Small Business – Startup Tips
Here we will discuss 4 easy steps to plan and start your own small business. This article
assumes you have a business in mind and want to know where to begin to make your dream a
Let the State and Federal government recognize your business.
Let’s start with the State of Federal requirements. Depending on the size of your
company, you will need to know how you will handle state and federal taxes. I
recommend you look at your states requirements for starting a business before
beginning. There you will find instructions on how to pick a company name, and how
to incorporate your business. Next, you have to decide if you will be a sole
proprietor, limited liability company (LLC), S Corp or C Corp. Consider the
• The size of your Business.
• Number of Employees
• Projected Income.
The most popular business types are LLC and S Corp. The main differences between the
two are how you will be taxed. With an LLC, you will be taxed twice, but the income
you earn can go directed to your personal account. LLC’s are easier to start and
maintain as well. With an S Cop, it takes a bit more steps to start and maintain for
taxes, but you are taxed only once. You as an individual, will have to take a
paycheck from the S Corp as an employee. You cannot pocket all of your earned
income, because it must go to the business first.
The scope of the business.
Lets start to get your company of some personality and purpose. This is the part
when you have to sit down and start to write some documentation. You will need to
come up with your company Mission, Mantra, your competition and business model. Your
mission statement will formally sum up your companies values and goals. Your company
mantra is a short sentence describing what the business will actually be doing. Now
these will change throughout your time running the business, especially when you’re
starting out. However, it’s good to put something in writing first, then change it
You really do need to find out who your competition is. Not only is this good for
your business planning, but it gets you thinking about how you will compete in the
business market. This will also help you find your niche and customer base. Now
during this process is it recommended to come up with a exit strategy. This is not
to assume your business will fail, but you need proper steps to track and close out
accounts or pay off investors, employees and stake holders.
Lets talk about cash flow.
Now that you have your mission statement and business plan, you want to know how to
run your business financially. Things you must consider are your credit score, your
investors, and any starting capital. Now there are some businesses that are started
without any starting capital. This is called bootstrapping. Basically business
profit will be it’s future funding. This assumes you don’t have many expenses, and
you will have to start off very financially slim. It’s also good at this point to
consider your financial projections for the year or for a couple years. I recommend
using a free financial software planner to plan out your upcoming expenses
effectively. You don’t want to have no money at the end of the year. This is also
the point where you met consider keeping your 9-to-5 job to help fund your business.
However, this will limit the time you have to run your business so you have to
Market your business.
If you thought the other steps were difficulty, this step is probably even harder.
Now we will discuss how to promote your business and how to get customers aware of
your business. If you have start-up cost and capital on hand, you’ll want to think
about sales and marketing. You can plan on having an in house Sales and Marketing
Department, outsource your sales team.
However, if you don’t have much capital, you will want to do this as inexpensively
as possible. This could be done by creating a professional website, printing
brochures and business cards, and hitting the pavement and networking. If you are
unfamiliar with designing a website, I highly recommend hiring a professional to do
so. Companies like OmniWorks, Inc. specialize in creating websites that meat Search
Engine Optimization standards. This means your website will show higher in a Google
search without any additional cost. You can also use Google Ads to run campaigns
that will show your website at the top of searches. This requires some financial
planning because you have to bid for the top spots against other companies.
Companies like OmniWorks, Inc. can assist you in creating the best keyword
combination and Ads to win bids at a lower cost. Google ads is great because it
allows you to set a daily or monthly price limit. This is perfect for your financial
You also need to create your logo and your branding. These will look good on your
business cards and brochures.
To place your marketing brochures. find areas where people congregate most and are
killing time. Of course you’ll have to get permission from the business where you
are leaving the items. Also nothing beats going out two local businesses and
speaking with people. I recommend signing up for and attending your local chambers
Starting a business there’s an exciting Venture and can be very fun but please
follow these 4 steps they’ll make sure your experience is more enjoyable. Starting a
business can be very hard in the long run and there will be ups and downs. Way to
get through the roadblocks you come across.