Starting a business is exciting. You’ve determined that it’s time to trade in your career for something better. You have passion for your idea and a business model that might just work. You know the future is bright.
But not every part of launching a business is so thrilling. There are plenty of menial and tedious tasks necessary for laying a solid foundation for long-term success. From deploying a marketing strategy to securing domain names, here are some essential steps every entrepreneur must take to get their business off the ground:
Get a Business Plan Together
So you’ve got a great business idea. Now it’s time to conduct market research to ensure that it can make you money. Research your neighborhood, city, and state to see if there is a need for your idea. For instance, RCI + Topsail can teach you a lot about existing businesses in Topsail and what its residents are looking for.
After you’ve done market research, it’s time to write a business plan. This plan will serve as a map for the next several years. It should contain any valuable information pertaining to your business. Some key aspects of a quality business plan include a mission statement, a description of the target audience, a description of the products/services you will offer, marketing strategies, financial projections, and funding needs/opportunities.
Shop for Funding
Most startups require funding to get off the ground and function for the first few years. These days, there are many options to consider. There’s crowdfunding, angel investors, venture capitalists, incubators, small business loans, business grants, and more. While you want to get off to a strong start, it’s critical not to accept any funding that you will not be able to pay back in due time. Do your research and seek advice from experts to determine which route is best for you.
When you write your business plan, you will need to include your strategies for marketing. You don’t have to wait until your business is ready to launch to begin marketing. As soon as you have a decent brand in place, you can start promoting it through social media, email, physical advertisements, and other appropriate methods. This will help build anticipation for your upcoming launch. But social media is where your primary focus should be. You can easily find and compare top-notch social media advertising services through online job platforms.
Legally Form the Business
There are several things you will need to accomplish to make your business legal. Most entrepreneurs don’t consider this to be the fun part of starting a business, but it’s nonetheless critical if you want any hope of lasting success. Among other tasks, you will need to register your business with the government and IRS to obtain all of your licenses and permits. You’ll also need to determine the business structure that will work best for you (e.g., sole proprietorship, LLC, corporation, etc.).
Establish Domain Names
Securing a domain name for your website and social media accounts may sound easy, but it can actually involve quite a bit of research and problem-solving. After all, we live in the digital age, and you’re not the only person who is relying on the Web for growing your business.
Your website domain name should be easy for consumers to access and remember, and your social media handles should at least closely resemble your website domain. If your exact company name is already taken on a platform, you may need to inject some creativity into the situation and do some tweaking.
Not every part of starting a business is exciting, but the sooner you handle the tedious tasks, the sooner you will be able to hit the ground running. Remember to research and develop a quality business plan. Look into your funding options, and begin your marketing strategy as soon as possible. Lastly, take care of all the legal responsibilities and find a solid domain name. Then, you’ll be in an excellent position to grow your company the right way.