In 2015 the idea of becoming your own boss is not uncommon. Going
into business for your-self requires a huge responsibility! Take some time and
really think about exactly what it is that you want to do. Make sure it is something that you can (and
want to) fully dedicate yourself to because believe me- that’s part of your new
job description!
Step 1: Have An Idea. Believe In It.
·
Define the idea for your business.
o
Figure out if you want to offer a product or a
service.
o
Is this something that you are passionate about?
·
Is there a need for this product/service?
o Is there a high demand for it?
o Is there a market for it?
o How does what you are selling differentiate from what is already available?
·
Do you have experience in this industry?
o Work history, certification, professional
memberships, training, and education all position you as an expert, proving
your qualifications in your industry.
o
If you don’t have any background in your
industry, now is a good time to get some. The more experience you have the less
mistakes you are likely to make.
Example: If you want to open and clothing boutique, try
working part time at a clothing retailer to get a feel of how to do inventory,
stockroom, tags, customer service, etc.
Step 2: Write Your Business Plan
Time to elaborate on your vision. A business
plan is extremely important because it’s just that, your plan.
When your plan is completely finished you should
be able to answer the following questions:
o
What are your goals?
o
Company background and description?
o
What kind of products and services will you
provide?
o
Who is your target market?
o
Competition?
o
How will you sell your products/ services?
o
What will be your business structure?
o
How much funding do you need?
Step 3: Create Brand Identity
This is the fun part! Now it's time to decide on things like your company's name, colors, and logo.
Get business branding essentials like business
cards, labels, letterhead, and (or) stationary. I like to use affordable sites
like Vistaprint or Staples because they frequently give out discount offers.
Step 4: Location, Location, and Location
Are you going to have a brick-and-mortar
location or only operate online?
- For storefronts and offices first determine how
much space you will need and start scouting locations
- For online businesses start with purchasing your
domain name. Get your first domain for $3.99 a year with Bluehost. Bluehost is a great hosting server because it is SO user friendly!
- Typically web designers can charge anywhere from
a few hundred to a couple thousand dollars for a custom website. As a new start
up with little to no money it may be a better option for you to use an online
platform with customizable templates. Some fan favorites are BigCommerce,
Shopify, Squarespace, and (for the really advanced) Wordpress.
- Etsy, Ebay, and Amazon are also great platforms
if your only interested in selling your items without the hassle of designing your
own site.
Step 5: Establish an Online Presence
In this day and age your online presence is
crucial to growing your business.
Whether your selling music, services, soap, or
clothing in a boutique your company needs a website. It doesn’t have to be
elaborate, but at least have a landing page with information about your company
and how to contact you.
Social media is another one of those things that
is crucial to your business in 2016. Facebook, Instagram, Twitter, Pinterest,
and YouTube are a few social media platforms that can help market and grow your
business.
Step 6: Assess Your Resources
Every business needs resources. You need to
build a team that’s going to help you get your business off the ground and
running, think about who you know that can help you in anyway and reach out to
them.
If you are selling a product, think about what
vendors you will need to produce, package, and ship your items.
If you are offering a service, dig deep into
your phonebook and think of who may could be potential clients
Step 7: Get Licensed
This is a VERY important step to make sure that you are doing legitimate business.
You could incorporate your business as
Corporation, Limited Liability Corporation, Partnership, or Sole
Proprietorship.
Know the laws and follow them. Taxes are nothing
to play with. If you have the funding, hire an accountant and a lawyer. If not,
do your research and document EVERYTHING.
It is a good idea to look into insurance, which
can really protect you in the event of an emergency, especially if you have a
physical location.
Step 8: Develop a Marketing Plan
Decide how you are going to tell people about
your business. This all really depends on your target market.
If your marketing your resume writing service
you may want to market to the unemployed or to college students, or both. Some
strategies in your marketing plan may include handing out flyers to students on
campus or offering a free interview workshop at the local community center.
Step 9: Figure Out Financing
You should probably have a good idea of how much
your overhead and startup costs will be by now, time to decide how you are
going to pay for it all.
Are you going to try to find investors? Do you
have money saved? Are you going to do a fundraiser?
Making sure you have enough to cover at least
your startup and overhead costs is crucial BEFORE you open your doors.
Step 10: Go Live and Make Money!
Now that you have taken all the necessary steps
to build a solid foundation for your business out your plan into action! Running your own business won’t be easy but then
neither is anything worth having!
