Are you tired of putting your time and effort into organizations that don’t recognize your worth? Are you being paid less for your productivity than co-workers? If the answer is yes to any of these questions, then it might be time to make a bold move and start your own business.
It is common to start a business. In fact, 75% in America’s business ownership is owned by sole proprietors. These are small businesses that employ one or two people.
Are you unsure where to begin? Consider a hobby, such as writing, crafting, poetry, or cooking. Determine if you can turn it into a product, service, or both that will meet a consumer’s needs.
SCORE and SBA are great resources for helping you launch your business. The information below outlines important steps for starting a business.
Create a Mind Map
Mind Maps can be described as spider-like diagrams. They are often used for brainstorming. The mind map starts with the statement “I want to start my own business.” It is designed to help you identify your business’s goals, strengths, weaknesses and opportunities. The mind mapping stage usually includes a vision statement and mission statement.
Learn from the Industry Leaders
There is no greater resource than the companies and individuals who are at the top of their industries. Think about why they are leaders. Which managerial style do they use? There is competition in every industry. It’s the basis of a free-enterprise society, where consumers can benefit from other companies. Find the industry leader and learn about them.
Join business groups
While success, optimism, and inspiration have positive undertones. However, if there is pessimism and fear, it can make it difficult to achieve business success. It is important to build a network of people who share common business interests, such as profit, growth, sustainability, and profit. To stay motivated in difficult times, you need to build a network of business people who are like-minded.
Online communities offer a way for individuals and businesses to share dos and don’ts as well as valuable business resources. These communities are available to you. Find the nearest Chamber of Commerce in your city. To understand the challenges and opportunities that business owners face, you can attend both in-person or online seminars.
Set up a DBA/LLC
To separate your personal and business assets, you can establish a Doing Businesses As (DBA), or Limited Liability Corporations (LLC). For more information on setting up a DBA/LLC, contact your county clerk. After you have received your DBA/LLC certificate, open a checking account for business and apply to the Internal Revenue Service (IRS) for an Employer Identification Number.
Rent a PO Box
To lease a postal box, you can use the DBA certificate or LLC certificate that has been created. As your new business address, use the physical address at the post office. For example, 619 North Haven St, Suite 845, Orange, CA, 92702.
Make a website and print media
Your business will not be noticed, regardless of how great your product or service is. With nearly two billion smartphones in the hands of consumers and likely to continue growing, it is important to establish an online presence and optimize your website for mobile users. To create your brand and voice, invest in a graphic designer and freelance writer.
Print-based media promotional products can be created such as business cards and tri-fold pamphlets.
Nearly 85% fail within the first five year. Poor money management, inadequate managerial capacity, and ineffective marketing campaigns are just a few of the reasons businesses fail. Spend time learning from the business owners of your industry to create a strategy that will maximize your production and financial capabilities.