Based on the 2016 statistics, there are over 5.5 million private sector businesses in the United States. 99.9% of these are small or medium-sized businesses. Thus, more people now are exploring the business sector. It is an exciting way of practicing your passion while earning money. However, it is not easy to start a business. Apart from careful planning and research, you need to deliver something new and fresh that makes your business stand out among the competition. Here are the 8 simple steps in starting your own business:
Perform a research
RESEARCH! This is the very first step that you need to do before you start your business. You should know the best products and services to offer to a particular community. It is a must that you read or analyze the consumers, especially their needs and interests. Check the competitions. Assess their strengths and weaknesses.
Find your niche
After conducting your research, match your findings to your niche. Make sure that the business you are planning to start answers the basic needs and wants of your target consumers. Moreover, it is important that you have the heart to the business. Do not run a business that is not within your passion or interest.
Organize your finances
In starting a business, you need a lot of money. If you want bigger returns, invest more money. You need to secure an initial investment for the setup of the establishment, equipment, legal fees, insurance, and products. Also, anticipate other expenditures including the salary of workers, marketing materials, travel expenses, etc.
Choose a business structure
It is important that you choose a business structure that will benefit both you and your businesses. It can be a sole proprietorship, partnership, an LLC, or a corporation. There are pros and cons regarding each business structure. Consult an expert about what structure to choose.
Register and get license
Before you start your business, make sure you are authorized by the law to operate. Firstly, register your business. Make sure that the name of your enterprise has not been used yet. Second, secure a license and permit from the authority to make sure that your business is legal.
Set-up the location
If your business has been registered and licensed already, it’s time to set-up location. You can build your own establishment. But if you want to spend less during your startup, you can rent or lease a commercial space. Buy the necessary equipment, utilities, etc.
List the people that you need for the business – accountant, customer service representatives, sales officer, general manager, marketing officers, etc. Outsource for some workers by posting ads in newspaper or online. Make sure that you let the hired applicants undergo thorough training.
Promote your small business
Lastly, it is a must that you create the best marketing strategy to promote your business. We recommend you using digital marketing approaches including, website and social media content marketing, among others.