Steps to Owning Your Own Business
I have started a small business called Marketing Fine Arts, we are a marketing company for other small businesses and we handle their social media marketing and other digital marketing schemes. This business was located in Indiana but legally registered in Delaware.
I started this small business when I was only 17 years old, so clearly it is simple enough and achievable for anyone who has a dream of dropping that 9 to 5 job. This job can be demanding in some areas, but there is so much room for growth in our economy nowadays so if you want to be your own boss, read my step by step on how to start that future company.
First tip of starting a business even before the article starts for real. Take notes. You’ll learn over time that you need to keep onto as much information as you can to be able to be successful. Knowledge in it’s purest from is useless but knowing how to use it or how to find it is priceless.
Step One: Have an Idea
Whether it be a small idea that you thought of in a dream, or an idea you grew up with, wanting to do but never did, it can work as long as you think of a way to make them profitable. 70% of small businesses fail within the first 10 years of opening, so make sure yours is reasonable to last and to profit.
Step Two: Find who the competitors are
If there are very large competitors who have close to a monopoly in your area (more common than you’d think), then maybe you should reconsider that business idea. But then again, it is your money and time so if you are confident you have what it takes, go for it!
Step Three: Find your place of business
Whether it be online or a physical store you need to figure that out. With a physical store, you will most likely need to get a loan. With this you will have to see a loan officer for a bank with your business plan.
With an online store, it can be much much cheaper because the main costs will just be inventory and opening costs of below 300$.
Let me know in the comments below if you want to see how to build an awesome business plan sure to win the banks over!
Step Four: Legally start your business
With Legalzoom.com, you can easily start-up a business for anything you’d like. They are a third-party registrar that makes starting a business easy. You need to pick LLC to start with, then they will start the questionnaire to get your business running. It will cost from 50 dollars to a few hundred dollars depending on the state you choose to be legalized in. But it is fairly cheap for the ease of mind.
Legalzoom.com will then send you a package filled with all the documents you need to have for opening bank accounts, accountant systems, or contracts. It contains the ownership papers and more, all for that low-cost in the beginning. You will need to pay a yearly fee for this I believe, just to keep Legalzoom.com in the picture which will definitely be worth it.
Legalzoom will also be able to protect you in lawsuits, because most cases a person can file against your business would actually have to be handled with legalzoom. So basically it’s immunity to some legal cases for a few hundred dollars!
Step Five: Create an online presence
Once you’ve got your store being constructed, and you have your business legally opened up, there is on last key aspects not a lot of businesses do to stay alive. They don’t get online. Nowadays, everything needs to have an online presence to be successful. Start your first website with Wix.com, Weebly.com, or Squarespace.com. You can also use self-hosting sites such as Bluehost.com which is what I use! There are more, but these websites are the best quality for buck for business websites.
Then depending on your business, start some social media. Use your good judgement to see which social media platforms would work best with your business. For example, a bakery would work well with Instagram, because Instagram is good at showing off pretty and cute foods.
Good luck to your business and everyone involved with it, let me know in the comments below if you find that there was a question left unsolved or any value that I could add to your day!
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