Six tips to help you start a business
Starting a business is a process that can take months—if not years—because with more competition, it’s harder than ever. You may face many obstacles, but they tend to be easier to overcome now than they were in the past. With many helping hands today, it can be easier to handle the necessary paperwork. But getting the paperwork done is a completely different process than actually growing your business. Here are six tips to get you started:
1. Decide on a name.
One of the hardest parts of the business process is creating a name that fits your products or services. While legitimizing your business by receiving official LLC or incorporation documents may seem like a difficult process, the real work begins after you receive your documents.
2. Do your market research.
Your market research should cover pricing of similar companies, understanding your products, gaining industry knowledge and where you would like to set up a physical location if it is not an online store. Try to know everything you can about your industry and niche. Understanding what others are doing with similar business models can also be helpful.
3. Start building a brand.
The next step is usually to create your official website and social media accounts. Make sure your website and social media controls are similar so your client base can easily find you. It can also be helpful to partner with an agency that can take care of branding your business, as this can be a difficult and lengthy process. You can use this time to free your mind and create.
4. Be consistent.
Once you’ve determined the layout you’ll use for your social platforms and website, the hardest part is maintaining it for consistent uploads. All content should be professional and relevant to your specific industry. It should focus on what makes you unique and why your product or service is the next best thing. If you already have a logo, you can use it as your profile picture on different platforms to help with recognition.
If you will be providing products or services primarily online, then I recommend working with an attorney to obtain a trademark. This prevents individuals from using your likeness in a commercial way. For a physical business, this is something that can be done later. For an idea or design, patents are a key part of protecting you and your business.
5. Attract your target audience.
Your content is one of the many ways to attract an audience to your business. Consistently attracting an audience is the main responsibility of your property in the early stages. Offering discounts, attending trade events, networking and pitching your ideas to others are effective ways to build trust and relationships with your clientele.
6. Start hiring.
Working independently may or may not be possible at first depending on what needs to be done. It is ideal to maximize your money savings by doing business-related tasks yourself if you are able to do them. But when you’re financially prepared, hiring a few employees can reduce stress and get work done faster.
This process will likely take months, but now you have a general idea of the first steps to take. You should be in it for the long haul, so make your business unique in every possible way. While businesses can cost a lot, they can also make you a lot of money. When setting up an entity, try to limit expenses as much as possible to turn a profit sooner rather than later. Most importantly, remember that your journey may look different than other business owners, and that’s okay.