Small Business Social Media

Starting a Small Business

Being your own boss can be immensely rewarding. Though the start-up process can seem overwhelming, it can be boiled down to a few key actions. Getting a company up and running requires planning, making important financial decisions, and completing legal paperwork. While every locality has different requirements, all demand business licenses—even if yours only exists online. Make a list of federal, state and local licenses and permits required for your business. (Find more information here.) If you have a physical storefront, familiarize yourself with zoning laws from the county clerk’s office. Use your company’s EIN instead of your Social Security number when filing paperwork.

Define your business and market demand

Before launching a business, make sure there is a market for your idea. Start by asking yourself a few key questions, including what problem is your business solving? Who is your customer? Who would be your existing main competitors, and how does your idea differ? Do some research to answer these questions and see how your business will stack up. The answers will help you develop an action plan—and possibly tweak your idea—to get your venture off to a successful start.

Write a business plan

You don’t need an MBA to write a business plan. In fact, it can be as short and simple as one page. Think of it as a three to five year guide that will help you map out how to start your company and successfully run it. Your business plan should include what goods or services your company will offer, your target customer, how much you will charge, and how you’ll fund and market your product. Do research beforehand to make sure there is enough of a potential customer base. Take a close look at your defined audience and decide whether you’ll exist for a local, national or niche market, and whether you’ll run an e-commerce or physical operation.

Fund your business

Capital is necessary to start every company. If you don’t have the cash, look beyond your own wallet. First, determine how much you’ll need and where the money will come from. If you plan to approach investors, perfect your business plan and your elevator pitch. Consider government backed loans, venture capital and research grants, as well as newly popular crowdfunding sites, in which your network of family and friends contribute to start-up costs. As a veteran, you’re entitled to a special U.S. Small Business Administration (SBA) loan, called Patriot Express.

Choose and register a business name

A name says a lot about your business, but there’s more to picking one than being catchy—it has to be legally available. To make sure someone else doesn’t own it, check online at the U.S. Patent and Trademark Office. However, you can still infringe on someone else’s trademark even if it’s not registered there, so also search state and local databases. When choosing a name, keep branding in mind; the title should be clear, easy to remember and spell, and something you can grow with.

Create a marketing plan

Thanks to social media, marketing has gotten a lot easier. Build your brand’s name by expanding your company’s online presence. Create a website, a Facebook page and Twitter account, and depending on the nature of your company, considering using Instagram, Tumblr, and Pinterest as well. By interacting directly with your market, customers will feel more engaged. Update your website and social media accounts frequently, and read up on SEO (search engine optimization) to maximize your web presence. Another effective tactic is email marketing: Build a list of potential customers, business associates and colleagues (you can have them sign up on your website), and send them regular updates.

Set up your accounting system

Bookkeeping can be simple, at least when you first start your business. Begin with an Excel spreadsheet that lets you track money you spend and receive; include columns for revenues and expenses, and add more as you go. When you’re ready for a more formal system, invest in business accounting software like QuickBooks.
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