How to Start Your Very Own Baby Business and Store: A Useful Guide

StrategyDriven Starting Your Business Article |baby business|How to Start Your Very Own Baby Business and Store: A Useful GuideLet’s face it: with a predicted market value of almost $17 billion by 2025, baby businesses are booming. Thanks to the rising demand in infant hygiene and nutrition, researching “baby stores names” is more trendy than ever.
Do you spend your day googling “selling baby clothes online business?”

If so, you’re in business baby. From creating a baby store name to selling baby products, read our handy guide to starting your very own baby business store!

Planning out Your Baby Business

If you want your baby company to be successful, you’ve got to start with a successful plan. Not only will this plan help you to identify your target market, but it will also leave room for the unknown.

For instance, start by asking yourself what your ongoing and startup costs will be. Think about who you’re marketing your products to.

Another important thought is: how long will it take for your business to become profitable?

Of course, figuring out what the perfect startup business name is will be crucial too. Fortunately, we’ve done all the hard work for you. Let’s talk about how much it costs to start a baby business.

Whether you’re starting on your own or buying a franchise, investing in a brand-new baby store is a big deal.

You’ll need money for everything from:

  • Purchasing or leasing a storefront
  • Fulfilling inventory orders
  • Hiring staff members
  • Buying point-of-sale systems
  • Acquiring accounting devices
  • Obtaining display racks
  • Paying for living expenses

In a nutshell, you’ll need anywhere between $250,000 and $500,000 to begin your baby business.

Expect for employee payroll to be your biggest expense. On top of that, keeping enough inventory in stock is expensive as well. Also, maintaining computer systems and your business property will be your third largest expense.

Now, your target market should be anyone who:

  • Is expecting to have a baby
  • Already has a baby
  • Knows someone else with a baby

Keep in mind that budget-friendly stores are much more in demand than upscale boutiques. To make money, you have to buy your baby products at a discount rate from a wide range of distributors and manufacturers.

Earning a profit will be as simple as reselling your wholesale products at a standard retail rate.

How convenient is that?

Creating a Legal Baby Company

When it comes to creating a legal company, it’s all about playing by the rules. For those of you are planning to form an LLC, this will prevent you from being held responsible if your baby business is brought to court. If LLCs aren’t your thing, consider forming a DBA or a corporation instead.

Finding a registered agent website will help your business safe and compliant. The next step is to register your business to file federal and state taxes every year. To do so, you’ll have to apply for an employee identification number.

Luckily for you, getting an employer identification number is both free and easy to do. Visit the Internal Revenue Service website to obtain an employer identification number via mail, fax, or online.

Here comes the fun part: opening up a new business credit card and bank account for your company. In case you didn’t know, this is the best way to keep business and personal accounts separate. Otherwise, your company could be sued for your personal assets if it’s taken to court.

If you want to separate your company’s assets from your personal assets, the tax and accounting process will be much easier. Plus, adding a company credit card to the mix to be a great way to build credit for your business too. This is a good time to establish your company accounting records as well.

FYI – keeping detailed and accurate records will make filing your annual taxes way less stressful. It also helps tremendously if you know your tax bracket and the resulting implications. After you’ve made sure that your business is legit, you’ve got to get your hands on the necessary licenses and permits for your company. If not, your baby business could get hit with fines or closed down.

Nobody wants that, right? We didn’t think so!

Following Local & State Regulations

If this is your first rodeo, then you should know that following the local and state regulations for your baby store is your number one priority. To find out what the laws are in your area, contact the Small Business Administration to learn more.

Also, checking in with your county, city, or town clerk’s office is a smart idea too. Now that we’ve got that covered, most baby businesses have to charge a sales tax on their services or goods.

What is a Certificate of Occupancy (CO), you ask?

Fair question. If you’re planning on running your baby business out of an official storefront, then you’re definitely going to need to get a CO. This will let everyone know that you’ve met the necessary requirements for regulations, zoning laws, and building codes.

For those of you who are intending to lease a business storefront, know that it’s your job to acquire a Certificate of Occupancy. Before you sign the lease, ask your landlord if you are allowed to get a Certificate of Occupancy for your baby business.

That being said, make sure that you renew your CO whenever you plan to do a renovation of your store. If these renovations occur before your opening, tell the landowner that you won’t start making payments until you receive a CO.

What’s the real deal about building or purchasing a baby store location?

Similar to leasing a baby business, it’s your responsibility to obtain a CO from local authorities or officials. The last step in this process is to get reliable insurance for your company. This is an essential part of becoming a business owner.

