Ever had a billion-dollar idea and done nothing about it only to wake up one day to find out your killer idea has been realized by some new billionaire? I know that happened to me when I invented the iPod in my head. Never again. Here are a few tips to help you get your business idea off the ground, and ensure you aren’t kicking yourself in the future for not starting.
1. Write a business plan
The first step to start a business is to write a business plan. Before you start writing, take time to brainstorm your business goals and mission statement. Once you have those down, follow a detailed outline that includes the following components:
- Executive summary
- Mission statement
- Business summary
- Market strategies
- Competitive analysis
- Design and development plan
- Operations and management
2. Get finances in order
Once you have a detailed business plan, it’s time to finance your business. Will you need a loan? If you do need a loan, for how much? Will you be asking people to invest? Show your business plan to your bank and your investors, and that way they know you’re serious and understand what they are financing.
3. Make it all legal
You may want to talk to a lawyer and an accountant to see what business model (sole proprietor, S corporation, LLC, corporation, non-profit, etc.) suits your business best. Additionally, make sure you register your business and get any necessary licenses and permits.
4. Take care of taxes
It’s a bummer, but we all have to do it. Make sure to get a tax ID number and register for state and local taxes.
5. Hire staff
Once you have taken care of all the legal mumbo jumbo, it’s time to start hiring. Hire people who bring different strengths to the table.
6. Invest in marketing
The final step in starting a small business is to make sure people know about your new business. This is one of the biggest keys to your business’ success. Invest in traditional marketing and advertising, and allocate a good portion of your budget to online marketing. Online marketing is the best way to capture the attention of those interested in e-commerce.
For more information about how to most effectively market your business once you have it up and running, contact our search engine marketing professionals today at OrangeSoda. We would be happy to help you.