So, you want to turn your passion into a money-maker and you want to start a business. But when you really look at the logistics, it can be easier said than done. There are also tons of details that go into planning a business. So, here are some tips on how to start the business of your dreams and not miss a beat.
Tips for starting a business
1. Form a business plan when you start a business
“Fail to plan, plan to fail,” isn’t just a saying. Before you start opening doors or creating merchandise willy-nilly, you’ll need a professional business plan. A good starting point is to search for mock or sample business plans. These sites can take you through all of the details you’ll need to present yourself professionally to any other businesses, customers, loan officers, bankers, and insurance agents. Some of these aspects include:
- What are my business goals?
- What are the values and mission of my company?
- What are the risks my business will face?
- What kind of customers do I want?
- What kind of objections to my company will I face, and how can I argue against them?
- What kinds of materials will I need?
- How much money do I need to start out?
- What can I compare my business to?
- Who are my competitors?
2. Build a brand
Overall, you need to create a brand around what makes you unique when you start a business. What is your value proposition? What makes your business different from every other company that does what you do? Why should your target audience choose you?
The easiest answer is usually your unique perspective and experience. No one else does what you do and how you do it. So, play that up! Whether it’s your approach to customer service, the types and variety of products you sell, or your particular style of craftsmanship, let your customers know what they’re getting when they do business with you.
3. Choose your location
Your business location can make or break your success. If you start a potentially lucrative company in the wrong location, you won’t have the proper audience to help you soar. Consider the type of goods or services you offer and research locations where there is a need or want for such a product.
If you’re a financial consultant, you’ll probably want to look for an office in your local business district. If you sell specialty, handmade art, you’ll rent a space in or near a bohemian part of your town. Wherever you’re located, make sure that your business can be easily found and noticed by passersby. Additionally, your rent or office purchase price should fit your budget and the brand of your company.
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4. Make a website
One of the simplest ways to start a business in the modern age is creating a website. You don’t even have to be a developer or a coding guru to make this type of online marketing platform. There are tons of online tools to help you build and customize a webpage, show off your best work, and spread your brand’s message to thousands of people instantly.
However, to do this correctly, you’ll need to make sure that your website is SEO and user-friendly. And don’t worry, this can be a lot easier than it sounds.
People won’t want to navigate a website that looks slapped together. Plus, it will be hard for your customers to find your business if your site is buried under search results. So, you’ll want to do a few things to make your website pop.
Making a user-friendly website.
To make a website user-friendly, make sure that:
- The information on your site can be easily found
- The menus throughout your site are easy to navigate
- Your website’s content is skimmable (by using bullet points, numbered lists, short paragraphs, and pictures)
- Your website’s images and layout load quickly and properly
- There are easy contact methods available in multiple locations throughout your site
- There are no distracting patterns or animations
- There’s a mobile-friendly version
Think about the type of website you would want to see as a customer, or even take cues from the various websites you already visit.
Making an SEO-friendly website
SEO (Search Engine Optimization) may sound terrifying, but it can be quite simple. Google now reads websites not only for keywords, but also for your intent. So, SEO is making sure that Google reads the intent of your website clearly enough to show it to the appropriate people searching for your products or services. Ways to make your website more SEO-friendly are:
- Varying your keywords
- Making sure your content reads like a conversation, not a sales pitch
- Using proper formatting (header tags, subheaders, etc.)
- Taking free online SEO courses
5. Be detail-oriented
There are tons of little details that you may overlook when you start a business. So, you’ll need to mentally or physically go through your day to note what types of materials you use. What office supplies do you need? What types of software helps your business run? How much will it cost to host your website? These are all questions you’ll need to know as a baseline to start a business and get it up and running.
You’ll also need to consider what type of knowledge your employees will need later. What will go into your employee training process? What are your business safety measures? What is your emergency plan? Some of these things you won’t have to worry about until later, but it’s still important to keep them in mind.
6. Budget for everything when you start a business
Even if you’re planning a big budget for your company, there can be tons of hidden fees and expenses that you don’t or can’t account for until you’re in the swing of things. So, on top of budgeting for things like special training, designations, permits, rent, and business insurance, you should also have a savings account for emergencies.
It will also help to have a separate bank account for company expenses. That way, your profits and company bills won’t get mixed up with your regular purchases, you can more easily audit your spending, and you’ll have a clearer record to refer to when filing taxes.
7. Get the right insurance
At the end of the day, there can be a fair amount of risk when you start a business. So, it’s vital to make sure you have the right business insurance for your company’s size and industry. Some of the most basic coverages to consider are:
However, there are various types of insurance that can benefit different industries, such as:
- Flood insurance
- Food Spoilage coverage
- Errors & Omissions insurance
- Directors & Officers insurance
- Cyber Liability
- Inland Marine Coverage
- Employee Dishonesty Coverage
- Equipment Breakdown insurance
- Liquor liability
- Business Crime insurance
- Commercial Umbrella Insurance
We know that starting a business can be stressful and overwhelming. So, our team has dedicated themselves to making business insurance easy. That way, you can focus on your passions and planning while we get you multiple quotes for quality, affordable business insurance. To make sure you’re not missing out on great rates for commercial insurance, call us today, fill out our online form, or LiveChat with a professional today.