It seems like everyone is taking that leap of faith to start their own business and become their own boss. Many people start new businesses all the time, and many of them become and remain successful— when hard work, dedication, and patience go into it. However, starting a business includes many steps, and many people may not know where to begin.
1. Choosing a Primary Product
Before you can even think about starting a business, you need an idea of what you’re going to sell. Are you going to sell products to customers, or will you provide a service to clients? Whether you’re selling a product or a service, you’ll want to make sure that there is some sort of demand for it.
Some simple things you can sell are customized T-shirts or hoodies, makeup bags, umbrellas, blankets, power banks, phone cases, water bottles, or anything else that you think there would be a huge market for. You can also opt to sell lifestyle products, such as skincare, haircare, wellness powders, teas, as well as other items that customers are likely to use daily, like customizable phone accessories.
2. Generate Your Business Name, Logo, Slogan, Etc
Now that you know what you want to sell, it’s time to come up with a business name and logo that reflects your company. Your business name and logo are two of the most important things that will define your business and your brand— the way your target audience perceives your business. Coming up with a name for your business isn’t always a hard task for some, but coming up with a good logo design can be tricky. When thinking of a logo design, think about what your business stands for, what message you want your brand to send, and how you want your business to be viewed. Some people may come up with the perfect logo design immediately while others may go through different designs.
3. Write Up Your Business Plan
Your business plan is your formal documentation of why your business is being established, what you’re selling, and how much you plan on making during your first year, with a projection of your profits for the first five years. Your business plan is also the document you present to investors to receive funding for your business since starting up a business can easily cost a small fortune.
Another important part of your business plan is who your target audience is. This means that you will have to conduct market research to determine your target audience. Market research can be done by conducting surveys, polls, and other methods to determine your audience’s needs.
4. Take Care of All Legal Matters Regarding Your Business
Once you have received financing for your business, it’s time to register your business as either a limited liability company (LLC), a corporation, a sole proprietorship, or a partnership. Your business also needs to be registered with both the government and the IRS because you’ll need to get different business licenses in order to operate legally. You’ll also need to purchase various types of insurance for your business to protect yourself legally. General liability insurance (GLI) is the most common type of insurance that most businesses get. Also, make sure you yourself have all the necessary licenses and certifications needed to not only operate your business but to sell the products or provide the services you’re advertising.
5. Build and Promote Your Brand
As mentioned before, your brand is how you want people to perceive your business. This is not only helpful for marketing towards potential customers, but also for marketing your business towards job seekers as a desirable place to work. This is helpful when building a team to work for your business. Also, promoting your brand is how you build awareness of your business and how you gain customers.
These are some of the behind-the-scenes things that go into starting up a business— a lot which many people don’t realize when they’re thinking about starting one. Starting up a business takes a lot of time and patience, and it’s a big commitment. However, with perseverance, it’s possible to start, run, and maintain a successful business.