As the United States emerges from the COVID-19 pandemic, many people are deciding it is time to chase their dreams and work on starting their own business. According to research, this happened many times during state shutdowns. If this is your first time venturing into entrepreneurial aspirations, learn about what you can do to get started on the right foot with this guide from ITB Partners.
Finding a Business Idea That Works
Before doing anything else, it is crucial to find a business idea that works. It doesn’t necessarily have to be complicated. Consider your experience, skills, and education, and what you would like to do.
Perhaps you already have skills as a hairdresser and want to work for yourself. Maybe you have lots of experience with animals and would like to begin a dog walking and boarding business. There are plenty of business possibilities to help you get started.
Setting Up and Making It Legal
Once you decide what your business will involve, decide on a name for your company and begin the process of setting it up. You may choose to make it a sole proprietorship, an S-corporation, or a limited liability company.
If you choose an LLC, know that there are many benefits associated with this, such as limited liability, less paperwork, certain flexibility, and even advantages when it comes to taxes. Depending on the state you live in, there are different regulations when it comes to setting up an LLC, so make sure you research those first. If you want to outsource the paperwork and avoid dealing with an attorney, you can use a formation service to help you.
Networking and Meeting Other Professionals
No matter what stage your business is in, make it a priority to network with others. Click To Tweet This will help you find your new clients, introduce you to professionals to help build your business, and make it easier to get referrals and reach out via word of mouth.
Look for events such as Network After Work. You should also start talking to people you know, even if the last time you were in touch was high school or college. There are plenty of online tools that can help you find contact information so you can reconnect again, allowing you to build your circle.
Creating a Marketing Plan for Your Company
All businesses need a marketing plan. Start putting together ideas of how you want to reach your client base. This can include using social media, direct mail marketing, having a website, going to trade shows, and using promotional materials, to name a few.
If you plan on adding images to your company’s marketing materials or you are working on an image with a graphic designer, you may find it easier to compress JPG files so you can email them with ease. However, compression can sometimes degrade the way the JPG file looks. To combat this, use a JPG-to-PDF converter, which can allow you to make your JPGs into PDFs while keeping the same quality. You can even do this with more than one file at once.
Creating Space and Enlisting Services
In getting your startup off the ground, you want to ensure that you’ve got a designated space at home where you can work. If you go as far as upgrading an unused room to a home office, you may even improve your home’s value. Just make sure that you’ve got the privacy and resources you need.
You’ll also want to set up a great website for your business and see to it that your cyber security is looked after. Online threats are growing ever more numerous and widespread, and they can threaten both your business and your customers’ information. Make sure you are all protected with a comprehensive plan.
Getting Support From a Mentor
Running a business can be hard. Rather than try to go through it alone, get help and support from a mentor. Business mentors can give you ideas on what problems you might run into and provide advice when you aren’t sure what is best for your company.
No matter what your reasons are for starting a business, it is possible to get the support and guidelines necessary for success, as long as you take everything step by step.
This article is brought to you by ITB Partners, a consortium of independent management consultants providing high value-added solutions to your problems. Our consultants are experienced leaders, discipline experts, and project managers. Our industry expertise ranges from consumer packaged goods and manufacturing to supply/chain, logistics, and the service sector. Additionally, we have depth in consumer services franchising, specifically restaurant, hospitality, retail. For more information, please contact us today!
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Jim Weber – Managing Partner, ITB Partners
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