People everywhere are starting to think about their futures. They want more than the regular 9-5 job that isn’t fulfilling their dreams and passions. Back in 2021, 5.4 million people applied for a business license. That number will probably continue to rise, as more people like yourself choose to start their own businesses. Do you know how to start a successful business though? If you are like many entrepreneurs, you have an idea of what tasks need to be done to start a business. However, you may not know enough to complete all the tasks. Or get your business up and running without making a few mistakes along the way.
Our team at Centify wants you to know we are here to support you in this venture. To help you get started with your new business, we created a list of what every entrepreneur needs to accomplish in the beginning. We are sharing our 10 steps for starting a successful business with you today.
10 Steps for Starting a Successful Business
- Do Your Research
There are no bad business ideas. However, there are some business ideas that simply won’t work well enough to make a business successful. This is why you should do your research before tackling the other tasks of starting a business.
A few questions to research include:
- Who is your target audience?
- How large is your target audience?
- Where is your target audience located?
- Does your product or service provide a solution to a problem?
- How many other companies offer similar products or services?
- What is your advantage over your competitors?
Once you know the answers to these questions, you will be ready to either move to the next step or reconsider your business idea.
- Write a Business Plan
A business plan doesn’t need to be long unless you are applying for financing or need investors. All business plans should include your company’s vision, mission, pricing strategy, marketing, objectives, and action plan. You can read more about how to write a business plan in our blog post, “How to Create a Business Plan”.
- Create a Budget for Your Business
Creating a budget for a business can be difficult. After all, there are fixed expenses, variable expenses, and one-time costs associated with running a business. Once you add in estimated revenue and profit margins, you may find yourself reworking the numbers a few times.
Oh, and business budgets are never finished. They need to be revisited every couple of months to ensure they are still in line with your business.
It is important to keep your business and personal finances separate. If you don’t, you will have a major headache during tax season.
Our team created a helpful guide to creating a budget for your business. You can find the guide here, “Creating a Business Budget Plus Financial Strategies”.
- Determine Your Business Structure
The business structure you choose is very important. Most businesses operate as either a sole proprietorship, LLC, LLC partnership, or corporation. Your business structure can change as your business grows in the future, so don’t think you need to jump right into corporation status.
The reason it is so important to determine your business structure is you want to protect your personal assets. If your business is determined to be liable for something in the future, you don’t want your vehicles, home, or other property seized.
- Determine a Name for Your Business
You may have had a name for your small business for years now. Or you may be struggling to find that perfect business name.
You shouldn’t rush this decision or have your heart set on a name. After all, your business name should reflect your mission and goals, while also being something easy to remember. At the same time, you shouldn’t let finding the perfect business get in the way of starting your new business.
We recommend having a couple of business names ready and then checking your state’s business name list. If the business name is already in use, you won’t be able to use it. If the business name is not in use, you will want to make sure the domain name is available for your website.
- Determine the Location of Your Business
Depending on the type of business you are starting, you may need to determine a physical location. This won’t be an issue if you will simply be using your home office. As your business grows in the future, you may need to reconsider the location of your business.
- Create Your Online Presence
Prior to opening your business is the time to create your online presence. This is when you will want to build your website and set up the social media platforms you will be using. Don’t forget to create an official email for your business too!
- Begin Promoting Your New Small Business
You don’t need to be open to begin promoting your new small business. This is the time to get used to mentioning it in conversations and sharing it with your networks. If you haven’t joined your local chamber of commerce or other networking groups, do it now. The more people you connect with now will help get your business off the ground faster.
- Purchase Business Insurance
Business insurance will protect your small business from damage, lawsuits, and theft. The type of business you have, as well as how large it is, will determine what types of business insurance you need. Keep in mind you may need different policies as your business grows.
- Explore Helpful Resources
There are many helpful resources available to small business owners like yourself. It is best to explore your options and use them for your benefit.
These are the 10 steps you should follow for starting a successful business. You may be tempted to skip steps or complete them out of order. We do not recommend this, as it often leads to mistakes. Our team is here to assist you with these steps and any other business needs you may have. Contact us today and let us show you how we can assist you in starting a successful business.