Planning to hire staff members means that you’ll have to pay for worker’s compensation too!

Building Your Baby Brand

Chances are that you been thinking about building your baby brand for years now. For the uninitiated, your baby brand will reflect your company’s mission, goals, and overall vibe. Yes, that includes how your brand is received by your target audience.

But wait – there’s more. Building an iron proof brand will help you to leave your competitors in the dust. To market or promote your baby products, put your brand and company name in any place that expecting or new parents would visit, including:

  • OB/GYN offices
  • Pediatric offices
  • The civic center
  • Gyms
  • Daycare centers
  • The local library

Launching a direct mailing campaign can reach families that are already looking for baby products or services. Establishing a blog with baby tips is helpful as well. Better yet, make a social media profile to connect with new or expecting parents in your region.

Investing in newspaper ads or placing ads online is another smart marketing move. That way, you’ll be able to snag as many future clients as you can.

But here’s the catch: how do you keep consumers coming back from more?

Surprisingly, the answer is simple. Your baby store opening should be as exciting and fun as possible. To take it up a notch, you could always:

  • Rent a jump house
  • Hire clowns
  • Find a face painter
  • Have a snack station

In addition to this, offering customer specials at the door will encourage customers to check out your fun and beautiful business.

For the next year, running bargains will be a great way to help you build up your clientele too. Continue to offer excellent customer service and competitive prices.

It doesn’t hurt to create a website for clients to learn even more about your services online either. Pro tip: invest in digital marketing for baby product companies!

Get Into the Baby Business Today

Looking to get into the baby business?

If so, then you’ve come to the right place. For those of you who are still feeling clueless, planning out a baby business isn’t as hard as you think. In fact, all that you have to do is fundraise enough capital to get started.

The rest is simple: purchase or lease a storefront. Next, focus on fulfilling inventory orders and hiring staff members. After that, acquiring accounting devices and obtaining display racks should be stress-free.

Now that you’ve made sure that your baby business is legitimate, follow local rules and regulations. Once you get the proper paperwork together, host a grand opening to attract new customers. Keep your prices low and you should be good to go!

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How To Build A Reputable Contractor Business

StrategyDriven Starting Your Business Article | Entrepreneurship | How To Build A Reputable Contractor Business

Working in the construction industry is a competitive landscape but can also be a rewarding career. It’s up to you to win over new clients and build a book of customers who will use and recommend your services.

As a contractor, your reputation matters and the word will spread quickly about whether or not you know how to do your job. It’s up to you to impress clients and produce quality work, so know there will be a lot of pressure on your shoulders on any given day. Use the following advice to help you build a reputable and successful contractor business, so your company is around for years to come.

Present Ideas & Solutions

As the contractor, it’s your job to come to client meetings prepared to share your knowledge and expertise. Offer up ideas and solutions that your customers will find useful and will help them to achieve their project goals. For example, incorporate the advancements in technology such as to help protect and prevent the buildings you create from experiencing any fire or earthquake damages. These are solutions that your customers may not be aware of, and that will help you to construct a better building.

Collect Testimonials

You need to have a solid reputation if you’re going to make it long-term in the construction business. Therefore, collect testimonials from your customers so that others can see the benefits of working with you. People who are interested in hiring you will want to hear what you’re like to work with from other clients and not necessarily from you. The better reviews you have, the more likely it is that you’ll begin to receive more work orders. Use these testimonials as a marketing tool to show potential customers that you’re the best person for the job.

Be Responsive

Although you’re in the business of building and constructing, you’re also in the business of working with people. Your clients should be your number one priority, and you should do whatever’s in your power to keep them happy if you want to succeed. Improve your reputation by being personable and friendly in your interactions and responsive to questions or inquiries that arise. Disappearing for days at a time or not being available to address concerns will make you look bad, and your reputation may take a hit for your actions.

Perfect Your Skill

Another way to build a reputable contractor business is to let your work speak for itself. Perfect your skill by learning from others and your mistakes. Use your free time to practice in areas that are giving you trouble or to take a class and advance your education. You’re going to want to make sure you know what you’re doing and can produce results worth talking about for your customers. If you’re continuously committing errors or not delivering on your promise, then you risk people going elsewhere for these types of services. Be organized and avoid cutting corners or having hidden fees if you want to build an excellent reputation for yourself and your business.

How to Start a Distillery: The Step-By-Step Guide

StrategyDriven Starting Your Business Article |how to start a distillery |How to Start a Distillery: The Step-By-Step GuideEntrepreneurs come in many different shapes, sizes, and interests. They all have different passions that they’re looking to pursue.

