Starting a business can be an exciting and rewarding venture, but it can also be overwhelming and daunting. However, with the right steps and strategies in place, you can set yourself up for success and turn your entrepreneurial dreams into a reality.
I’m sure you’ll hear about various ways in how you should start your business and the order you should do things in. I found it easiest to do mine in an order that made sense to me creatively, professionally, and organizationally. So take note of my 8 steps to consider when starting your business:
Identify Your Niche
Create a Business Plan
Choose a Legal Structure
Register Your Business
Set Up Your Finances
Build Your Brand
Market Your Business
Provide Excellent Customer Service
THE ESSENTIALS NEEDED TO GET YOUR BUSINESS STARTED
#1: IDENTIFY YOUR NICHE
The first step in starting a business is to identify your niche or target market. What is your why? When determining your “why” consider: (1) What is your purpose or goal for starting a business (2) What products or services do you want to offer? (3) Who is your ideal customer? (4) What does the market research say in determining the demand for your offerings and are there any gaps in the market that you can fill.
#2: CREATE A BUSINESS PLAN
Establish a business plan. A well-thought-out business plan is essential for mapping out your business goals, objectives, and strategies. It will also help you secure funding from investors or lenders and serve as a roadmap for your business moving forward. Think of the business plan as your roadmap. Having a solid business plan literally lays the foundation for your business as well as provides a reference that you can always refer to at a later time.
Traditional business plans typically include the following sections: executive summary, company description, marketing analysis, organization and management, service or product line, marketing and sales, funding request details, and financial projections.
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#3: CHOOSING A LEGAL STRUCTURE
Decide on the legal structure of your business, whether it's a sole proprietorship, partnership, corporation, or limited liability company (LLC). Each structure has its own advantages and disadvantages, so choose the one that best suits your needs. A great resource when determining the right type of legal structure is to review your states business portal.
#4: REGISTER YOUR BUSINESS
Conduct a name search to ensure that no one has the name you are considering. Once your name is in the clear, register your business name with the appropriate government authorities and obtain any necessary licenses or permits to operate legally. This will help you avoid any legal issues down the road and establish your business as a legitimate entity. Doing so will also set you up to be able to file your annual reports.
#5: SET UP YOUR FINANCES
I CANNOT STRESS THIS ENOUGH! Keep your personal income separate from any business income coming in. Open a business bank account and set up a system for tracking your income and expenses. Consider hiring an accountant or using accounting software to manage your finances and ensure compliance with tax laws. A CRM system is perfect for this (I Want To Try Honeybook Now) as it allows you to keep track of all your business information in one place and come tax time you can easily download the spreadsheets needed.
#6: BUILD YOUR BRAND
Develop a strong brand identity that reflects your business values and resonates with your target audience. Create a logo, website (Check out my blog Unleashing Your Online Potential: A Step-by-Step Guide to Creating a Website and Maximizing Its Benefits), and marketing materials that convey a consistent message and image. Work on having consistent fonts and hex codes. Be sure to take
some professional photos that align with your business and its tone.
#7: MARKET YOUR BUSINESS
Develop a marketing plan to promote your products or services and attract customers. Utilize social media, email marketing, SEO, and other digital marketing strategies to reach your target audience and drive sales. Establish a content calendar so you know when and what you are posting for the month. Consider outsourcing tasks that may be too much so you can focus on what matters most in your business as the first three years are the most crucial. To talk strategy and determine what assistance you may need, visit www.visionsofjade.com to book your FREE 30-minute discovery call!
#8: CUSTOMER SERVICE
This may be one of the most important aspects to a business: providing excellent customer service. Customer satisfaction is key to the success of any business. Focus on delivering exceptional customer service and building strong relationships with your customers to foster loyalty and repeat business. This can also be leveraged for networking opportunities.
Starting a business requires careful planning, hard work, and dedication, but with the right steps and strategies in place, you can set yourself up for success. Follow these necessary steps to start your business and watch your entrepreneurial dreams come to life.
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Olivia Jade Kelly
Visions of Jade, LLC
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