Starting Your Own Small Business

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StrategyDriven Starting Your Business Article |Starting your own Business|Starting Your Own Small BusinessThere are no limits when it comes to starting your own business and making a breakthrough in any industry. When you’re trying to become successful and run a strong business, there are lots of things you need to pay attention to if you want to build a company that’s competitive, reputable, and lucrative. Most people make a mistake and try to build a brand based on strategies they’ve copied from famous entrepreneurs, but that’s never a good plan. Moreover, this is a sign that you’re not doing something right and that your business won’t make it once you hit the market. Instead, try to do thorough research and make sure you’re looking into every detail when building your business and making sure you’ve covered all the basics.

Do the research

Having a great business idea is the first and most crucial step you need to take, but after you come up with such an idea, you’ll need to research the market in order to discover what you need to do to boost your business. This will help you stay relevant, be more competitive, and see how other businesses function.

This also means you’ll have to do proper market research, especially if you’re starting a business that requires feedback. This will help you find your ideal clients and customers, and direct your marketing plan towards their attention. In addition to that, you’ll see what people have to say and use their opinion to make sure your product is the best one on the market at the moment.

Create a business plan

Once you decide what you’re going to do and how you’re going to develop your business, you need to create a detailed business plan. This will allow you to anticipate the future of your business and develop it gradually, from the startup phase to getting new deals and growing your network.

Sometimes it takes a while to get established and recognized, so having a plan will allow you to take all the right steps. If you want to look for possible investors and get them interested in your venture, for instance, this can be a deciding factor because they’ll probably want to see what you have planned for your business in the future. You can even include different answers and ideas on how to solve possible problems just to make sure you’re ready for everything.

Work on your workspace

When it comes to designing your workplace, you need to pay as much attention to details as possible. If you’re starting a business in the healthcare industry, for example, you’ll see how every little detail needs to be carefully planned – the same goes for other industries, but this one is the most demanding when it comes to details.

When creating a hospital design, you need to make sure that you do everything in accordance with the law, and design a space that’s functional, practical, and safe. In addition to that, you need to use those helpful hospital pharmaceutical lighting fixtures that are made specifically for this purpose. These will illuminate your space properly and make it more visually appealing and comfortable – both for the patients and the staff. Making sure your space is organized and functional is what’s going to help you stand out in the competitive market and build patient’s trust.

Get the necessary licenses and permits

This is something most entrepreneurs are unaware of, but you won’t be able to notice how many different things are involved in starting a business until you begin gathering all the necessary paperwork. From gathering all the licenses and permits to preventing all potential issues that might occur in the future, sticking to legal boundaries and regulations is crucial. This process might take a while, and you’ll have to invest some energy and patience into it, so just start working on it immediately and get it over with as soon as you can.

Different countries require you to get different licenses and permits, so the first thing you should do is talk to a professional in your area and learn what sort of licenses and permits you’ll need to obtain. In addition to area-specific paperwork, you shouldn’t forget some of the most common licenses and permits that are required for small businesses anywhere in the world. So, start taking care of this issue right now and try not to let bureaucracy defeat you!

Starting a small business isn’t easy, but it’s exciting and fun, so don’t be afraid to begin this adventure ASAP, and good luck!

4 Professionals All New Businesses Should Work with

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StrategyDriven Starting Your Business Article |New Business|4 Professionals All New Businesses Should Work withAll successful businesses start with a good team. However, you will have some skill gaps here and there, and there are cases when you will have no choice but to bring in outside help. The question for many is who they should be spending money on and what they can handle themselves. Let’s take a look at some of the professionals all budding businesses should consider working with if they want to increase their chances of success.

Accounting

One of the first people you’ll have to work with is a good accounting firm. This will make sure that you’re compliant and that you avoid major mistakes. Not only that, but a good accountant will allow you to get the most benefits and be as tax-efficient with your assets as possible.

If you’re looking for a great team, you should try looking at the accountancy and business services from Azets, they will not only make sure that your financial returns are on point, but also get expert advice from their team on how to steer your business in the right direction. That way, you won’t have to worry about missing important dates and reduce the chances that you’ll be hit with an audit. And if you are, dealing with it will be much easier.

Commercial Lawyer

This is someone everyone who’s running a serious business needs in their corner. You never know when you’ll be hit by a lawsuit. It could be because a product was faulty, or it might be an issue with how it was advertised. A lawyer will not only be able to help you in case you get sued, but they can help you prevent lawsuits as well.

