Starting your own business might seem like an impossible undertaking, but it doesn’t have to be so scary or difficult! If you know where to start and how to avoid common pitfalls, then starting your own business can be an exciting and profitable experience. Use the following seven tips to ensure that you’re able to get your small business up and running as soon as possible.
1) Narrow Down Your Concept
Narrowing down your concept is the key to getting your small business up and running. You'll want to start by asking yourself these four questions:
1) Who is my target customer?
2) What do I want this business to do for me?
3) What am I passionate about?
4) What skills or experience do I have that can help me build my business idea?
2) Know What Legal Obligations You Have
Every type of business has different legal obligations, which you should research before you start your business. The law will vary by country and state. For example, in the U.S., if you have employees, then the Family and Medical Leave Act (FMLA) may apply to you. You may also need to consider various regulations from Occupational Safety & Health Administration (OSHA), Environmental Protection Agency (EPA), Consumer Financial Protection Bureau (CFPB), etc.
3) Choose a Location
Selecting the right location for your business can be one of the most important decisions you make. You should carefully consider where you want your business to be located and what the area offers in terms of demographics, traffic patterns and other factors.
4) Get Help From Friends & Family
There are many ways for you to get help from friends and family when it comes to starting your small business. Here are some tips for getting the most out of them:
1) Ask them what they think about your idea. Their feedback might be all that you need in order to make the necessary changes before launching your company.
2) Ask them if they're interested in working with you. Even if they aren't able to work on your company full-time, this is a great way for you to use their skills. For example, maybe one friend is good at photography and another is good at graphic design, so offer them both an opportunity to work on different aspects of the business.
3) Ask them if they have any connections that could give you an edge over other companies. Maybe one friend has access to wholesale prices or another knows someone who works at one of your desired distribution channels?
5) Dedicate Time and Money to Learning About Running a Business
Learning how to start your own business is an exciting opportunity. However, it can be overwhelming when you're not sure where to begin. The first step is thinking about what you want your business to do and how it'll make money. This will help you figure out what kind of business structure you need (e.g., sole proprietor, LLC, etc.). You should also consider the market for your product or service and whether there's room for competition in that space.