t can be hard to know how to start a business when you have not done it before. Not knowing how to start should not stop you from starting your own business. There are a few key steps you need to take that will help you get started.
Determine Your Why
The first question you need to ask yourself is “Why am I starting a business?”. It is hard work to start and own a small business. There are many ups and downs, and you need to be able to love what you are doing and be passionate about it so that you stick through the highs and lows and not give up. If you are in it just for the money, your business will not last long.
Work Out the Logistics
Once you know your why, it is a good idea to plan out the specifics on the front end, like how you will actually do business. Answer the following questions in order to help you with logistics:
- What product or service will you offer? Not every opportunity is a good one. Business owners that are successful are willing to let good opportunities pass them by if they are not right for their business.
- What schedule will you work? Your schedule can look any way you want. There’s no “right” schedule.
- What will your budget be? You need to know your budget because it will help you avoid going into business debt.
- How much will your charge? Setting the right price point is critical to your profitability, marketing ability, and overall success in business.
- What will your policies be? You should set up your business policies so that your customers know the rules and can help ensure you are not taken advantage of later.
Make It Official
Getting your business license should not be something that you put off. It is not a big expense and should be done right away. Another thing you should do right away is open a separate checking account for the business. A business checking account can be listed under your name and Social Security number.
Pay Your Taxes
If you take home any business profits, you need to set aside one-fourth of that income in a small savings account for taxes. Legally, if you make over $600 gross income on the business in one quarter—a three-month period—then you’re supposed to file quarterly estimates on your taxes and pay withholding. Be smart about what you are doing with your money—keeping in mind that what you are doing now can affect you later.
Put Yourself Out There
Now that you have done all the steps above, it is time to tell the world about your business through marketing. Think about the brand you want to build. What do you want your business to look and feel like? What words do your ideal customers use? Your website and everything in between should reflect a consistent brand experience for your customers.
Start setting up your social media pages for your business. This is where you can get potential customers, tell your story, and share what you offer. This is your opportunity to create meaningful relationships with people who can be lifelong customers for your business.
It can be easy to get unmotivated when you start a new business, and you are not seeing results. keep yourself motivated by listening to podcasts, attending networking events, and more. This will help you to keep going on the days you feel like giving up.