Tips On Getting Your Business Off The Ground

Starting a business is tough and it takes a lot more work than you think. Doing market research on other companies within the same industry as you are is always the first place to begin. Reading about their success stories as well as their failures will help you find the right plan you need to execute and dominate the industry your business is in.
Steven E. Overmeyer
4
min read

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Tip 1: Market Research

Before doing so, make sure you are doing quality market research. The reason being is that market research will give you the best chance of succeeding in your industry. Market research is a very vital aspect when starting a business. It will not only reduce business risks but allow you to identify specific audiences to meet their needs. This tool involves a lot of data collection, and that will help you understand your industry a bit more than you would think. It is very vital to understand the two types of data collection, primary vs. secondary data collection techniques. Primary comes from a direct source, like a colleague you may know or a company in general. Secondary data comes from a resource that already exists as a published study that someone has already done

Tip 2: Have A Vision

Every business owner has a vision on how to bring that business to life and have it grow, but it is okay if you do not have a specific vision. It is important to create a business plan that you are seeing as a business owner come to life. When doing so you are describing your business and its aspects in a formal document. This what not only lets your colleagues understand how your business works, but it will keep you accountable for your goals and strategies you have in place. Your business plan does not need to be the prettiest but needs to include the following:1. A professional summary

2. Quality structure and description

3. Different strategies on market research

4. Important financial documents

The business world is always evolving, so you need to be consistently revising your plan when necessary. 

Tip 3: Keep Your Finances In Check

Money is a vital tool in starting a successful business. Doing quality market research will not only tell you how much money you need to get going, but also give you an idea of what your competitors are doing. 

It is always important to open a business account up to keep your personal and business funds separate. There is plenty of accounting and record-keeping software to keep your finances in check. Some tips on starting up your business finances include:

  1. request a small business loan or grant
  2. borrow from your 401(k) if available.
  3. apply to be a member of a startup incubator
  4. microlending programs

Tip 4: Find the Perfect Business Structure. 

When building a business, you need a good foundation (financed) and a business structure. Here are a few commonly used business structures to choose from:

  1. General Partnerships
  2. Limited Liability Companies
  3. C & S Corporations
  4. Sole Proprietorships


Tip 5: Location Is Key

One of the first steps in your business startup is finding a perfect location for your business. It is recommended that before you find a fancy office, you determine what makes the most sense for your business. Some tips include:

  1. Working from home
  2. Lease an office temporarily
  3. Online businesses are increasingly prominent with the number of businesses going digital, so a virtual office would be something to consider. 

Tip 6: Make It Official

Your new business needs to become official. Registering your business will not only help brand your business, but it will ensure your business is protected. Apply for a business license and or a permit with your local government as well as the IRS. Once done, you will receive an employer identification tax number as well as a state ID tax number. These are the numbers you need to file your business taxes. 

Tip 7: Watch Your business grow

The foundation of your small business is what is going to help it grow and take over your industry. Whether you create an intelligent marketing strategy, it is then up to you to execute that strategy and succeed. Taking a startup business and growing it to an industry leader takes a great amount of hard work and dedication. When you are ready to grow you will need a dedicated team that will help take your business plan to the next level.

Read some of our small business insights.

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