The desire to start your own business is more achievable than ever in today’s marketplace, thanks to the digital revolution. You no longer need office space or are limited to hiring local staff. Instead, you have the freedom to start an online business and work digitally from a home office while hiring freelancers from any location to help you. With talent, advanced planning and sufficient funding, you too can become a successful entrepreneur.
The Voice provides some basic steps that can help you achieve your dream.
Decide on a Product or Service
You will be most successful and committed to your business if it involves doing something you are passionate about. Think through what type of jobs you are good at or ones you want to invest time in learning how to do. Here are a few business ideas to get you started:
Check Out the Competition
Once you’ve decided what to offer customers through your online business, do a market analysis to determine your target customers and their buying habits. You also want to know who your competitors are and if there is enough market share to support your new business.
Create a Detailed Business Plan
Every successful start-up begins with a detailed business plan. This necessary step helps you think through all the aspects of starting your company so that you have a realistic view of the capital you need to get started. Your plan reveals what tools and software you need to purchase to do your work and if you need to hire any additional employees.
Register Your Business
Check with your local and state government to determine the registration requirements for your new business. Whether you form as a sole proprietorship, limited liability company, or a corporation, there are advantages to each. For example, forming a Pennsylvania LLC will bring tax advantages and flexibility and protect your personal assets
Find Start-Up Funding
Simply Insurance cites business researchers that report 22% of new small businesses in the U.S. close in their first year and only 50% make it to their fifth anniversary. Lack of funding is one of the top reasons for this failure. Thankfully, you have several options to find sufficient financial backing for your new company:
Borrowing from friends or family
Small business loan
Bank or credit union loan
Your business plan, LLC and EIN demonstrate to any investor that you are serious about your new company and have taken the necessary steps to help it succeed.
Create a Social Media Marketing Plan
For you to get customers, people have to know about your products and services. Smart Insights points out that one of the best ways to do this is to create a digital marketing plan to get the word out to the public. First, create business pages on the social media platforms your target consumers frequently visit. Then, send out interesting posts and tweets that catch the attention of your followers so they learn more about your business and any discounts you offer. To help you stay on top of your social media without feeling overwhelmed, use a tool like HootSuite.
An inexpensive yet effective way to promote your products and services is to use Facebook ads. You can create Facebook ads for free using online templates and customizing them to add your own logo, colors, and branding and design elements.
Follow these steps to guide you in starting a new company. The right knowledge puts you on the path to achieving your dream of owning a successful business.