You can start a business with a limited budget and a very short lead time. In fact, you can start a business between the time you wake up in the morning and the time you fall asleep that night. You just need a list of resources and tools and a lot of focus.
There are a few things that will make it easier to start a business and scale it quickly. First, it will help if you already know the type of business you want to start and have a basic understanding of the target market you are looking for. It can also be useful if you choose a service business, such as a marketing or consulting firm, rather than a product-focused business. Product-focused businesses require prototypes and plans for manufacturing and distribution, which can take time to set up. However, if you already know the types of products you want to sell, or if you want to open a retail store or an e-commerce site, it can be done as long as you know where to find the products you plan to sell. .
So, are you ready to start a business? This handy list can help. From start to finish, you'll see the steps you need to find an idea and bring it to life, giving you the foundation you need to build a successful business in the days that follow.
1. Come up with an idea.
To come up with a business idea, and because you're going to be putting a lot of time and energy into your new business, it can be helpful if it's in an area that matches your unique interests . Chances are you already have a general idea in mind, but if you've never thought about the type of business you could start, take a few minutes to think about the best type of business to open. you . Imagine a potential investor or client reviewing your background to determine if you have the skills to offer your particular services. Then try to make a match.
In addition to your track record, you also need to make sure your business will meet a specific need. What problem are you going to solve? If you plan to start an accounting business, for example, you may see a demand for the type of services you offer among small businesses like yours. The problem these businesses face is finding someone to handle their accounting at an affordable price, rather than having to pay a full-time employee a salary for accounting services. Once you identify the problem, you can begin to tailor a solution and design your business.
2. Conduct thorough research.
Market research is a key part of starting a new business, but you don't have to spend weeks researching your idea. Instead, you can use the many tools available to learn more about the market for the business you're starting. For day one, just take some time to figure out how many businesses like yours exist and what services they offer. How can you differentiate yourself from them? You should also pay close attention to their customer base, as they are likely representative of your own target demographic.
In addition to existing businesses, you should also spend time researching information that will reveal demand for your products or services. If you are local, look for the social media community pages. If you're thinking of starting a mobile grooming business, for example, find out if anyone has asked about this type of service in your area. Dig deeper to see how often local residents ask for groomer recommendations. If you can't find any useful posts, create your own and simply ask if anyone would be interested in the services you plan to offer.
3. Choose a business name.
It can be easy to spend months trying to find the perfect business name, but while it's important to choose something catchy, it's even more important to ensure that it is unique. The first step is simple:look online to see if any businesses operate under your name. If you plan to only sell locally, having the same name as a business on the other side of the country may not seem like a problem; however, you may have difficulty getting the website name you want, and customers may not be able to find you in search results. So it's best to pick a name that no one else uses.
Even if a quick web search doesn't show any use, you'll still need to make sure the name isn't trademarked. The same goes for any specialist products or services you offer – always check that names are unprotected. You will also need to check with your state department of revenue to make sure your business name is not already taken, as you will not be able to register with the state if someone else is operating. under the same name.
4. Identify your target audience.
Defining your target market is an important part of starting a new business. There are several demographic maps you can use to identify your key audience, whether you plan to market locally or in a larger geographic area. The Census Bureau has its own apps to help, as do sites like American FactFinder. This information is especially useful if you plan to market locally, as it will tell you which areas of the city your ideal age range is likely to be. Say you want to open a business that will cater primarily to retirees, you'll want to focus on the part of town most likely to appeal to that demographic.
You can also study the keywords and ads used by specific companies in your field using tools like SERanking's SEO/PPC research tool. If you have the time to create a quick survey and post it to your own social media accounts, a tool like SurveyMonkey can help you not only create the surveys you need, but also easily investigate the data they provide. These tools are ideal for obtaining instant information in time to act.
5. Decide on a location.
If you're starting a business today, you're probably working from your home office or maybe even your kitchen table. But you don't have to stay there. Research local workspace options and line up the contact information you'll need to make a decision. A coworking space can be a great choice for a growing new business. Coworker.com can help you find the size space you need with your favorite amenities. However, don't feel like you have to leave your home for good. You can still work out of your home and occasionally use a coworking space for a change of scenery or meeting clients.
However, some businesses require dedicated office space. A tax preparer or lawyer, for example, might need an easily accessible office with professional signage to attract clients. If this is your goal, find a real estate agent who can match you with available and affordable commercial space for rent that matches your needs. Don't worry, you can still work on setting up other aspects of your business, as it will likely take at least a few weeks before you start meeting clients. You have a lot of other things to do first.
6. Buy a domain.
Your domain name is an important decision, so take the time to think about it. Experts say the value is in the .com, so if you're married to your chosen business name, you might run into trouble. Use a tool like GoDaddy's domain name search to check for names related to the one you want. If yours is taken, GoDaddy has variations available.
