The year has finally come to start your own business. We get it. The process of starting your own business can seem daunting, but becoming an entrepreneur is also one of the most rewarding things you can do for yourself.
With the rise of new businesses that have started since the pandemic, almost 1.5 million to be exact, it’s becoming significantly more feasible for people to go after their dreams.
It’s understandable if you’re uncertain about taking the plunge. We’ve provided a few steps to take to start your own business and make the process just a little easier.
Make a Business Plan
Maybe you’ve come up with a million-dollar idea. But no idea is going to become anything more than an idea without a good business plan. You may not have gone to business school to know exactly what that looks like and that’s perfectly okay. Not every new business owner has done this type of work before.
If it’s within your budget, it could be beneficial to hire someone to help. Otherwise, there are free business plan templates online that can give you a solid guide on the types of details you’ll want to consider for your strategy.
Register Your Business
Choosing the right name for your business is essential, and more than likely you’ve already chosen one. Once you have, it’s time to register with the state. Every state has a different online portal that allows you to go through the process of setting up your business. They’ll walk you through a few simple steps.
Resigstering your business, depending on where your business will be located, will cost no more than about $300 to get started. Some states cost as little as $35. This also depends on what type of business you’re setting up, such as an LLC or Sole Proprietorship. Do some research to find the proper channels you need to go through in your state along with what business type best suits your needs.
Set Up Your Website and Social Media
It’s important to register your domain and social media accounts as soon as possible. There is a chance that your business name may already be taken. You can do a search online or check through GoDaddy.com to see if your URL is available.
If they aren’t, try using a word within your domain and usernames that include your business topic. For example, adding the word “attorney” or “landscape” to the end of your business name could also help with your search engine optimization (SEO). This is what ranks your website in search engines like Google.
Create a Business Bank Account
This part is essential once you’ve registered your business. No matter what type of business you’ve set up, you will have to get a bank account for tax purposes. There isn’t a one-size-fits-all financial plan for every business.
Some people are individual LLCs with only one employee, while others may have a few when starting out. When setting up your business financials, you’ll want to consider hiring a professional CPA to help.
A CPA will have the knowledge to ensure you’re set up for success. That way, when it’s time to do your small business taxes, they’ll be able to guide you in the right direction to save you and your business money in the long run.
Choose Your Team Wisely
Now it’s time to pick your team. Even if you are starting your business completely on your own, you may want to hire outside help, like your CPA or a graphic designer, to handle some of the tasks you may not be qualified to do. The important part is that you are investing in the right areas of your business to launch it successfully.
Avoid the temptation to do a mediocre job on certain aspects of setting up your business simply because you’re excited to get the ball rolling. It takes time, and with hard work and a lot of patience, you’ll get to your final destination with a successful business.