Building and Launching a New Business
According to a report by Global Entrepreneurship Monitor, there are 27 million entrepreneurs in the US. That's 27 million people that have taken the first steps starting and building their very own business. Being an entrepreneur can be a dream for many, but the tasks involved can feel overwhelming. The easiest way to handle an overwhelming task it to break it down into small chunks and start chipping away until you have sculpted a solid business foundation.
Research and Planning
Having a great idea is wonderful, but without doing your market research, you won't really know if there is a profitable market for your idea. You need to find out if there is a market for your product and who your ideal customer will be. Even though the research phase is the least exciting part, it can prevent you from making a huge mistake and help you refine your idea into something that will sell.
Once you know your idea is a winner, formalize your data into a business plan. Your plan will include a summary, business description, market analysis, and your organizational structure, benefits of what you are offering, your marketing strategy, and financial projections. Your detailed plan will build on your previous research and can be used to detail your business if you need to get funding.
Structure and Finance
Structure usually refers to a tax entity such as an LLC or Corporation. There are many different tax structures and what you choose will depend on individual factors of your business. Choosing the right structure can protect your assets and save you money when tax time rolls around. Consult a tax attorney to make sure you choose correctly. Before registering your business, choose a business name. You may want to consult a branding expert and discover what domains are available when naming your business.
Once you have your structure and business name, you can register your business and get a tax ID. When you have your tax ID, you can open a business bank account. Depending on the type of business you have there may be required licenses, permits, or insurance. Notice how the work you did in the planning stage trickles down and makes these steps easier.
Branding and Web Presence
Hopefully, you and your branding expert have already found an awesome business name with a corresponding domain name. Now it is time to get a logo that can be used for your website, business cards, and signage. There is a lot that goes into branding including messaging, your voice, and brand standards for marketing materials. Your online brand ambassador is your website.
You will want a website design that reflects your brand message and speaks to your target audience in a voice that they understand. There are also other website considerations such as SEO. It pays to find a marketing agency that does design, SEO, and other marketing activities. Edge Online Marketing is one such agency that can handle all of your startup website needs. Starting a business can feel overwhelming, but start small, do your homework, and build from there.