Starting a new business requires a lot of time, dedication, and extensive capital. The emotional side is also challenging. How do you know if you’re on the right track? What if this isn’t what you want to do? It’s common to feel lost and overwhelmed during the startup phase, so finding someone who can help you navigate your way becomes very important.
Defining Your Business Mission
Defining what you want out of business can be difficult. You might find yourself talking in general terms — or being completely silent. “Explain to me what it’s all about.” “Well, it’s like a store, but online.” “It’s like a store, but I’m selling through connections on social media sites.” Well, that can be the start to something great! You will want to clearly define the product or service you provide and your mission statement. What type of business is it? What value do you procure, and what problems do you solve? If you’re not sure how to start, read the book “Creating and Perpetuating a Successful Business for Dummies” (Wiley) by Gail Karlitz.
Finding Your Niche
This aspect may feel the most daunting and is one of the hardest to define. Every business should be able to communicate clearly who their customer is. This will help your business-development efforts, as you will know who you’re looking for and where to find them. It’s best to find a niche market to focus on. For example, you might decide to offer HVAC services. Once you decide on a niche for your business, you can seek help from professionals experienced in the industry.
Finding the Right Location for Your Business
If you’ve decided that you want to start a local business, it makes sense to look for space near where you live. However, if your business is geared toward customers in another location, it makes sense to establish yourself there. If you’re unsure, here’s a suggestion: Pick a place between your house and the market where you plan to sell your products. There are tax implications, too, so consult with an accountant before making a move.
Choosing the Right Business Structure
The first thing to decide is whether you’ll be an incorporated or a sole proprietorship. Incorporated businesses have more accounting paperwork and legal responsibilities than sole proprietorships do. According to the Small Business Administration (SBA), “incorporation is a simple process that can be accomplished relatively easily, compared to forming a corporation.”
Choosing the Business Structure That’s Right for You
Do what makes sense for your business. Do your research. If you’re not doing well, why keep going? According to the Nolo.com book, “Creating and Perpetuating a Successful Business for Dummies,” it’s best to consult an attorney and accountant before making any decision about business structure.
Drafting a Business Plan
Writing a business plan is helpful to you and your accountant, lawyer, and other professionals who will advise you throughout the process. It’s also a great reminder of what you need to consider during the startup process. The book “Creating and Perpetuating a Successful Business for Dummies” provides excellent guidance and explains every step you want to take to get started on a business plan.
By following these business-building steps, you will be well on your way to building the type of business you and your team want. I hope these tips have helped you and given you some additional ideas for creating your business plan and moving forward in a successful business.