements, cost, connectivity, safety, facility requirements and zoning requirements.
You may be full of great ideas and how to implement them, but don’t forget launching a small business requires hard cash. And that’s why you need to look for ways to acquire small business funding. Though investors are more open to fund small businesses and startups now, it can be hard to find the best deals for your small business idea. So, do an extensive research at sites like Gust.com and Angel.co to find out investors that are interested in what your business offers. Better yet, look for small business grants. In fact, when it comes to small business funding, small business grants remain the best alternative. To improve your odds of success in acquiring funds, enter a contest to gain a financial reward to set your startup. If nothing else works, go for crowdfunding! With so many hands helping you out, you may easily take your business off-the-ground.
Legal Structure of Your Business
Of all the questions you mull over when starting a new business, one of the most important one is to determine what is the legal structure of your company? This question actually decides how much you pay in taxes, the amount of paperwork your business is required to do, liabilities you’re likely to face and the kind money you can raise. Sole proprietorship, partnerships, corporations or limited liability, your decision on how to structure your small business will decide the success and life of your new found company. But before acting on this information, please remember that laws keep on changing. So, do well to consult your business consultant, advisor or your business attorney — to decide what small business structure will be best for you.
Register Your Business Name
So, you’ve spent several sleepless nights deciding that perfect name for your new business. But after you’ve done the hard work of picking up your business name, what’s the next step? The next step to ensure that everything is legal. You must register your business name. But the big question here is how to register your business name? When the question is to register your business name, you have several options. You can register your business structure, and operate under that name, or file for a DBA (doing business as). Alternatively, you may also opt to trademark your business in order to register your business name following local and state laws.
Register for State and Local Taxes
It’s important for every first-time entrepreneur to mull over the tax planning part of their new small business beforehand. It is important to know that businesses taxation widely vary depending upon business model, location and several other factors. Small businesses that remain heedless of tax practices often find themselves in rough weathers. In order avoid the most common tax issues, do well to get acquainted to the basics of taxation and register for state and local taxes. If you’re uninitiated and find tax planning difficult, do well to find a CPA to get advice about how to register for state and local taxes. Also, you should invest in accounting and taxation software to ensure error free accounting.
Create Your Business Logo Design
Business experts believe that professional and cool logo designs can help a startup establish a strong brand identity, gain traction and build a loyal customer base. But sadly, a fair share of new small businesses go for off-the-rack logos, which eventually proves to be a very costly mistake. Remember, logo is the stamp of what your business is all about. And by turning your logo into the main theme and component of your new business, you’ll be better able to communicate with your prospects and customers. With just a little research, you can learn the basics and create your logo to shape a unique identity for your new business.
Get a Website Design
Sources on the Internet reveal that 51% of new business don’t own a website design. But it is important to understand that strong web presence integral to success and to ensure that you‘ll need to invest in a strong website design. It helps you broaden your reach and market your products or services more effectively. In order to make an impact on your industry and audiences, you’ll need to get a website that’s effective and easily navigable. The Internet simply swarms with a host of resources to help you design your own website. But if don’t have time or aptitude to design your own website, it makes sense to hire a professional to get a website design to effectively promote your brand.
Develop Your Social Media Profile
75% of the total world population is present on social media sites. Quite obviously, it has become important than ever for small businesses and startups to ensure a powerful presence on the social media landscape to level the playing field. But with big names changing the dynamics of social media marketing, how would win battle for attention? In order to snag the attention of your target audience, you need to ensure that your social media page design is professional and creative in equal measures. Make sure your social media profile is laid out in such a way that whenever your audiences look at it, it’s their experience, their voice, their taste they see. Remember, your social media page design is one of the most critical factors when it comes to marketing through social media sites.
As you’re planning to take your new business off-the-ground, make sure to check out this infographics about the How To Start Your Own Business to put yourself on the path to success.
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