They can also help you with copyright law, intellectual property, and drafting or reviewing contracts for you, may it be with your employees, vendors, suppliers, or customers. You might also need help when dealing with commercial leases, which can get very complex. These are all things a lawyer will be able to assist you with.

A Recruiter

This is one of the most overlooked professionals that businesses need to work with. Recruiting is a big issue for most new businesses. It is also something a lot of business owners think they can handle on their own for some reason. But they could be saving themselves so much time, money, and headaches if they simply went with a recruiter.

A recruiter will reduce the time it will take for you to find a specialised employee. They will take the time to look at your business’s objectives and profile and find someone that fits it. This will increase the chances that the person you get will be enthusiastic about the job. It will also help reduce turnover, which is very important if you’re just getting started. What you need the most now is stability, especially at senior positions, which is why you should consider working with a recruiter to fill them.

Online Marketing Agency

This is also something all businesses should consider – don’t make the mistake of assuming that someone who understands code or how to build websites will know how to improve your SEO or set up a PPC campaign. If possible, leave it to professionals and do what you can on your side.

There are tons of people out there whose job it is to help you reach your goals and objectives. So, if you feel you may be in over your head in certain areas, don’t be afraid to reach out.

How To Start Your Own Small Business!

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StrategyDriven Starting Your Business Article |Start a small business|How To Start Your Own Small Business!Yes, after the pandemic, a lot has changed. A lot of people lost their jobs because of the pandemic and had to move to other countries to find employment, or came back to their homelands full of hope to find what they really want. But sometimes you have to see the light even from the most bottomless hole and from the worst situation. Be wise and a little bit cunning! Every question has its solution because it is the 21st century. Digital work is everyone’s salvation. Here you can find a job or start a new business.

If you are wondering how to create a small business or you are just searching for business ideas, go on reading the article till the end!

Nowadays, especially after the “huge” results of Covid 19, the digital world is an essential part of human beings’ lives. People using the internet do even impossible. Maybe just a decade ago, no one could think about working or studying remotely, but today it is more than actual. The really colossal chaos and the impact that pandemic had on us, we should use smartly. Everything starts with a good idea!

New tendency

Don’t you think that you should focus on the events going on in the world right now? The most obvious example is online education – real profits online. Have you ever thought that being a teacher someday could become a business? This is not a joke at all. And I am not speaking about traditional teachers.
Of course, both online and offline businesses are necessary. Still, you need to move with the times and prove that a lot of money is no needed, and intelligent people start businesses also without having cash or without serious investments. You have already known the secret, haven’t you? Hmm…

Okay, let’s think about the digital world and the benefits it gives us. Nowadays, digital technology has transformed nearly every aspect of modern life. People “live” using devices. Travel, work, shopping, entertainment, communication… These all are an inseparable part of our lives, and new technology makes it easier to do each of them. This is the most convenient time to start your little business and help others too.

But why online teaching, and what will be your profit?

Importance of Online Presence for a Business.

It is available wherever and whenever you want.

The number of users on online educational platforms has overgrown. Do you know why? People save their time. So, people prefer to buy online courses and learn wherever and whenever they find it appropriate: after work, on the way home, during the breaks, while drinking coffee, and so on.
Just because the internet is always available everywhere, the customers will find your “product” easily. Your video classes will be accessible on a 24-hour basis, and customers can conveniently find and use them. They will buy your video lessons, and you will teach them something, make money and at the same time enjoy the whole process.

Larger audience

The web gives you access to a much wider audience that involves personalities within your location and beyond.
If you can teach hundreds or fewer students in the traditional classroom, in this way thousands of people from all over the world learn something from you and thanks to your video classes, a lot of people acquire a new profession and find a job.

Positive Reviews

Here your work is appreciated, and due to the positive reviews, a lot of people know about your courses. If you have really good video classes and value your students, you can look forward to positive reviews that will result in a broader student base. People often use reviews to make their purchasing decision, and it’s important to prioritize quality service.
Perhaps you have a lot of questions right now. Like how to create video classes? Are there any websites to upload or even how to make educational websites? What to pay attention to, and if there are any details or nuances that you should know before starting your business? Go on reading and explore the answers to your questions.

How to create video classes?

The most important thing – follow the available trends! Have a little but comfortable working area for you even at home. It is really easy to share your knowledge, grow your audience, and scale the business you already love. At the very beginning, you can use the camera of your Smartphone or computer. Write on the paper the content plan to organize efficiently. In this way, you will have a well-developed strategy. Then record the class without forgetting about the eye contact. Look at the camera. This increases engagement.

