Congratulations on your own decision to start your own business. You are ready to set your own hours, be your own boss, and work as hard and as long as you want to.
Starting and maintaining a successful business is no easy feat. In fact, a half of small businesses fail within the first five years. You need to do everything you can to make sure you’re not a part of that statistic.
Are you looking for ways to ensure success with your new business? We’ve got the information you need. Let’s take a look at how to start a business and keep it going for the long haul.
Think about the Services You Can Offer
For any new business venture, a person has to start with what he or she knows. You have plenty of business experience, but need to define the skills you’ve gathered to understand your strengths and weaknesses.
Start thinking about the structure of your business and its services. Determine what kind of customers you want. Are they private individuals or other businesses and corporations?
If you are starting an SEO business, for example, are you offering general or specialized services? Determining your approach helps pinpoint opportunities for customer growth.
A jack of all trades approach requires a different marketing strategy than a link-building service.
These are just some of the things to consider when defining what your business will look like. There are some significant benefits to narrowing down the services you are going to offer.
Picking one or two services increases your chances of perfecting them. Specialized companies generally charge more for their services to make up for lower volume.
Once you master these projects and gain customers’ trust, you’ll be able to grow your business even further. Mr. Wright workplace plumbing is an example of a specialized business with opportunity to grow as the need arises.
Draft a Business Plan
Once you have a general idea of what your business will offer, it’s time to draft a business plan. Your business plan is a living document. You will revise it throughout the life of your company. Adapting your plan allows for the flexibility needed to survive in an ever-changing economic landscape.
Creating a business plan is a crucial step. It will include your budget, business structure (for example, whether you will have employees right off the bat), short-term and long-term goals, and even your future marketing strategy.
This is also when you will decide whether or not to make your business a corporation or LLC.
Doing so reduces your liability in court cases. You will most likely have to file for a “Doing-Business-As” (DBA) to go by your business name instead of your own name.
Your business plan is like a blueprint. Refer back to it whenever you need guidance while growing your business.
Check into Licensing Requirements
Another important step is checking the local licensing requirements for starting a business. This should be a quick and simple search you can do online.
Some states require different licenses for certain types of work. Construction companies need a contractor’s license, while restaurants require food safety certifications. These requirements change depend on the type of business you choose to operate.
Regulations may depend on seemingly arbitrary things, such as the price of the service your company provides.
For example, a state might require a license for services that cost the customer over $1,000. Different states may classify businesses depending on how much money they make in a year. Consider contacting a local business lawyer to help you navigate the legalities in your area.
You don’t want to get caught doing business without the proper legal requirements. You might live in a state that doesn’t require any license at all, but you need to check beforehand.
Determine Opening Costs
This might seem like an obvious step, but it will take time and effort to get everything you need. As mentioned above, you need to define for yourself and your clients what types of services you perform. This helps determine what you need to purchase to get your business up and running.
Decide between opening an office or starting out at home. This, of course, depends on what type of company you start. An office comes with high overhead, but sometimes you’ll need a physical address along with a place to meet potential clients.
Factor in additional costs, such as high-speed internet, office equipment, and higher utility bills as well. Budgets go off the rails when every consideration isn’t made.
Starting your own business can be quite a challenge, so you should take advantage of every time-saving strategy you can manage. Figuring out what initial costs you’ll incur takes a lot of time.
Implement Marketing Strategies
No business plan is successful without a well-developed marketing strategy. Make sure you take advantage of every marketing avenue available to you.
In the modern age of technology, all marketing starts with a solid foundational website.
It should express your brand and be highly functional. If necessary, hire a professional web development team to make sure you’re giving your business the best website possible.
Once you have a website, start considering other marketing avenues. Social media, search engine optimization (SEO), and press releases are just a few to mention. These tactics, though digital, are sure to connect you with local customers and increase brand awareness.
Speaking of local, make sure you stay involved within your community. This is a great way to outshine your competitors. Plus, customers will appreciate your devotion to community.
Hire A Lawyer And A Handyman
A big mistake many new businesses make is not considering potential problems. There are two areas often overlooked by young entrepreneurs…legal and maintenance.
Every small business needs a lawyer and a handyman on call.
Many small businesses fall victim to lawsuits from former business partners and patent trolls. The costs of defending yourself against litigation can cripple your business before it gets off the ground.
Having a handyman on call protects your business legally as well. Unsafe conditions in your office could lead to a lawsuit and higher workman’s comp insurance if someone is injured. Handymen also keep your office running by fixing problems before they become critical issues.
If your plumbing or air goes out, it could cause your office to shut down for days. This inconvenience affects your customers and employees, hurting productivity and your bottom line.
A good handyman can ensure everything is in working order and get your up and running in no time. Having a handyman on call cuts down on the amount of time you spend trying to find someone to make repairs.
Grow Your Business
Once you start your business, make sure you continue to grow and nurture it. The job of business owner never ends. Use marketing as much as possible, and hire employees as needed to maintain your projects. Plan ahead to keep everything running smoothly.
You deserve to have a lucrative business after you put in the time and effort to make it so. The harder you work, the higher your chances of success.
We know how important it is to take starting your own business seriously, and we’re here to help make your vision a reality.
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