That’s good! It’s what makes the corporate world go round. If they won’t provide a certain service to customers, who will?

One of the business ventures you might be interested in is starting a distillery. It gives you a company that you can pour (pun intended) your heart and soul into to receive a substantial profit.

There are however certain guidelines that every potential distiller should follow. Here are some pointers on how to start a distillery that can grow for years to come.

1. Create a Business Plan

No successful business ever started without a business plan in place. Granted, some of them may not be super elaborate, but you don’t want to follow that trend. The more detail, the better!

There are certain factors you’ll want to perform heavy research on for your business plans. These are things such as the costs for your startup, production process, when can you break even, the name of your business, and what you’ll distill to name a few.

What does your target customer look like? How much will you charge them for your liquor? What return do you expect to see?

Assuming you don’t have thousands of dollars laying around, you’ll want to seek a funding group to help with your startup. Having an organized and strategic plan in place goes a long way with them.

2. Establish an Entity and Register for Taxes

Now that you’re a legitimate business, you need to get everything in place with federal business requirements.
That means forming a legal entity for your company and registering for your state and federal taxes.

For forming a legal entity, you can choose from such structures as a Limited Liability Company (LLC) or a Doing Business As (DBA). Either will help protect your personal assets if the business gets sued.

As you’re registering for your state and federal taxes, be sure to apply for and obtain an Employer Identification Number (EIN).

3. Start Considering Your Equipment

It’s never too early to start planning and budgeting for the equipment you’ll need to properly distill your liquor.
Such equipment includes water supply, a mill, cooker, still, transfer hoses, receiving tank, and fermenters. All of that can add up quickly and should be purchased in waves leading up to opening up your distillery.

However, the sooner you save up for it and purchase it, the sooner that you can start with your distilling process. Thus, the sooner you can start making a profit off of your liquor!

4. Open a Business Account with the Bank

One mistake that many people make when starting a business is not separating their personal bank account from their business bank account.

Not doing so can risk all of your personal funding and assets that you’ve accrued. Be sure to set up a business account to protect them.

Heaven forbid if you were to get sued, and you didn’t have a business account, things such as your house, checking account, jewelry, car, or retirement savings could be at risk.

While you’re doing that, be sure to request a business credit card so that you can control the expenses and pay them off in one single place.

5. Attend Distilling Workshops

While you or your business partner might be exceptionally knowledgeable on distilling, there will always be more to learn. It’s good for you and your business to educate yourself.

Because of that, you should attend a distilling workshop or two to see what you can learn about the process.
This will also help you build a network of knowledgeable distillers with years of experience under their belt.

They’ll be more than happy to point you in the right direction and help out in any way that they can. Who knows? Maybe your distillery will hire them one day!

While the classes might be a bit pricey, they’re well worth the investment. You’ll receive new ways of thinking that you can reiterate to all of your business partners.

6. Get All Permits/Licenses Taken Care of

Your distillery isn’t a legal business until you’ve properly acquired all licenses and permits required by your state. Be sure to find out what your specific state requires and seek them out.

The two mainstays among all states are a proper liquor license and a certificate of occupancy for your business.
Be sure to look up what role each of them plays in your distillery and how you can correctly go about obtaining them.

7. Invest in Insurance for Your Distillery

There are two types of coverage that you’ll need in your distillery insurance: property coverage and liability coverage.

Property coverage is exactly what the name would imply. It protects all incidents that might happen with the property your distillery conducts its business on.

Such things as fires, faulty parts, or even flooding can be a major catastrophe that results in your company going out of business. You may lose your entire distillery before it even gets up and running.

Property coverage is made to protect things such as the products you’ve made, the machinery you use, and the building that you use.

Liability coverage, on the other hand, protects you from the actions of their users. For example, if someone gets drunk on your premises and then is involved in a drunk driving accident, you’ll be protected.

As you can see, distillery insurance is vitally important. Learn more here for more details on this subject.

How to Start a Distillery: Set It up for Success!

As you can see, there’s a lot of factors on how to start a distillery initially, but they’re all vitally important.
Once you get them all out of the way, you’ll be reeling in a profit in no time!

Be sure to read our other articles that pertain to both this topic and other topics just like it.

5 Ways to Convert Your Garage Into a Home Office

StrategyDriven Starting Your Business Article | 5 Ways to Convert Your Garage Into a Home Office

If you work from home or if run your own business, a garage conversion could be a great way to add a home office to your property, saving yourself the added expenses of rent or overhead.