Are there any websites to upload?

Of course, there are websites where you can share your video classes. You can easily find both free and paid websites—for example, UDEMY (do your research and use the one you like the most). Then quickly upload videos, build quizzes, and organize all your learning content. Set pricing, schedule lessons, and automate your content to curate a learning experience your students will love.

How to make my own educational website?

This is a little bit difficult, but we found a solution for you! You don’t need to spend a lot of time and money to create your own website. There are e-teaching website builders that will help you to do it in a few minutes. Yes, I am about Uteach, which will make your life easier ’cause this allows you to create your website using the domain you want. This is more convenient and has all the tools needed for online education. You save your nerves, have your own E-teaching Platform and make money. So it is your choice, find the most appropriate version, start your new business and make money!

To sum up

For people who love teaching and want to share their education working from home, online teaching provides excellent opportunities and is a perfect alternative for both tutors and students. An online tutor can gain millions of students remotely, and students sitting at home can learn some new things and work thanks to the information and knowledge teachers gave them. Do everything with love, and you will succeed!

How Do I Start A Small Business?

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StrategyDriven Starting Your Business Article |Start a small business|How Do I Start A Small BusinessIntroduction

Starting a small business and achieving a reasonable amount of success in the same business requires you to follow quite a few steps. All the budding entrepreneurs and business people understand this phenomenon; thus they make the initial preparation and planning very compact, strong, and full-proof.

Apart from conducting detailed market research, finding out fair clientele, performing surveys, retaining target groups, exploring SEO, and researching public data, which are obviously important factors, one must also remain very adaptable to changing situations. That is the key step towards a successful small business.

How can I start a small business?

1. Preparing a Proper Idea

If you are going to start a small business, an all around preparation of a proper idea is very important. Generally, it includes various factors like; 1. What are the products and services you want to provide to your customers? 2. What will be the market where you want to get into? 3. How will be the market where you want to enter? 4. What kind of better offers can you make for your consumers, than the contributions made by the already existing companies?

You are also required to concentrate on few other components, which are;

  • Why are you trying to launch a small business? What kind of needs will you satisfy? Will it be a personal need or a market need? It is important to have these answers before starting a small business.
  • You can consider opening a franchise for any established company where you will only require to find a proper location and arrange funds for your operations.
  • Having a solid ground of reasoning behind your idea
  • Before starting a small business, you are always required to understand how you are going to make your customers’ lives smoother! And what kind of values are you going to add to their lives? In a nutshell, a proper realization of your target customers is extremely important.

2. Conducting thorough Market Research

Detailed end-to-end market research will help you identify your customers upon which you can further perform competitive analysis in order to understand the various advantages of your small business.

Thorough market research will always lead you towards a realization of your consumer behaviour, customer base, and diverse economic trends. Additionally, you can also collect various demographic information of your customers like age, height, weight, preferences, property value, family members. It will provide you with a mixture of chances and limitations of your small business idea.

Once these are completed, evaluate the following gradually;

  • The Market Demand for your products and services
  • The Market Size of your Small Business.
  • The employment rate and income scope of your customer base!
  • The outreach of your business.
  • The living location of your customers
  • What is the market saturation!
  • The price fixation of your products

3. Writing an Effective Business Plan

A proper business plan is a detailed outline of the structure, functioning, and future growth of your business. An effective plan is chalking down the purpose and goals of your business.

There are two kinds of business plans, which are respectively: Traditional Business Plan and Lean Start-up Plan. The former is a standard and detailed structure, while the latter is an uncommon structure with the summarization of the key topics.

However, the traditional business plan is only widely used and includes;

  • Creating an executive summary mentioning the mission statement, vision, services, employees, leadership team, location, products, of your business
  • Sharing an informative company description with the minute detail of your organization like the business solutions, business services, consumer base, competitive advantages, store location, etc.
  • Conducting a thorough market analysis to understand the target market, industry standpoint, business strengths, market trend, market theme, etc.
  • Describing the legal structure of your business and portraying an organizational chart for everyone
  • Describing the offerings of your services, the product life cycles, intellectual properties as well as the research and development procedures of your business
  • Mentioning the entire marketing and sales strategy with its amendments, financial projections, procedures of retaining customers
  • Clearly mentioning the funding requirements with the specified amount and its typecast. You are also required to inform about the usage specification of the funding along with the future financial plan
  • With the utilization of proper charts and graphs, portraying the present and anticipated income statements, balance sheets, cash flow statements, and capital expenditure budgets, etc.
  • Providing supporting documents by means of appendix including credit histories, permits, resumes, legal documents, reference letters, contracts, pictures of the products, licenses, etc.

