Starting a business can be a challenging prospect, but strategic pre-planning can help you set yourself up for success, as can identifying and accessing appropriate resources, such as finding funding and developing a marketing strategy. ContentIntelligent can lend a hand with your social media marketing, but to help you get a better grasp on how to launch your startup, read on.
Getting Established
Charting the operational functions of your business is the first step in the planning process. This typically includes developing a marketing and business strategy, which can be done with the help of a business plan template. A business plan will identify all of the key areas of business startup necessary to get things up and running smoothly. This usually includes developing a budget, marketing plan, and advertising strategy, and making determinations about whether you'll need to hire employees, freelancers, or independent contractors to help.
You'll also want to establish a limited liability company, or an LLC. An LLC can protect you from some forms of liability, give you more flexibility at tax time, and result in less paperwork overall. You can file all of the paperwork yourself, hire a pricey attorney to handle it, or utilize an online formation company to make the process smoother. Laws vary on LLC formation from one state to another, so learn what filing entails in advance. As part of your formalization, you will be able to establish an EIN, which is an employer registration number that allows you to hire staff and open a business bank account.
Establish a Budget
Writing a budget is usually something you do in conjunction with your business plan, but it's something that you need to revisit on a regular basis to ensure you're staying on financial track. The budget should include operating costs, including all overhead and inventory, payroll, and detailed financial projections. In other words, how much do you anticipate it will cost to run your business, and what kind of profits do you anticipate you’ll generate?
If you need startup funding, look for a small business lending institution that caters to startups or look for grants that might be available, particularly if you have disabilities. Regular budget reviews can help you make a determination about whether you're meeting your financial goals, and adjust accordingly. If you run into trouble, you can always utilize a service from a free SCORE mentor, who will perform a business analysis to help you meet all of your objectives.
Where Will You Operate?
Many small businesses start from a home based location. If this is your plan, you’ll need to establish a home office and ensure that it's accessible if you need to see customers or clients on site. If you decide to open up a storefront or work in a business incubator or another small business space, be sure to purchase or lease the equipment and software programs you’ll need to be effective.
A commercial real estate professional can help you identify appropriate places based on your industry, budget, and space needs. If you plan to hire employees, think about the specific roles you'll need to fulfill and write up job descriptions for each position. Consider advertising on job boards, or utilize an employment agency to help you with the marketing, screening, interviewing, and hiring processes.
Develop a Marketing Strategy
The first step in creating an advertising and marketing plan is to identify your target demographic. In essence, you want to ensure that you know who your competition is, what they offer, and how your services or products differ from theirs. From there, you can put together an agenda to differentiate yourself and your company and start identifying where you plan to pull your customers from, and how best to reach them.
Part of your strategy should be creating a business logo and an aesthetic for your brand. Many people turn to graphic designers to help with this process, but you can save a few bucks by handling this yourself through a custom logo maker. This Adobe Spark tool provides a simple way to craft a stunning logo that’s unique to your business.
Once you have your logo, you can finalize your website and add it to your business stationery, email signature, and any necessary marketing materials.
If you don't have marketing skills, it may be worthwhile to retain the services of an agency who can help develop a strategy and set you on the right track. For example, ContentIntelligent offers social media marketing management. With our skills and experience, you can count on having a robust social media presence from the get-go.