Can This Be the Year You Launch Your New Business?

When so many people were left in the cold after employers had to let them go during 2019 and 2020, it almost became a wake-up call that putting your career in someone else’s hands created instability and insecurity. Now, with the pandemic in the rearview mirror, it may be time to give those entrepreneurial dreams you’ve had on hold another chance. Read on for some pointers from Sharek Conchas.

Start Your Business From Home

Another great lesson we learned from the recent upheaval was that we can not only be productive but thrive working from home. This has created a real rise in small, home-based businesses. 

Templates, apps, and software for anything from business plans and marketing strategies to invoice creators and ad makers are making it easier to do many tasks yourself from home.

Tech companies have come up with loads of resources to make launching a business from home more accessible and a lot more lucrative. There’s no longer a need for most small businesses to have to lease office or warehouse space, at least not at the beginning. A computer and internet access can be all you may need to get started. 

Basic First Steps

Find a business plan template online and use it to guide you in the steps you’ll need to take to get going. You’ll start with a broad outline and then fill in the details as you go. 

One of the first things you need to consider is ensuring there is a market for your product or service idea. You can pose that to friends and to people on your social media site, as well as look at how well others in your industry are faring. 

A unique name, a memorable brand, and a website that is user-friendly and easily searchable are also some important first steps. 

You will also want to consider how you’ll structure your business, such as Sole Proprietorship, Corporation, LLC, etc. Many small businesses choose LLC as their business structure in order to provide a way to separate their personal assets from their business ones. Also, LLCs require less paperwork, have good tax advantages, and can be done by yourself saving you attorney fees. Check to see what your state requires, as it does vary from state to state. And when you research the best LLC services, look for a company that provides a good mix of affordability and ongoing service.

Loans and Financing

The Small Business Administration helps small businesses get funding by setting guidelines for loans and reducing lender risk. This makes it easier for small businesses to get the funding they need. Visit their website to learn how to apply for an SBA-backed loan. 

Take a good look at your current credit situation as well. Lenders will base their decision to work with you largely based on your credit history and credit score, so be sure you know where you stand before approaching a bank or other financial institution. You can download your free report at AnnualCreditReport.com.

You can use the recent economic situation as leverage when negotiating rents, equipment leasing agreements, etc. You may also be able to purchase supplies from businesses that are closing or need to reduce inventory, particularly for big-ticket items such as electronics, office furniture, office phones, computers, etc.

Marketing

Nearly all small businesses use social media marketing on Facebook, Instagram, LinkedIn, and other social media sites to reach a broad audience. Learning how to use search engine optimization to reach potential customers is important to the success of your business.

Digital marketing on social media creates a buzz, drives sales, and can be the most affordable way to market your new business. Buffer notes that Facebook’s business pages are free to create and Facebook ads are something you can create yourself. 

Getting an Education First

While brainstorming your business ideas and putting together your business plan, you may realize that you could really benefit from a better knowledge of business practices. A business education provides a foundation for the nuts and bolts of business that can increase your chances of success. 

You can get your business degree online, allowing you to continue your current job and laying the foundation for your intended business. You’ll benefit from having a better understanding of accounting, business management, IT fundamentals, and more that can be vital to not only launching your business but growing it efficiently and successfully. 

All signs point to now being the best time to launch your business. You can get started with as little as a laptop in a corner of your bedroom as long as you know the basics. Write your business plan, learn the best marketing practices, and even go for a degree in accounting and other business courses and who knows? Yours could be one of those success stories we all read about in the future. 

Read more informative articles like this on the Sharek Conchas blog today!

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