4. Accurately Evaluating Your Finances and Funding Your Business

When you think of starting a small business, it is a sure event that there will be an associated cost or price. Therefore, you are required to determine what will be your start-up cost.

Before obtaining sustainable revenue from small business, here are the few steps which you can acquire.

Conducting a Break-Even Analysis – As a business owner, if you can determine the price of conducting a break-even analysis, then in the long run, you can anticipate how profitable your products and services will remain!

Fixed Costs / (Average Price – Variable Costs) = Break-Even Point –

Many entrepreneurs and businessmen apply this method as a means of a tool because it helps them to understand the minimum requirement of their business performance for attaining success. It also helps in determining the production goals.

Break-Even Analysis helps you in;

  • Determining the profitability
  • Obtaining information about fixed rates, variable costs, total costs labour costs, etc.
  • Analysing the data properly

Considering the Funding Options 

The available options of funding for your business can respectively come from;

Business Loans – You can opt for a commercial loan or even a small business loan from Small Business Administration.
Business Grants – There are various kinds of business grants which can be secured and do not require to be paid back like minority-owned business grants, grants for women-owned businesses, government grants, etc.
Investor Funding – many investors can also fund your business
Crowdfunding – Crowdfunding is a widely utilized funding option as it doesn’t engage much risk, however, launching an equity crowdfunding campaign can help you in obtaining many small amounts of money from several crowd-funders.

5. Choose Your Business Structure Wisely

The correct choice of your small business structure is going to influence all your daily operations, taxes, filing, personal liability, and asset management, .Henceforth, choose it wisely so that you can obtain the right balance of your legal protections and advantages.

You can choose from the below-mentioned options;

  • Sole Proprietorship
  • Partnership
  • Limited Liability Company (LLC)
  • Corporation – C Corp
  • Corporation – S Corp
  • Corporation – B Corp
  • Close Corporation
  • Non-profit Corporation
  • Cooperatives.

Other Steps Associated with Starting a Small Business –

Although the above mentioned are the primary steps associated with starting a small business, however, there are also few other steps, which are;

  • Choosing a Proper Business Location
  • Choosing a Business Name
  • Registering Your Business
  • Obtaining Federal and State Tax IDs
  • Applying for Required Licenses and Permits
  • Purchasing an Insurance Policy
  • Opening a Business Bank Account
  • Choosing the Proper Vendors
  • Growing and Developing an Effective Team
  • Advertising and Branding Your Business
  • Promoting and Growing Your Business

Conclusion
Efficiently and carefully following these steps will lead you towards starting your dream small-scale business.

 

About the Author

StrategyDriven Expert Contributor |Akash TripathiAkash Tripathi is a Content Marketing Manager at Top Mobile Tech. It is a blog where I cover all the tips & tricks related to Mobile and more related to tech. Stay connected to the rest of the world with Top Mobile Tech. We bring latest and critical news to your mobile and computer devices.

How To Start Your Online Business

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StrategyDriven Starting Your Business Article |Start your Online Business|How To Start Your Online BusinessPlanning is a crucial aspect of our lives. From planning dinner to a summer vacation to managing shopping expenses, everyone likes to in advance to ensure that outcomes are satisfactory.

And starting your online business is no different. However, if you want to become the next big name in the market, you need a robust plan to guide you through all the steps necessary to establish your brand.

Without any further delay, let’s learn how to launch your startup on the road to success.

1. Find the perfect idea or product

The market is quite saturated, so it can be challenging to find an idea or product that will turn out to be profitable and stay in demand for the long haul. Here are a few tips to help you out:

  • Find a solution to a problem
  • Improve an existing product
  • Identify a product that has branding potential
  • Create a niche-specific product
  • Offer something unique

2. Evaluate market viability

Congratulations! You have a killer idea. But ideas are a dime a dozen today. The real question is will it survive in the market?

It’s time to research the market. Your market analysis should include:

  • Customer Analysis: Who are your target customers? What are their needs? You need data such as demographics, psychographics make-up, income, location, etc.
  • Industry Analysis: Acquire details about the market such as outlook, statistics, size, trends that influence it, current and projected marketing data, etc.
  • Competitive Analysis: By looking at other businesses relevant to your brand, you can fish out their shortcomings and weaknesses. Find something that they are not offering that the target audience needs and convert them into your strengths.

