Ready to Succeed? 4 Steps to Starting Your Own Small Business

"Ready to Succeed? 4 Steps to Starting Your Own Small Business" Stairs
March 21, 2017
68 / 100

~ by Hannah Whittenly ~.

If you don’t like your current job, don’t think you can advance in your field, or are just looking for more control over your professional life, it may be worthwhile to start your own business. However, before you start a company, it is critical that you think your plan through.

What are some items to consider before you enter the marketplace?

1. Do You Have a Business Plan?

The first thing you need to do is create a business plan that addresses what your company does, how it does it, and how it can be profitable. While it doesn’t have to be an excessively in-depth document, it should address how the company will make money. For instance, it should detail whether the company will use generated revenue through memberships, subscriptions, or sales made by affiliates.

It should also account for competition that already exists or competitors that may enter the market in the future. Furthermore, it should cover what the company will do if a new company or technology disrupts the current dynamic of the market. For instance, what will the business do if demand drops or a competitor engages in a price war to win your market share?

2. Make Sure That You Have Licenses and Credentials

Before you start your company, you may need to get licenses from your town, county, or state. You may also need to register with the federal government to get an employer identification and tax number. In addition to getting the proper licenses for your business, it may be necessary to acquire or update professional licenses to increase credibility with customers.

If you plan on using third-party vendors to provide food, do contract work, or provide other services, you should make sure that they are properly credentialed. This can easily be done through a vendor credentialing service. The last thing you want is to be liable for work someone else did because they didn’t have insurance or because of a paperwork error.

3. How Will You Market Your Business?

Starting a business is only half the battle when it comes to getting sales. If no one knows that your company exists, you won’t make the money needed to stay in operation. This means that you will need to market either through radio or television advertisements, online ads, or by putting posters on telephone poles in your local area. There are many different avenues to advertise your small business.

When creating a marketing plan, you should strive to advertise in places where your target market spends time. If you are targeting younger people, that may mean advertising on social media or putting physical advertisements in youth centers. If you are targeting older people, you may want to advertise during afternoon television programming or near the assisted living facility.

4. What Is Your Customer Service Plan?

At some point, you will run into a customer who isn’t satisfied or who may need help making a purchasing decision. At first, you might personally handle complaints, concerns, or requests. However, as your company grows, you may need to move into a call center or use social media to respond promptly to the needs of your customers.

Neglecting to meet the needs of your patrons is one of the easiest ways for a business to fail. No matter how good your products or services are, no one wants to spend money to be lied to, misled, ignored, or otherwise treated as if they don’t matter.

Starting a company can be a great way to advance your ideas or gain more control over your professional life. While everyone dreams of being rich and successful, it is important that you cover the basics, like having a business plan and ensuring that your company can legally operate before you begin.


Meet the Author: Hannah Whittenly

Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She graduated from the University of California-Sacramento with a degree in Journalism.

Categories

More Posts:

The Power of Women-Owned Small Businesses

     Women-owned small businesses are on the rise, and their impact is undeniable. In fact, in 2019 alone, women-owned nearly 12 million businesses that employed nearly 9 million people and generated over $1.9 trillion in revenue. From retail to technology to finance,...

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

How to Make Your Social Media Campaigns More Relevant

Social media is a powerful tool for businesses of all sizes. It allows you to connect with customers and followers in a way that was never possible before. However, it's important to make sure your social media campaigns are relevant to your target audience. Here are...

SEO Basics for Small Business Owners

SEO, or Search Engine Optimization, is essential for small businesses looking to grow their online presence. SEO is the process of optimizing your website so that it will appear higher in search engine results pages (SERPs). It can help you increase site visibility...

How Entrepreneurs Can Stave Off Burnout

Have you been feeling more stressed and exhausted than normal lately? Everyone experiences burnout at some point in their career, and this is even more common with entrepreneurs due to the many responsibilities that they have. Here are a few ways to stave off burnout...

Marketing Moves to Make in 2023

As 2022 comes to a close it is time to begin setting goals and making plans for the new year. One area of particular import is your marketing strategy. It is vital to follow the current trends in marketing to keep ahead and stay competitive. Here are three marketing...

A Five-Step Guide to Starting a Logistics Company

If you've been considering launching a transportation and logistics company, now is the moment. The transportation and storage sector is very important and profitable. Statistics show that by 2027, the global logistics market would have grown from its 2017 valuation...

Strategies and Technology for Female Entrepreneurs

Since entrepreneurship is the foundation of any nation's economy, it is essential to economic development in developed and developing nations. In the last several decades, there has been a significant improvement in the role of women in our society. Women are now...

Role of female entrepreneurs in a changing society

Over the past few decades, there has been a significant increase in female entrepreneurship. More women are choosing to launch their businesses and participate in the world of business creation, one of the rapidly expanding facets of entrepreneurship globally. But in...

Explaining the What, Why, and How of Strategic Alliance

A strategic alliance is a business arrangement in which two or more companies come together to form a partnership to pursue a common goal. By teaming up, these companies can leverage each other's strengths and resources to achieve their objectives more quickly and...
Nyago Michael Emmanuel

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

How to Reduce Health Insurance Costs for Employees

How to Reduce Health Insurance Costs for Employees

As a business owner, you know how important it is to provide your employees with quality health insurance coverage. But you also want to make sure that you’re not overspending on health insurance costs.  Fortunately, there are several ways to reduce health insurance...

How to Avoid Tax Trouble at Your Business

How to Avoid Tax Trouble at Your Business

As a business owner, you know how important it is to stay on top of your finances and taxes. But if you don’t have the knowledge or resources to do it yourself, getting help can be the best way to make sure everything is handled properly.  Here’s an overview of some...

What to Do When Your Vehicle Lease Comes to an End

What to Do When Your Vehicle Lease Comes to an End

As your vehicle lease reaches the end of its term, you are presented with three options: return the car to the dealership, sell the lease or buy it outright. Each choice obviously has benefits and drawbacks that must be weighed before making a decision. In this...

The Power of Women-Owned Small Businesses

The Power of Women-Owned Small Businesses

     Women-owned small businesses are on the rise, and their impact is undeniable. In fact, in 2019 alone, women-owned nearly 12 million businesses that employed nearly 9 million people and generated over $1.9 trillion in revenue. From retail to technology to finance,...

Nyago Michael Emmanuel

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

Soe Tun: The Copy Doctor

Soe Tun: The Copy Doctor

Autistic kid finds out that he’s unemployable and doesn’t enjoy most social settings. Decides to be a pro copywriter as a result.