Do you want to be an entrepreneur? Great news—you can! Thanks to the ever-growing popularity of online shopping and virtual services, anyone can start a business from anywhere in the world. All you need is a computer and an internet connection. That said, there are a number of steps you will need to navigate as you prepare to launch your business. Check out the following tips to keep it as simple as possible!
Establish a Business Idea and Entity
First and foremost, you need a business idea. Coming up with a great business idea is easier if you focus on your hobbies and interests. Think about how you can monetize something you already enjoy doing. For example, if you’re passionate about interior design, launching a business as a virtual designer could be a great path for you!
Passion will drive you forward, inspire your customers, and give you the courage you need to break out of your comfort zone and take risks. When you come up with an idea, research it obsessively. You want to ensure there is a market for your business before you invest time and money into your launch.
Next, you’ll want to determine your business name and brand, and then create a logo that fits. If you’re anxious about forking over money for high-dollar design services just yet, rest assured this is something you can handle yourself. Sites like Adobe Spark offer a variety of tools to help novice designers turn out professional-looking images. You can use their free logo maker and templates to create a distinctly unique and creative logo that will set you apart.
Your next step will be establishing an entity for your business. Many entrepreneurs prefer to set themselves up as a limited liability company. This entity offers tax benefits, simplified paperwork, and asset protection.
Assemble Your Team
Launching a business on your own involves wearing countless different hats. If you don’t have time to handle everything yourself, hire help! Outsourcing work to freelancers is a great way to save money on payroll and take some weight off your shoulders without committing to full-time staff members. For instance, if you need help setting up a website, you can connect with a freelance web developer for less than the cost of an agency. Search job boards for the ideal candidates to review, and don’t be shy about confirming freelance web developer rates.
Of course, eventually, you may need to hire a few employees. Make sure your business is set up to onboard employees right from the start, so you won’t have to navigate administrative obstacles when you hire your first team member.
Before hiring staff, learn everything you can about processing payroll. Create a payroll policy that details every element of your payroll strategy, from pay dates and payment methods to employee deductions and withholdings.
Automate Repetitive Tasks
Payroll isn’t the only time-consuming process you can automate. As you prepare to launch your business, take advantage of tools that will eliminate your weekly time wasters. According to Delegated, entrepreneurs tend to waste the most time on email and social media. But that’s not all. Business owners often find themselves spending more time working like an employee than serving as the leader of their business. Invest in tools to carve out more free time for strategic activities that keep your business moving forward.
Research Your Market
Doing market research should play an important role in your startup preparations. Many first-time entrepreneurs make the mistake of doing too little research—or skipping it altogether—and wind up wondering what went wrong when they fail to reach their business goals. Market research will uncover what your customers think about your business idea, how to best price your products, and how to come out on top of your competitors.
Build Your Online Presence
Developing an online presence will allow customers to find you, learn what you’re all about, and engage with your brand. Building an online presence goes far beyond creating a logo and website for your business. To gain visibility in your industry, you will need to invest time in social media marketing, email marketing, search engine optimization (SEO), and content production. If you’re launching a local business, get listed in online directories and claim your Google My Business account. The more opportunities for people to find you online, the better!
Invest In Yourself
A day will come when your hard work pays off with increasing profits. To ensure you carefully manage your money, it’s important to work with a financial investment advisor who can manage your portfolio to grow your money and ensure financial security for your future. What’s more, having an unbiased independent financial advisor means you’ll get honest, straightforward advice about what you need to do to push forward. Find out more about how to invest your profits back into your business by connecting with a financial investment advisor from 1st & Main.
If you’re thinking about starting a business, don’t let the work ahead discourage you. Launching a business doesn’t have to be as complicated as many people make it out to be! Keep it simple, take advantage of time-saving tools, hire help when you need it, and—most importantly—have fun