Starting your own business can be challenging, but it’s also incredibly rewarding. If you’re thinking about starting your own business, here are some things to keep in mind as you begin the process. Whether you already have an idea or you’re just starting to explore different options, these tips on business will help you make your venture successful from the start.
Decide what type of business you want
If you are not quite sure what type of business you want, don’t worry. The process of writing a business plan will help guide you through this decision. This can be overwhelming for a lot of people, so we have provided some general ideas for types of businesses below. You will also need to decide if this business is going to be online or traditional brick and mortar.
Market your idea
Business 101 is a blog for both business owners and those who aspire to be successful one day. As a business owner, I want to help people just starting out with tips on how they can maximize their chances of success. One of the most important things that you can do is market your idea. You should first figure out what kind of niche you are looking to fill by looking at other businesses that offer similar products or services. Then, think about your audience. Once you have an idea of who your target customer might be, it’s time to start promoting yourself by writing articles, social media posts and blogs related to your product or service so that you will appear when people search for information about it online.
Create your logo
Logos are what people typically associate with businesses. But did you know that logos can come from a wide variety of things? Sometimes all it takes is a drawing, a picture, or even your initials to create something compelling and recognizable. Even better than creating your own logo is collaborating with someone else who may have greater skills when it comes to graphic design and get it for them! Keep your design as simple as possible, this is not the time for getting creative.
Your next step is to file paperwork with your state’s department of commerce or secretary of state. Before you jump into registering a new business, review your intent with an attorney so that you understand what is required and how long it will take for your registration process. This will also ensure that you don’t forget anything during the process. When it comes time to register, be sure that all parties involved are knowledgeable about any necessary signatures and fees.
Buy equipment or rent?
There are pros and cons for buying and renting business equipment. Consider your needs before making a final decision on which route to take. The cost of purchasing varies widely depending on what you need, so do some research beforehand. Finally, remember that most equipment depreciates over time, so if you choose to buy any equipment it is wise to research tax deductions for depreciation.
Decide where you’ll operate
Now that you’ve developed a sense of what type of business you want to start, it’s time to decide where you’ll operate. Depending on your geographic area, there are different factors to consider when starting a business. You may need a special license, or vendors may not ship goods as far away as other areas. Additionally, be sure to keep tabs on the laws regarding interstate commerce so that you don’t accidentally violate any federal statutes.
Register with the government
If you want to start a business, one of the first things you’ll need is a DBA. Registering your DBA (doing business as) with your county is easy and cheap–the price varies from county to county, but it usually costs around $20-$25. To register your DBA, head over to your county’s website. You’ll need the address where you will be doing business from and two articles of incorporation.
Obtain licenses and permits
Before you start your business, it’s important to get your local, state and federal licenses and permits. Each jurisdiction has its own regulations, which means you may need different licenses and permits depending on where you’re operating.
Come up with a name for your company
To start out I’ll be using my company, Tree Planet, as an example. After coming up with a name for my company I think it would be helpful to come up with a tagline that provides an overview of what we do. For Tree Planet this could read something like We provide trees and shrubs for any occasion which tells you right away that we sell trees and shrubs online or offsite. This will help others understand how our business can help them meet their landscaping needs.
Consider how much you should charge for services/products
This is a difficult question because it can vary depending on your target market, location, your desired price points, etc. A good way to assess this is with market research and comparing yourself to competitors. Setting your prices too high will only cause customers to avoid you due to their assumption that you are overpriced; on the other hand, if you set your prices too low they may see you as inferior and not want your services/products.