Garages are enclosed spaces where cars or other items are stored, so they can be ideally repurposed for other uses. And because you are not actually building from scratch, you may not need to apply for planning permission, but you should confirm with your local council to be safe.

Below are some important tips to keep in mind when creating a home office out of your garage.

1. Clear the space

To create your dream office, clean and remove everything you currently have in the garage.

Find new storage options for bicycles, garden tools, car accessories, and Christmas decorations, or store them carefully in boxes that you can discreetly store elsewhere.

You should also thoroughly clean the garage before you do anything else. Make sure that there are no cobwebs or car lubricants left when setting up your new office space.

2. Be creative with lighting

When you change your garage space into a home office, you should be as creative as possible. Consider your garage a blank canvas to repurpose it as best as possible.

Garages are typically have the worst lighting, so make sure that your new home office is well lit.

I strongly recommend buying inexpensive lighting fixtures if your garage is not exposed to direct sunlight during business hours.

A creative way to add light into your office is to paint it with bright colours and/or use creative bright patterns. This alone gives the office a colourful and uplifting mood.

3. Make it comfortable and secure

As you are repurposing your garage into a home office, remember to make it as comfortable and as secure as possible. This means making it less susceptible to outside weather conditions. For example, you may want to replace the existing garage door with a modern insulated garage door, so that your office remains warm and cosy during cold months.

As an added advantage, a modern insulated garage door will provide extra security for your tools and equipment when you are not at the office. On the plus side, this type of door will be a strong deterrent to thieves.

Finally, you should also invest in a good heater and fan to be comfortable during all seasons.

4. Design your new space

Even though one of the reasons for repurposing a garage into a home office is to reduce the cost of overhead and rent, you still want your new office to be a great space to work in, and to reflect your personal taste.

Of course, you can simply invest in an ergonomic chair and desk, but why not take the opportunity to design a really nice home office?

Personalise your new workspace with a workstation, relaxation sofa, and an entertainment system. You can also add some practical details such as rugs, framed pictures, and throw pillows.

5. Setup and work

Make sure you have reliable and effective technologies that will make it easy to do your work.

Many households now have wireless networks, but often the wireless signal is weak or absent. To solve this problem, buy additional routers or wireless signal amplifiers to boost the network environment in your new home office.

If necessary, invest in higher-quality data storage, processing and printing technologies.

Furthermore, wire everything to keep cables clean and to have minimal interference.

Finally, converting your garage into a home office is both doable and easy. Try the tips in the article and see if you can put your garage to good use.

Ready To Work In Your Own Office?

StrategyDriven Starting Your Business Article |Starting Your Own Business|Ready To Work In Your Own Office?If you feel you’re ready for an office of your own, to take your home business or new business idea into, put a brake on the process for a moment. You need to stop and think a little more about what you’re getting into, and whether or not it makes sense for you and your career goals at this point in time.

So, why not take the questions listed below and apply them to your situation? It’s much better to be cautious when spending capital like this, rather than accept the risk and let things fall through much faster than you ever thought possible.

How Long Have You Been in Business?

The amount of time you’ve been in business is key to knowing whether you’re ready for your own office or not. If you’ve got a business that’s at least a year old, and better yet, you’ve been operating for at least 5 years, you’ll have an advantage over someone just starting out and trying to build their brand. You’ll already have done all of the necessary foundation work, and now you’re simply expanding to something bigger and better.

How Many Offices Are Around You?

The amount of offices in the same area as you is a good indicator of the kind of competition you’ll come up against. It’s one of the main reasons why businesses fail in the first year; if you’ve got an overwhelming amount of competition to try and beat out of the water, you won’t have the time or resources to focus on your customers. You’ll be constantly trying to innovate, and do better than the company just down the road, and who knows if you’ll be able to pull that off?

At the same time, you need to be sure there’s enough office space for you to move into as well. You need to look into private office rentals in your area, if you don’t have the capital to outright buy an office of your own (as many small businesses don’t).

Why Would You Need an Office?

And of course, ask yourself why you’d be in need of an office for the future. How many bullet points can you jot down on paper to answer this question? You’ll need at least 3 to ensure you’ve got a viable strategy to work off of in order to pay for your expansion; you may need an office to house more employees, which means you have more customers to service, which means you’re making more profit overall.

And do these kind of profits outweigh the costs of moving into a commercial space? If not, your expansion plans may need a bit of refining before you go any further.

Your own office is something you often dream of, of course. But you need to be sure you’re ready to take it on; you need to ensure that you’ve got the funds and the need behind you for such a space. Don’t rush your expansion process.