So you are ready to start your business or you are wanting to start a business, that’s great. Let’s go through somethings you need to do before you get moving!
1. What makes you stand out?
2. Know your target audience!
Demographics (age, gender, area, occupation, etc…
Where do they hang out? (Facebook groups, blogs, newsletters, events)
What are your competitors selling and at what price?
3. Register your business.
If I am going, to be honest, and I always am when I first started my business Time Media, I didn’t register it and well I also didn’t know much about marketing so luckily I was still considered a Hobby, I didn’t know anything about this until I took business classes. Registering isn’t as hard as it sounds and there’s not a lot of paperwork. You can register in under 10 minutes here.
I recommend (I am not a lawyer) if you are doing a blog, services, or something that doesn’t require 10 or more employees to register as a DBA (Doing Business As). This makes it so you don’t have to register a new business SSN or EIN, and you just work as yourself, for mine, I’m registered as Dylan Short doing business as Time Media and you just file your business taxes with your personal ones at the end of the year. No need for an LLC unless you want the added liability and have many employees.
Quick-Tip: Don’t get a business checking as well unless you absolutely need it and travel everywhere, get a normal checking and link it to things like Quickbooks, this will cut down on expenditures.
4. Get a website!
There are many routes to go when wanting to get a website and you probably don’t know whether to build on yourself or pay to get one made, you can check out more about that here. If you are just starting you can probably get away with designing one yourself, watch some youtube videos and make it look very professional.
With everyone online today and many major cities on lockdown, a website is absolutely necessary especially during this pandemic. You can check out our article on building a powerful website design. Many studies done have shown that having a website can raise sales by around 80%. You can check out my services here:
“A successful website does three things:
It attracts the right kinds of visitors.
Guides them to the main services or product you offer.
Collect Contact details for future ongoing relation.”
5. Write a business plan
A business plan is a very important part of this process but you don’t need to fill out those 20-page plans unless you can fill it to the top. A successful business plan contains the following:
- Startup Budget.
- How to get the money for start-up (self-funded, crowdfunded, etc…)
- Marketing Strategy.
- Company overview and Management Structure.
- 3-month plan & goals/6-month plan & goals so on and so on.
- Where you want to be in 5 years.
- Anything else you can think of to get a clear idea.
You can use a template or just open Microsoft Word and fill all this out.
6. Know your competition and marketplace.
There’s nothing wrong with a little competition. In fact, it’s what gives business owners the opportunity to come out with a better product or service. Knowing your marketplace, what your competition is doing, and how you’re going to compete and win customers is a critically important step in the business setup process. Including this information is your business plan, will show your mastery of the type of business you’re proposing to start. Without this information, no serious investor will rise to the occasion. Know your marketplace, know your competition, and know-how your company is going to be different.
7. Set your Price.
Figuring out what to set your price at is hard. You can get an idea by looking at your competitors and seeing what they offer, what do people buy a phone case or glasses for, do you offer more or less than they do, should you charge more since you offer more. Should you charge less because you are just starting? No, you should not, put your price just so it can beat your competitors if needed but never sell yourself short of what you are worth.
8. Know your numbers.
I can not stress this enough, 85% of business fail because of accounting, use tools like Quickbooks to monitor your finances. Know how much it will cost to start and advertise, get on Facebook Ads, and just see what 10 or 15 dollars a day can do for you. See what blogs and websites charge for promotion. Get an overall estimate on your overhead before you even start.
9. Have the drive!
Business owners and entrepreneurs have a distinguished drive so its very important that you are going to do something you love to do and know your why. Because if you are serious about this then you should have nights with no sleep, staying inside instead of heading out, courses you bought and watched, it is a constant grind starting up and things start to smooth out the more you learn the process and money starts to flow.
10. Double-check everything!
Is your website looking nice, do your numbers match, are your advertisers sticking to a schedule, have your demographics changed. These are just some of the things you need to check before launching it. Now that you have the BASIC knowledge of starting your business, head over to Youtube, or Udemy and take some business classes, learn about marketing and accounting. And most of all never give up, it’s hard to fail if you don’t stop trying.
If you’re not online you won’t survive in today’s market.
Get started today with a free quote from us, just click the link down below and send us an email and we will be glad to get back to you!
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