While these are perfect ways to establish a profitable company, you simultaneously need to know how much demand there is.
Consider factors such as price, seasonality, product lifespan, current competition, etc., before starting your business. Answers to these criteria will allow you to gauge the long-term viability of your brand. More importantly, they can help you gain a strong foothold in the industry or out-compete your competitors entirely.

What should be included in your initial research?

  • Evaluate current trends
  • Survey the industry
  • Look closely at keywords
  • Take note of hashtags leading on social media platforms

3. Write down a business plan

A realistic, functional business plan will help highlight your objectives and strategies. It clearly describes the products and services you intend to provide. Though every company has a different perspective, writing down a business plan will keep you organized through the initial phases of development as well as help measure results later on.

More importantly, it is essential to secure external funding and measure the success rate of your new business. And because it lays out a clear vision of success, your business plan can pave the road for growth, helping your startup take off and thrive.

Remember that your business plans need to be flexible. This will help your company adapt to change quickly.

4. Map out finances

Most startups have minimal capital. However, it’s one of the most important aspects to consider when establishing your business. So before launching it, identify whether you have enough money to fund your startup. Nearly 75% of new companies and startups need a helping hand to get up and running.

If you happen to be one of them, where do you intend to acquire it? If you plan to borrow from a friend, family member, or a financial institution, draft a loan repayment plan mentioning the terms and conditions, interest rates, cosigners, etc.

Often startups need to search out investors. This is where your business plan will help explain where funds are allocated, describe cash flows, and how capital will be funneled into activities that allow the business to develop and grow.

For more on how to raise capital for your startup, read Easy Ways To Raise Capital For Your New Venture.

5. Build a website

Once you’ve created a product and identified its market, it’s time to develop an online presence. Your website will become your digital storefront.

According to Devrix, in 2018, 6 out of every 10 small businesses didn’t have a business website. But things have changed since the pandemic hit. Now, it’s simply not feasible to conduct a business without a website.

The design of your website should be simple, clean, and user-friendly. Not only should it be aesthetically appealing, but it should be easy to navigate.

Some important aspects to consider are:

  • Design elements should be consistent on every page
  • Design a unique logo that effectively represents your brand
  • Use a color palette that promotes brand identity
  • Select one or two plain fonts
  • Use appropriate color schemes that enhance readability
  • Incorporate images, video, audio
  • Offer essential contact information
  • Simplify purchasing and checkout
  • Ensure your site is safe and secure

A website is an extension of your business. Therefore, make sure everything is flawless, from the logo to the written copy to the UI/UX elements. So if you intend to build your own website, consider outsourcing different projects to professionals. For instance, Logo Design Valley can design your logo and etch your brand’s message in the framework of design.

Or you could simply hand over the entire project over to an established, experienced website development agency.

6. Create a marketing strategy

In this digital era, a website is essential, but it’s not enough. After working day and night to get your business up and running, you won’t get far if people don’t know about it. That’s why you need to have a robust marketing strategy in mind.
As the leader, you need to find ways to promote brand awareness and increase online visibility. So your approach should utilize various marketing channels to reach the right people at the right time. Standard digital marketing practices include Search Engine Optimization (SEO), Email Marketing, Social Media Marketing (SMM), Content Marketing, Pay-Per-Click (PPC) Marketing, Video Production, Link Building, and much more.

Closing note

The steps mentioned above help get your startup established. But a business is nothing without customers. So you need to devise a plan that keeps current customers coming back as well as attracts new ones.

Most online businesses focus on increasing revenue through back-end sales and upselling. According to entrepreneur.com, 36% of people who purchase from your brand once are more likely to do so again if you follow up. And since it nearly costs five times more to acquire a new customer than to retain one, it’s something that you need to think about sooner rather than later.

Easy ways to get your customers to shop again are:

  • Suggest products that complement the original purchase
  • Start a loyalty program
  • Offer discounts, promotional discounts, coupons, etc.

Over to you

There are endless opportunities for people to start their own online business. But being equipped with the right information can make your efforts more worthwhile. More importantly, it helps you set yourself up for higher success.
The key is to start off with an aura of positivity. Continue to search for creative and unique ways to improve your brand. And always be flexible to change. That’s one thing COVID-19 has taught all entrepreneurs over the past year.
I hope this blog has made it easier for you to understand what starting an online business entails. So are you ready to embark on your life-changing journey and launch your online business?

About the Author

StrategyDriven Expert Contributor | Evie HarrisonEvie Harrison is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs. Find her on Twitter:@iamevieharrison. Learn more about Evie at about.me/iamevieharrison.