How exciting - You are ready to start your own business!
Owning a small business can be a gratifying experience but it is important to get your research and preparation done first. Here are some key tasks to complete before opening day to ensure you set up your small business for success:
- 1. Do the Research. Conduct market research to determine the demand for your product or service, who your target audience is, and what your competitors are offering. Understanding the basic demographics of who your customer is (are they parents? single? over 55? Male? Etc) will also help you understand what makes them tick and how your product can best appeal to them. Market research also enables you to estimate the demand there might be for your product or service, as well as how you fit in with the competition.
- 2. Develop a Business Plan. A business plan outlines your business goals, strategies, and financial projections. It should include a description of your business, market analysis, marketing and sales tactics, operational details, and revenue and expense estimates.
3. Secure Funding. Starting a business can require a significant amount of funding, so it's important to consider how you will finance your business. Options include personal savings, loans, grants, or finding investors. Using your business plan to line out exactly what costs you might incur compared to how long it will take to create profit will make this step easier (and impress potential investors).
4. Choose a Legal Structure. Determine the legal structure of your business, such as a sole proprietorship, partnership, LLC, or corporation. Each structure has its own legal and tax implications, so it's important to choose the right one for your business.-
- 5. Register Your Business. Register your business with the appropriate government agencies, obtain any necessary permits or licenses, and open a business bank account.
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- 6. Build a Team. Determine if you need to hire employees, contractors or advisors to help run your business. Consider the roles and responsibilities you need to fill and create a hiring plan.
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- 7. Build your Digital Presence. Help your customers find you by establishing a healthy digital marketing strategy that employs a website, social media accounts, and other online channels.
Completing the 7 key to-do's will give your business the best chance for success. If you find you need additional support or advice, Small Business Tutors is also available to help!