If you are looking to start a new small business, here’s what you need to know to get started and ultimately achieve success. Of course, the standard tasks of naming your business and creating your logo are obvious. However, what about the other steps?
In this article, we’ll talk about how to start your business and achieve success.
Starting Your Small Business
Below are the 10 steps that you need to turn your idea into a truly successful business.
1. Define and polish your business idea
- Define your reasons for starting a business
- Consider becoming a franchisee
- Brainstorm a business name
- Identify your target demographic
2. Write out your business plan
- Take time to do market research
- Come up with an exit strategy
3. Consider the state of your finances
- Figure out what you need to break even and what you need to make a profit
- Pay attention to your expenses
- Think about your funding options: Loans, Grants, Investors, Crowdfunding, or Business Banks.
4. Determine the legal structure of your business
- Sole proprietorship
- Partnership
- Corporation
- Limited liability company
5. Register your business with the IRS & GovernmentComplete articles of incorporation and operating agreements
- Establish your DBA, or “doing business as”
- Obtain your employer identification number
- Complete income tax forms
- Obtain your permits/licenses on the federal, state, and local levels
6. Obtain an insurance policy to protect your business in case of a lawsuit, property damage, or theft. Some to consider: Workers’ compensation
- Unemployment insurance
- General liability
- Professional liability insurance
7. Build a team
8. Carefully choose vendors/suppliers
9. Establish your brand and advertise your business
- Website
- Social media
- Customer Retention Management
- Create logo
- Request that your customers opt-in to marketing communications
10. Grow your business
Conclusion
These tips will help you start your small business and set you up for growth. However, there is no such thing as a perfect plan. While you will carefully prepare your plan, there is almost always a guarantee that something will go wrong. To be successful, you must be willing to adapt to these changes. If you need more support starting or growing your business, contact Jasema Capital. We will be happy to help you understand what you need to do.