Help To Start Small Business – It takes years of hard work, discipline, and dedication to make that dream a reality. The starting point of every successful business is a thought: an idea that, when tirelessly executed over a long period of time, begins to take shape as a business that helps consumers solve a problem and brings you the joy of calling it own.
Starting a business is daunting. To make it seem less intimidating, here are 10 steps that can help you transform your light bulb over your head idea into a bona fide business.
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Define what unique value you are offering your customers, how you will provide this value, and how you will communicate that value in a way that convinces customers that your products or services are worth their hard-earned money.
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A business plan helps you determine where your business is headed, how you will overcome potential challenges, and what you need to stay afloat.
Most new businesses fail because they go bankrupt too quickly before turning a profit. You need a plan for how you will cover your costs when unexpected expenses arise.
Your business and its domain will become the online and offline identity of your idea. So make it as keyword rich and marketable as you can.
You will need to determine your location, logistics, and general setup. You also need to make sure that your location works for the type of business you will be doing.
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Buying the right insurance for your business is a crucial long-term step. It ensures that you are protected in case of any unwanted calamity.
Unless you plan to fly solo, you’ll need a team of great people to help you get your idea off the ground.
Running a business is daunting on its own, and you’ll need to partner with other businesses or individuals to get the resources you need to operate.
Branding and marketing start from day one. Doing this is just as important as providing a quality product or service.
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From launch, it’s all about taking the right steps to grow your business and ensure you continue to make a profit and stay afloat.
Now that you have the suggestions, the trick is to implement them. The infographic below offers a roadmap on the various factors you need to consider when building your business from the ground up.
Any great business starts with an idea. It’s the execution that makes it come alive. That’s where most people get overwhelmed. It’s understandable to freeze in the face of the onslaught of factors required to launch a business.
Like any big project, if you start to break it down into small tasks, you’ll be able to put one foot in front of the other and in no time you’ll have a business up and running.
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Alisha is a content marketing specialist at Radix, the registry behind some of the most successful new domain extensions, including .STORE and .TECH. You can connect with her on LinkedIn.
She has been locked out of logging in for 30 seconds. Grab a cup of coffee and try again in a moment. Have an idea for a small business? Popular TV shows and social media opinion leaders make entrepreneurship seem alluring. Easy, even. It can be intimidating to an outsider looking inward.
There are numerous reasons why people start small businesses. If you’re curious about these reasons, here’s a list of 20+ business owners who share their “why.”
A common misconception is that you need to have everything figured out before you go out on your own. The truth is, being a small business owner is constantly learning.
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From a definition standpoint, what is a small business varies, depending on the United States government. Additionally, what qualifies as a small business can also change over time.
For example, the US Small Business Administration (SBA) has a table of size standards across industries. This is used to determine if a business is “small” and can take advantage of certain government programs. In general, a wide variety of businesses can qualify as a small business. In addition to the size requirements, the SBA considers a business to be small if:
As a future small business owner, you’re in good company: There are over 30 million small businesses in the US.
These are just three of the many questions you should ask yourself when putting together your business plan. You can keep these questions at a fairly high level at first and ask your team, if you have one, to help you work out the details. From there, you’ll want to consider the following when developing your plan:
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A business plan is your road map; helps guide you as you start and grow your business. It is also an important marketing tool that can help persuade people to invest in you and your business. You can download a business plan template so you have something to guide you.
The SBA outlines two main types of business plan categories: traditional startup and lean. The first tends to be comprehensive, detailed, and tens of pages long. The latter is usually more direct and focused on the key points, and can take up only one page.
Regardless of the plan you develop, you want to clarify several elements. In her article for Fundera, Meredith Wood writes that you should address these 10 questions:
These questions can be answered by doing an internal audit. Think about what you want from your business and where you see it going. Once you have an idea and a plan, it’s time to think about the business structure you need to establish.
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Once you’ve decided to start a small business, you need to choose a business structure. The type of structure you choose can affect four main areas, according to the SBA:
You don’t need to have the future of your business fully mapped out years before you make a decision; the business structure you choose now may change in the future. That said, you should keep your choice in mind, and you should consult with legal and financial professionals if you need to make a change in the future to avoid unintended consequences.
There are various types of business structures. Here are the five most common, as stated by the IRS, at a glance:
A sole proprietorship is the most common type of business structure and is fairly easy to form. This is a solid option for most new business owners who are just getting their feet wet or are intentionally keeping things small. However, a sole proprietorship is not considered a separate business entity, which means that you are personally responsible for business debts and obligations.
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A partnership is made up of two or more people. There are two popular types: Limited Partnerships (LPs) and Limited Liability Partnerships (LLPs). This could be a good option for groups with multiple owners, although there are tax and liability considerations you should review to see if a partnership is right for your situation.
A corporation, also known as a C corporation, is a separate business structure from its owners, which means it offers you protection against personal liability. This type of association can be complex and usually costs more to form, but it can be a good option if you are looking to raise money and/or sell it in the future.
An S corporation, also known as an S corp, is a structure that can help business owners avoid the double taxation that is present in C corps. It may be a decent fit for a prospective C corporation that meets the particular qualifications of an S corporation. However, some states do not recognize S corporations and others tax S corporations on profits above a certain limit.
A limited liability company (LLC) has the benefits of corporation and partnership designations, and can protect you from personal liability in most cases. Therefore, choosing this business structure could be the right move for a medium or high risk business. Unlike other business structures, an LLC may need to dissolve if there is a member reorganization.
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You can check the IRS and SBA websites for more information and to learn the advantages and disadvantages of each business designation. You should also consult with tax, business, and financial professionals about your options.
Having capital on hand can help you grow your business in new and exciting ways. If you’re looking to raise money from investors, keep in mind that they’re generally looking for the following:
Fundraising is a lot like dating – not all investors will be a match for you and your business, and you have to work hard to find the right fit. Be sure to research potential investors and have clear goals for any partnership.
If you’re not ready to seek capital, you can always start your business, get a small business loan, or look for additional opportunities to net money for your operation.
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First, if your full-time job doesn’t allow employees to simultaneously work on side businesses, that may help you make a decision. You will want to confirm that you can have a small business at