Once you find your favorite domain, lock it in by purchasing it. You only commit to the cost of the domain name, which is marginal and will expire in a year or two depending on the payment option you choose. You should make sure to renew the name before it expires to avoid losing it to someone else, especially once your business is established. Also try to make your business name as perpetual as possible, avoiding tying it to a specific location or product. This will allow you to evolve over time.
7. Get web hosting.
Having a domain name is only part of the process. You will also need a service to host your website, which you will design in the next step. GoDaddy and other domain providers offer web hosting, but their fees aren't necessarily the cheapest. Shop around for the best web hosting providers and pay attention to the various fees advertised. You'll pay a monthly fee, which you can sometimes pay in one installment, and for that you'll probably also get an email address for your new business. This will match your chosen domain name, but you can point it to an email address you already use if, for example, you prefer to stick with your preferred Gmail account.
The cost is however only a small piece of the puzzle. You should also pay attention to the customer service provided by your web host. Do they promise 24/7 availability, or something close? The last thing you need is for your website to go down at 7 p.m. on a Friday night, only to find that no one can do anything about it until Monday at 8 a.m., when the host's offices reopen. You should also look for web hosting providers that promise top security to ensure that your website does not fall victim to a costly security breach.
8. Build a website.
Every business needs a website. This is the first place customers will go to find out more about what you offer. Luckily, you can build a website quickly thanks to the many DIY tools where you simply choose a template and upload basic information, like how to contact you and what your opening hours are. You can refine the rest later, especially once you have a logo and more details to share. Try to make it easy for customers to contact you to schedule an appointment or ask questions.
There are plenty of DIY website builders to consider. WordPress is free and popular, but it lacks the drag-and-drop functionality you'll see with sites like Wix and Squarespace. These sites make it easy to create a professional website without the help of a graphic designer, but you pay for it. If you want to remove the branding associated with these sites, you will have to pay a monthly fee. Wix, for example, charges $14 per month plus for shopping sites, while Squarespace charges $18. You might want to opt for the slightly more expensive monthly plan for each one, rather than committing to a full year, to give yourself a chance to try it out.
9. Set up phone service.
Before you win your first customer, you will need phone service. You probably already own a cell phone, but you'll need a more professional interface to run your business. Nextiva's phone service helps you switch seamlessly between a desk phone and your cell phone, with a mobile app to manage it all. If you're on the road for the day, you can forward all your calls to your cell phone. Even better, if you make outgoing calls from your home phone, it will appear to the person on the other end of the line as your office number.
If you're starting a new business, your needs are fine beyond basic telephone service. Nextiva offers combine phone service with chat, surveys, CRM customer service and more. You'll even have analytics to give you insight into your progress as you work hard to grow your business. Best of all, since these phone services are cloud-based, your solution will scale as you go, meaning you won't have to waste time shopping around once you've added a few employees to your team. . You'll also pay a low monthly fee, so there won't be expensive setup fees to get started.
10. Build a customer database.
Once upon a time, professionals kept all their contact information in address books and on Rolodex cards. Successful businesses today maintain a comprehensive database, collecting information about prospects and customers and using that information to close deals. If you casually learn that a potential customer likes football, for example, the right database will allow you to record those details so you can refer to them later. Maybe you can buy tickets as a gift or just mention last night's game in the conversation.
Not every business needs such a database. First, it is important to determine whether you will interact with your customers on a regular basis, and if so, whether you will need to follow up with them on an ongoing basis. In most cases you will, and the best type of database to set up will be a customer relationship management (CRM) solution. There is a wide range of software options, including the very popular Salesforce, Infusionsoft and HubSpot CRM. Be sure to choose a tool with plenty of modules and integrations so you can add to it as your business needs change. If it's linked to your email and phone apps, you'll reduce duplicate work.
11. Generate leads.
As a new business, you need good leads to win customers. No matter what type of business you run, getting these names will present a big challenge initially. Lead generation software can help by automatically identifying people who might be interested in what you're selling. Whether you're calling potential customers on your own or planning to roll out a mass email campaign, this type of tool can help you target those who are most likely to say "yes," avoiding the time you could waste contacting those who would never. be interested.
Your options vary from solutions that automatically extract leads and use them to populate your database, like LeadGenius, to those that interact with the solutions you already use. Marketo collects information about the people who visit your website each day and helps you deliver personalized messages to them. If you use Salesforce as your CRM, you can use Pardot to ensure your pipeline is always filled with leads ready to convert. The software even interacts with your social media platforms to ensure you are fully informed of potential customers interacting with your brand online.
