Beyond designing a great product and selling it on the internet, starting a small business involves many not-so-fun tasks that entrepreneurs aren’t always equipped to tackle solo. But neglecting those tasks could set your new venture up for failure even before you launch. The following guide from CEO Medium is designed to help you manage all aspects of your business and reach your goals.
Decide on a Business Structure
Coming up with the perfect company name and writing down a business plan may have gotten you excited about launching your new venture, but you now may be dreading filling out and filing all the legal forms and documents needed to establish yourself as a bona fide business owner. Thankfully, you can find help online to guide you step by step and make the process a lot simpler.
Forming an LLC is often the most advantageous structure for new small business owners, as it protects your personal assets in case of litigation and also offers significant tax advantages. Keep in mind that the easiest way to form an LLC inexpensively is to work with a formation service. Read reviews first to find an affordable and reliable service.
Develop a Marketing Strategy
A marketing plan serves as a roadmap, helping to guide the company’s operations and ensure that resources are effectively used. When creating a marketing plan, it is important to analyze and understand the target market, identify effective strategies on how to reach the desired audience, set measurable goals, and consider the financial impact. Furthermore, factors such as competition and current trends should also be assessed in order to give the business a competitive advantage.
New businesses should use content marketing as it provides an effective yet efficient way to reach potential customers and build their brand awareness. It allows them to connect with their audience and create a meaningful, long-term relationship with them while helping to build trust in the business, product or services they are offering.
If you will have a physical office or storefront, make sure that it also reflects your branding. Use your branded colors and fonts whenever possible, but when you need to go off-brand, go simple and classic. For instance, use high-quality metal letters and numbers for your brick-and-mortar location. This may help people to recognize your business and find your location easily. You can choose from a variety of metals, including brass, bronze, aluminum, copper, and steel.
Implement IT Solutions
Today’s economy is mostly technology-based, and businesses should expect growth by implementing systems and software such as CRM, ERP, accounting, and payroll, just to name a few. But there are so many options available that it can feel overwhelming for a solopreneur.
So if you want to avoid spending a fortune on IT solutions that can be overly complex and too extensive for your needs, look for an IT company that will analyze your processes first, then come up with a plan specifically designed for your business. You’ll save yourself a lot of time and headaches if you don’t have to do all the research on your own, and by only buying the services and technology you really need, you’ll also save a lot of money that can be invested elsewhere.
SaaS (Software as a Service) is an incredibly powerful tool that all businesses should consider. It provides an excellent, cost-effective way of accessing the most up-to-date software applications and services without requiring large upfront payments or long setup times.
Finding Funding for Your Startup
Depending on the nature of your business, you may be able to self-fund your new venture, at least partially. You may also have to ask family and friends if they want to pitch in to get you started.
But if you need to invest in expensive equipment and supplies, you may have to look for investors willing to bet their money on your success. And with the high odds of small businesses failing within the first four years of their existence, convincing banks and investors that yours will make it to year five and beyond is a tall order for a new entrepreneur. But a solid business plan and financial projections showing steady progress can help you attract financiers and partners.
Additionally, think about applying for grants and having the government help with your funding efforts. Crowdfunding is also becoming increasingly popular, but make sure you research what kinds of fees and regulations are in place before selecting a website or platform to work with. If you’re planning on taking out a loan, one of the main factors in getting approved or rejected is your credit report. Therefore, it’s important to check your credit periodically and stay vigilant about improving it if needed.
Complete the Essentials
Setting your business up for success sometimes means dealing with less-than-appealing tasks. Asking for funding, setting up hardware and software, and choosing a business structure may not be what you envisioned doing as a business owner, but it’s part of the deal. Thankfully, there are experts who can help you along the way, so save yourself time and money by contacting the right professionals.
