Show ‘em who’s boss
Are you ready to kick up your feet and take on a new position as a small business owner? Well, it may be tougher than you think. According to the Small Business Association (SBA), only about 50% of small business survive their first five years. Deciding to quit your job and become a business owner is a risky move. However, for many, the rewards of success outweigh the risks. Here are seven steps you can take to help get your business off its feet.
1. Research your market
When starting a new business, it’s important to understand the landscape of your industry. Before you begin the ribbon-cutting ceremony, you should gather demographic information about your target audience and find opportunities within your market. As a new business, it’s important that you either solve a consumer problem or fulfill a need. It’s definitely easier said than done, so start out by asking yourself these four questions:
- Is there a desire for your product/service?
- How many people would be interested in your product/service?
- Do consumers have lots of similar options?
- How much would consumers pay for your product/service?
2. Make a plan
A goal without a plan is just a wish. And a business without a business plan is potentially a vacant building with a closed sign. 😕 A business plan should be used as a guide to get you through each stage of managing your startup. There are different types of plans depending on the industry you’re in, so pick one that works for you and summarize your objectives and strategies for success.
3. Figure out your finances
Starting a business doesn’t necessarily cost a ton of money, but it does take careful planning. Be sure to have enough cash to get your business up and running, along with a financial cushion, so you’re prepared for any unexpected surprises. MoneyLion Plus members have anytime access to $500 5.99% APR Credit Builder℠* loans whenever they need them — so they’re always prepared when life throws them a curveball. As business owners, it’s crucial you align yourself with companies who will be there for you when you’re in a pinch. Learn more in the MoneyLion app or at moneylion.com.
4. Pick your business name
Now for the fun part — naming your business! Your business name is incorporated into every aspect of your business, so pick a good one (no pressure). After you’ve selected the perfect name, check to see if it’s trademarked or currently being used. As a sole proprietor, you can usually register your business name with the state or county clerk. However, you should speak with a professional to be sure. Don’t forget to register your domain name while you're at it. Heck, you could grow to be the next Amazon, and you’ll want a catchy website if you do.
5. Choose your business location
Where you choose to locate your business depends on many factors, including cost, where your target market is found, your personal preferences, and much more. You’ll also need to make sure your location works for the type of business you have. Do you need a home office, a shared working space, or a retail location? Figure out what works best for you, and do research to find the best deal.
6. Choose your A-team
If you’re hiring employees or outsourcing work to independent contractors, you should first take the time to outline the roles and responsibilities of the positions. Also, you may need to work with an attorney to write up an employment contract. If you aren’t hiring outside help, you may still want to enlist a team of family, friends, and mentors to give you a hand — don’t be afraid to ask around. You can most likely pay your family in free merchandise, just make sure they don’t go crazy.
7. Promote your business
Once your business is up and running, you’ll need to attract new customers. Start by creating a marketing plan which outlines the strategies you’ll use to grow your customer base. You should include local marketing efforts, like participating in local festivals, as well as online efforts to reach a greater audience, like Facebook, Twitter, and Instagram. No one marketing plan will look the same. Find out where your target audience hangs out, and make your presence known.
Now that you have the tools to get your business started, 🏃♀️ it's time to get out there and make magic!
*MoneyLion membership required. Terms and Conditions apply, view [here]. (https://moneylion.helpshift.com/a/general-faqs/?p=web).