Running your own business can bring in extra income, but whether you’re still working part-time or have family obligations, chances are you’ll want to take the easiest path to get your business up and running. Here are five steps to take to make your entrepreneurial journey a cinch, presented by PhoneOne.
1. Pick the Right Idea
You need to ensure that your business idea has a place in the market and that you’re able to give it the attention it needs to flourish. Conduct research about the logistics of your potential business, particularly concerning the start-up phase, to figure out if you can work from home or still work part-time. Businesses such as freelance writing or online auctions can be flexible.
Put your best foot forward by going back to school and enrolling in a bachelor’s program. There are many different specializations, such as management and finance, but a bachelor’s in business will help deepen your knowledge about strategy and help you learn about yourself as a potential leader. Online programs have the added benefit of flexibility so you can balance work, family, and classes easily.
2. Choose the Right Business Structure
There are several business structures, each with its own rules and regulations. The easiest business structure to form is a sole proprietorship. This business type works for those who want full control over their business and the benefits of tying business income and expenses to their personal finances. However, this structure can make you personally liable for any business issues, such as major debts or a lawsuit filed against the company.
Create a DBA name for your company for added flexibility. A “doing business as” name for a company is different from the legal, registered name. In a sole proprietorship, you can use a separate name instead of using your personal name in order to protect your identity. A DBA name can also be used for specialized marketing purposes or to get a domain when your main name isn’t up for grabs.
3. Write a Business Plan
A business plan is an important document for any start-up, and luckily, there are many comprehensive guides for you to follow to make it as easy as possible. Every good business plan should include:
- An explanation of your business, its management, and its operations
- A description of the products or services being offered
- An understanding of the market and your competition
- An overview of financial and marketing plans
A successful business plan details sensible strategies and intentions so that you can follow a roadmap as your business grows.
4. Secure Funding
Unfortunately, starting a business can involve significant capital upfront. Loans are the standard way of getting funding, and they come in many forms and sizes. No matter what you choose, whether it is lines of credit, crowdfunding, SBA loans, or bank loans, start establishing business credit as soon as possible to make it easier to finance your company in the future.
5. Market Your Business
When it comes to making your business known, you must understand your customer and the market. Figure out how to make your product or service as unique as possible as a way of developing your brand. Try creating an eye-catching logo using an online logo maker, choosing from a variety of fonts, colors, and styles to make something unique. This will save you money while you build your brand into something special.
Starting a business doesn’t have to be hard. You can get your business idea off the ground easily by planning ahead, investing time, and using the tools available to you.
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