Are you looking forward to starting a lucrative small business in a niche, but struggling to find a way to begin? If you’re extremely determined to start a business here’s our 9 business checklist which will helps you to get started on your business.
What should you check before starting a small business?
1. Set an identity for your business
The foremost step to do before starting a business is to set an identity: a unique name and logo that introduces you to the business world. Effective brand name are peculiar and remarkable; since, you are new to the business, people should be able to recall you immediately after reading your brand name. So the name should be simple and compendious at the same time the name should relate your business. Designing a specific logo will make you to stand out from the crowd; it also acts as an excellent brand replicant. Prefer a unique business name and eye-catching logo that strikes one’s mind easily.
2. Register your business legally
To ensure business entity and avoidance any legal actions and risks in future, it is very important to register your business legally to your government. Registering your business includes getting business license and permits. According to your business type, you may need several licenses and permits. Business registration includes registering incorporation, Insurance, tax authority registering and business name registering. Seek your business mentor or an attorney’s help to know in-depth details. The other thing you have to note before registering your business is to create a business operational bank account. Operating a separate business bank account authorizes you to separate personal activities from business activities; handling your business customers’ payments through your business bank account outlook expertise in your business.
3. Fix the capital
Set-up the initial investment amount to start your business, fix the capital amount and plan your expenses and operational costs. Open a separate Bank account for your business. Do not combine your business account and personal account at any cost. Save some amount as an emergency fund. Keep a clear track of all the expenses associated with the business and make sure to include it in your budget planner.
4. Create a domain name and website for your business.
A business Website and a domain name are crucial to increase the exposure of your business. Choose a domain name according to your business audience, your business and based on the product or services you’re offering. Seek a good website development company to create a website for your business. There are many companies which provide the web development for less than $250; you can create customized web design for your business to attract digital customers.
5. Create social media profiles.
You know about the wide exposure of Social media platforms in 2019 right? It is massive! Setting up profiles around popular social media makes your business trustable and this increases your reach widely. Create business profiles on Facebook, LinkedIn, Pinterest, Instagram, Twitter, and Google business. Provide the right address and information about your business. This will increase the credibility of your business. A consistent presence on these channels through posts regarding your business, Offers and new launches of your business will act as an excellent marketing way to promote your business.
6. Find an easily accessible office space
Once you’ve set-up the previous steps, find a location for your business to operate. It is best if your office is located in an easily accessible location; preferably based on the area of your target business audience. This will help your clients to reach you more conveniently. Rent an office space within your budget, this should be added to your monthly expense.
7. Hire employees (if necessary)
Hire full time employees only if it’s necessary. You can hire freelancers and interns initially, incase if you need employees for your business; but, make sure to outsource your works and keep your cost down while starting your business. As you grow, you can add more people to your company.
8. Promote your business
Since you are new to the business world, you may need to promote your business by maximizing your visibility. I know, you might think this is impossible; but there are low-cost digital marketing ways to market your business. You can promote your business online without any costs. Create photographs, Posters, short videos about your business: Post it on Social media. Write a blog about your business; share the links on your social media profiles. Ask your friends and family to share the links of your business in their social media pages. Promote through Email marketing and market your business through Emails. Pass around business cards to your friends, neighbors, relatives, colleagues. Put effort to grow your business; The more you promote, the more your earn. More on business promotion later, probably, I’ll cover in a separate blog post.
9. Set a future plan for expanding your business.
After starting a business, emphasize about your business goals you have set before and identify ways to achieve it. Preparing a sensible business plan is super important for your business; having a sophiscated future plan leads to business growth and it ensures the needs and ways to meet them. Build a business calendar for tracking goals. Track goals month on month and improve your sales process as you go. As a founder you shouldn’t run out of ideas, read business journals and keep yourself updated with the market trends.
Creating a small business might look an easy task- but it wasn’t easy at all. While in business, step your feet carefully; follow expert advice and take decisions using practical knowledge. Many of today’s successful business stories have decade’s worth of hard work and determination. When your passion becomes your career, perhaps it is the right path to lead your growth. Focus on your work and hustle to reach your business goals, rest all happens in a natural way. All the best for your business.