12. Build a social media presence.
In addition to a website, you will also need a social media presence. You can have personal profiles on sites like Facebook and Twitter, but it's a whole different world when you get there from a business perspective. Your new business will need a profile on every social networking site where your customers are likely to hang out. If you're looking for a younger demographic, you'll want to focus heavily on Snapchat and Instagram. The older crowd, on the other hand, is more likely to be on Facebook and YouTube. Set up a page where you're likely to find your target demographic so you'll be ready to use it once your business officially opens.
For customer-facing businesses, it's important to pay close attention to Yelp, which hosts business reviews, because local customers interested in buying from you will likely go there first. And if you're local, you should also consider creating a page with Google My Business, which will show your hours of operation and location when someone searches for you.
13. Ask for the appropriate licenses.
You cannot operate a business without the required licenses. If you're a lawyer, accountant, or other regulated professional, you probably already know what licenses you need, but a business must also register with state authorities and pay associated fees. If you sell items subject to sales tax, you will need to set up your business to set aside these funds so that you can submit them to local authorities on a monthly basis. Specialty businesses, such as those selling alcohol, will also need state licenses to operate.
Whatever type of business you run, however, you will need a license of State. Fortunately, you can often throw the ball online. In Kansas, for example, you can find the documents you need on the Secretary of State's website. Here you can check your company name is available, file formation documents and more.
14. Get an EIN.
You've probably reached this point in your working life using your social security number. This nine-digit ID is all you need to get paid by an employer and file taxes each year. You can even work as an independent contractor or sole proprietor using your social security number. However, if you work with a large number of payers, who will ask for your tax information in order to pay you, you may consider obtaining an Employer Identification Number (EIN). This number will protect your Social Security number while allowing companies to report that they have paid you.
The IRS requires you to upgrade to an EIN once you start operating as a corporation or partnership. You will also need to obtain an EIN once you hire employees or file employment tax returns. Filing for an EIN is a simple and immediate process that you can complete online. You will simply go to the IRS website and fill out the form. Once you have the EIN, you can start using it instead of your social security number when doing business on behalf of your business.
15. Open a bank account.
You will also need a bank account for your new business. The first resource for this will probably be your own bank, as you are an established customer, but feel free to at least look at the fees offered by other banks. You may find that you save money by switching to a bank that specializes in business accounts. For convenience, you'll want to find a location closest to your home, but you can also set up an online banking account. Many of your transactions will be electronic anyway, but remote deposit makes it easy to deposit paper checks without setting foot in a bank.
Before you can open a bank account, you must have the required documents. This includes your EIN, if you've set one up, or your Social Security number if you prefer to do things under your own name for now. You will also need copies of the documents you provided to the state when registering your business, including your articles of incorporation. You may need a copy of your business license before you can finalize the account. Therefore, if the state has not yet issued it, this stage of the process may be delayed.
16. Invest in accounting software.
You won't have much business if you can't get paid. One of the most important steps you will take is to set up accounting procedures for your new business. Billing is essential, but it can help to link it to your accounting software to make sure everything is recorded in real time. Fortunately, there are plenty of accounting and billing solutions to choose from, all of which can be set up in minutes. Review each solution first to determine which one will best suit your needs.
Some of the best solutions available include QuickBooks, FreshBooks, Xero, and Zoho Books. Some of them have free options, which will work long before you have customers to bill, but you'll quickly exceed the limits of free accounts. So be sure to compare the monthly costs associated with the size of the business you expect to have in the next few months, rather than the customers you expect to have in your first few weeks of operation. Plus, make sure it's easy to pull the reports you need at tax time so you don't spend weeks trying to put it all together.
17. Create a marketing plan.
Creating a marketing plan for a new business can take some time. So don't feel like you have to write an overly detailed document right away. Small Business Trends has templates you can use to create a quick marketing plan. At the very least, it will get you thinking about different ways to promote your new business. You will be asked to present a mission statement, describe your target market and more. You can also follow a few simple steps to design your own from scratch.
When developing your marketing plan, you will refer to the demographics you discovered when setting up your social media profiles , because before you can figure out how to market your business, you'll need to identify your target market. Another part of your marketing plan can be buyer personas, which means finding an imaginary person to represent your typical customer. You can list the profession, family data and personal interests of this buyer and link them to how this person will use your products.
18. Write a business plan.
In addition to a marketing plan, you will need a business plan, which will be useful when seeking financing and reaching new customers. As with your marketing plan, you will be able to refine and add to your business plan as your business grows. Having a document that gets you started is important, especially if you plan to apply for a bank loan, and the Small Business Administration has a business plan builder to help you get started.
A Plan Traditional business information includes an executive summary, a general description of your business, data from the market analysis you have performed, information about your product or service, and your financial data. Since you're brand new, you may not have all of these things yet, but at least you'll have the skeleton of your blueprint so you can develop it later.
