So you want to start your own business. You’re not alone. There are more than 28 million small businesses in the United States right now, and of them, 22 million are operated without any employees.
If all these people can create their dream business so can you with a few start-up tips. Here are some helpful tips for starting your own business to help get you rolling and succeeding on your own passion project.
1. Do Your (Market) Research
You may have a great idea for a business, but its success will depend on whether there is a market for your idea. If no one wants your services or products, how will you survive?
Conducting market research will allow you to determine who your target audience is, where they are, how to reach them, and if you need to change your business idea to suit what people need.
It will also help you find any competition in the area around whom you may need to shape your business idea in order to gain customers they are not already servicing, or not servicing as well as you would.
2. Write a Business Plan
Even if you are not planning on getting a bank loan, writing a business plan has huge benefits for your own direction in creating a small business.
There are many aspects to creating a business, and while exploring all avenues you may feel lost. At times like these, returning to a business plan in which you’ve laid out your market, idea, projected finances and goals will be helpful. It will also help you think through your idea and get rid of any kinks or inconsistencies before you get too far into creating your business.
3. Get Funded
Although you can take your business plan to the bank to ask for a loan, many small business owners are looking elsewhere for financial help. It doesn’t always cost a fortune to start up your business, so chances are you may be able to fund some, if not all, yourself.
If not, there are many ways to fund your business through family and friends, grants, crowdfunding and angel investors.
4. Handle your Finances
It can be daunting to handle your own finances once the money starts coming in while permits and bills need to be paid.
There are many options available to you to manage your cashflow, from hiring an accountant to managing your finances yourself. Find accounting software to help you through the process and make your business a financial success.
5. Market Your Business
Get your name out there to get people talking about you! With technology as omnipresent as it is these days, it’s easy to market yourself for free online: make a website, get on social media, or join business directories. If you have a little money to spare, you may be able to market yourself and drive up your customer base for a small fee that will pay off big in the end. Check out this list of ways to market your business with no or little financial investment.