All business ventures are exciting. They are also a little scary due to all the unknowns. If you have an amazing business idea and want to start a small business, there are a few things you should know. We are covering some of what you should know before starting a small business today. You will be able to use this information, as you continue to move forward with your business.
Before we get started though, you may be thinking you don’t need this info right now since you haven’t discovered your amazing business idea yet. Well, we have you covered. We wrote a blog post filled with business ideas for veterans. Read it and see if you can find some inspiration.
Now let’s get down to business with our guide of starting a small business.
What You Should Know Before Starting a Small Business
Start By Creating a Business Plan
Every successful small business needs a business plan. Your plan should include the following:
- Executive Summary
- Explanation of Products or Services
- Market Analysis
- Company Management Summary
- Plan of How Your Business Plan Will Be Executed
- Financial Plan
Want to learn how to create a business plan? Read our helpful guide.
Choose Your Business Name
Choosing a business name may seem easy, but it’s not. You need to make sure no one else is using the business name you have chosen.
Begin by checking the Secretary of State website for your state. When you find a name you like that is available, you still have a little more work to do. It is best to make sure the domain names, social media handles, and trademarks are all available.
Securing Business Funds
There are multiple ways to finance a business. Some options are easier than others to obtain.
A few options for securing business funds include:
- Bootstrapping – This type of funding involves using the money you have available and not applying for any other type of loan.
- Loans – Small business loans are available to those who want to borrow money to start their own business.
- Private Investors – Seeking funding from private investors can be a wonderful option for your business. However, you must show your investors where their money will be going and how you will pay it back.
- Silent Partner – Silent partners own a part of the business when they invest money. They do not manage the business though, or make any business decisions.
Our team at Centify works with small businesses to help them find the funding that works best. Contact us today to learn more.
Determine Your Business Type
Most small business owners choose sole proprietorship when they start a business. Depending on the type of business you have though, you may want to choose another business type.
A few other options include:
- Limited Liability Company (LLC)
- Limited Liability Partnership (LLP)
- Corporation
- General Partnership
- S-Corporation
The good news is you can always begin as a sole proprietor and then change your business status in the future.
Create Marketing Materials
There are so many ways to market your business. You can choose to run ads on social media, while sharing your website. Printing brochures or business cards can be helpful for those face-to-face meetings you have.
Create a Business Budget
Every business needs a budget. There are various expenses you will incur while operating your small business. Some of those expenses will be monthly, others quarterly or yearly. You may even find a few one-time expenses.
Creating a budget will allow you to plan for all these expenses, so you have the money to pay for them.
These are a few of the things you should know before starting a small business. There are others, but these should be at the top of your list while you are fulfilling your dream of being a business owner. Our team at Centify can assist with all these things and many others. Schedule a consultation to learn more.