19. Get financing.
Now that you have a business plan in place, think about how you will pay for your initial expenses. If you have chosen a business that you can operate from home, you will save money. But you'll have to consider your personal bills, assuming you're not going to run your business from the side, and how you'll take care of small expenses like paid ads and networking events. A bank loan is worth considering, but it will put you in debt. Instead, check out any grants that might be available for small businesses like yours.
Crowdfunding can be another helpful way to raise money for your new business. This is especially beneficial if you are selling a product for which you need a large chunk of money up front to pay for manufacturing. This strategy can help you create an online presence that you can use to promote your campaign and generate word of mouth. Even if you plan to run a service-based business, you can use a site like Indiegogo to spread the word and get support.
20. Protect your products.
If you are concerned about someone stealing your design, you may want to trademark your business name, but first you need to make sure no one else is stealing your product. no one has filed before you. You will also need to demonstrate that you have a distinctive name and plan to use it for a very specific type of product. You cannot, for example, market the name "World's Best Donuts" for your store. And filing fees run into the hundreds of dollars, so make sure you're ready to make that investment.
You'll also need to make sure your idea is protected against theft. A patent can help you do this, allowing you to obtain exclusive rights to the design of your product. If you're considering going to investors, being able to confirm that you've filed for a patent can demonstrate your seriousness. You can file the claim yourself and save some money or have a lawyer handle it, in which case you can expect to pay thousands of dollars. Either way, it will take time for the application to be processed and approved. So, on the first day, you will only be able to start the process.
21. Get a logo.
You'll need a distinct, professionally designed logo if you want your business to stand out and stick with customers who come across it. You can browse portfolios on sites like 99Designs and Upwork, narrowing your choices to those whose design matches the style you want. If you want a quick turnaround, be sure to let the designer know. You can also host a contest on 99Designs and have multiple designers compete for the job.
If you're artistically talented, you can save time and money by designing your own logo. You can try it the old-fashioned way, using a tool like Photoshop or GIMP, or you can use a tool that offers help, like the AI-powered logo maker provided by Logojoy. Since the simple design is stylish, it may not be difficult as you think. Experiment with different fonts and colors and pass them along to friends and relatives for feedback.
22. Consider insurance needs.
Insurance is a must. A store with foot traffic all day long cannot risk a slip and fall lawsuit without insurance in place to protect it, for example. The type of insurance you need depends heavily on the work you will be doing. However, every business can benefit from professional liability insurance. Également connue sous le nom d’assurance contre les erreurs et omissions, elle vous protège contre toute erreur que vous pourriez commettre dans le cadre de votre travail.
Autant d’argent que le travail à domicile peut vous faire économiser au début, vous devez être conscient que l’assurance de votre propriétaire ou de votre locataire ne protège pas votre entreprise de la même façon que vos biens personnels. Vous devrez vérifier auprès de votre assureur pour savoir de quelle couverture supplémentaire vous aurez besoin pour l’équipement et les autres articles que vous utilisez pour votre entreprise. Vous devrez également porter une attention particulière à toute couverture supplémentaire dont vous pourriez avoir besoin sur votre véhicule si vous l’utilisez pour les affaires. Enfin, l’assurance interruption de travail peut protéger votre investissement si une catastrophe devait un jour affecter temporairement votre capacité à gagner un revenu de votre entreprise.
23. Décidez si vous avez besoin d’aide.
À mesure que votre entreprise se développe, vous aurez probablement plus de mal à tout faire par vous-même. Mais l’embauche d’un salarié peut être un énorme engagement. Il y a moins d’arrangements à long terme qui peuvent vous aider. Vous pouvez essayer de passer un contrat avec un assistant virtuel qui peut vous aider au besoin. Des sites comme Upwork et TaskBullet sont idéaux pour obtenir de l’aide pour des tâches spécifiques, telles que le nettoyage de votre liste de diffusion ou la transcription d’un fichier audio.
Cependant, vous n’êtes pas limité à une assistance virtuelle via des sites comme ceux-ci. Vous pouvez également recourir à l’externalisation pour embaucher des employés pour rédiger du contenu, répondre aux e-mails, planifier des rendez-vous, etc. En embauchant des entrepreneurs pour de petites tâches, vous avez la possibilité de les essayer et de déterminer si vous souhaitez continuer à travailler avec eux à l’avenir. Cela peut également être un excellent moyen de trouver un salarié, à condition que vous soyez d’accord avec eux qui travaillent à distance. Même une fois que vous avez des employés sur la liste de paie, vous constaterez probablement que vous pouvez utiliser des pigistes pour certaines tâches.
La construction complète de votre nouvelle entreprise peut prendre plus d’une journée, mais ces étapes sont un bon début. Le deuxième jour, vous vous présenterez au travail prêt à aller de l’avant avec tant de choses déjà en place.
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