Our post article today will be a discussion about new business startups. Those of us inclined to be true entrepreneurs were always dreaming of starting our own businesses from a very early age. To be successful in this challenging online environment rules must be followed. It is every business owner’s responsibility to become as educated as possible before moving ahead with a new business venture. Let’s discuss some things to help us succeed.
Do you have the passion to be an entrepreneur and do you understand the risks?
Finding something you are passionate about is a sure sign the business will succeed. Being passionate means you will be invested 100%. Along with having passion for your business model, you must also be aware of the risks of business ownership. There is very little profit for most new businesses in the first two years. Most of the profit realized is normally put back into the business to buy equipment and other business needs.
Knowing this and understanding the profits are small in the beginning will help you get through those first two critical years. Also, It is a good idea to talk to others in your same business. They are sure to tell you the pitfalls which you might incur. Be open to their criticism and take advice from those who have traveled the road before you. This is the mark of a smart business entrepreneur.
Find a need and fill it:
This is an old adage that is important for every new entrepreneur to remember. Unless the service you offer or the product you are going to sell is something that is needed by a majority of visitors, your chances for success is limited. There are specific niche products which do well but others “not so much.” Know your target audience for the best results. Do your due diligence and research the market environment before you go all in with your great business idea.
Starting the business:
When you have decided on a business, register your business name and apply for the fictitious name. Next search for and set up a domain name for your business. We suggest that you try to get a dot.com. Check on the web to see of someone else in the USA is using that same name. If you want to be unique, this will move you in that direction. You can now set up a bank account using your new business name. This will allow customers to make out checks to your business name.
Other licenses, etc:
Arrange to get a tax ID number and find out what the local and state taxes will be for your specific business. If your business requires a business license, now is the time to take care of this. Get any permits or licenses you business requires. Some online business do not require a business license while others do.
Develop a “real” business plan and follow it:
Check out all competitors in your area and begin to develop a business plan. The business plan will cover items such as:
- Who is the target market?
- What staff do I need?t
- How much capital is needed?
Find the perfect web designer:
Now it is time to have your new website representing your new company developed. We always suggest you meet only with local designers. This will keep you safe from scammers and you will be able to develop a close relationship with the design firm. You will feel comfortable in reaching out to them for any changes needed and know they will respond promptly.
Building your brand (digital marketing and website promotion:
Building your online brand will require you to promos your website using the top SEO (search engine optimization) methods. This can be cheap and doable if you are willing to learn article marketing, blogging and stay current with all SEO methods. If you have no time in your schedule for this then you must consider hiring an outside SEO individual. This is an effort which cannot be ignored. It will make or break your online success.
Find resources and helpful peers:
Look for local resources in your area to help with anything that is not familiar to you. There is a lot of help out there for those brave enough to take on this challenge. It is a challenge we highly recommend. It can be “scary” if you jump in without knowing as much as possible. Live it …learn it … and love your new normal. There is nothing more fulfilling than to own and operate your own unique business….at least we feel that way.
Objectively, you should determine all of the risks before moving forward as a new entrepreneur. Online marketing can be a scary thing to do. You will encounter competitors and it is best to know all you can before taking the plunge. Don’t quit your day job until you feel secure. We wish you every success and keep in mind there are thousands of new entrepreneurs each year that are successful and thriving.
Jean Holland-Rose, Chief Creative Officer & SEO Professional