How To Succeed In Your Own Business
Success Quarterly is a tech and business blog that focuses on the intersection of Silicon Valley and Hollywood, including technology, business, mobile, entertainment, media, and related topics.
Starting your own business is a beautiful thing! A chance to use your skills to fulfill yourself, run your own show, and make money doing it is truly inspiring. But before you dive into this exciting venture, there are some things that must be considered.
You need to know what kind of business is best for you. Is creating your own product a good idea? What about offering services instead? There are many ways to go about starting your own business, so no matter which type of business you choose, you’re already ahead of the game.
Another important factor is deciding how much capital you have to invest in your business. This can include investing in equipment or marketing tools, or both.
Having enough funds to begin seriously engaging in your business will help you get the most out of it. Make sure to budget properly for initial costs as well as continuous running expenses!
Last, but not least, is finding the time to work on your business. Even though you may love working alone, there will be times when you’ll want/need someone else’s input or assistance. If you don’t have anyone to cover part of the job, you should at least be honest with yourself and say that you’d like to keep looking until you find people who can help you achieve your goals.
This article will talk more about the types of businesses, investment amounts, and timing strategies.
Create a business plan
A business plan is a way to evaluate your idea and determine if it has potential to succeed. It will also help you get funding, which is always helpful when starting out.
Business plans are not about how much money you make or what a great leader you’ll be, but they do contain these elements. They typically start with a word or two describing the company, then a short paragraph outlining the product/service, and finally a section talking about marketing, revenue, and timing.
The difficult part of creating a business plan is figuring out where to begin. First, decide if you want to create a formal business plan or an informal one that doesn’t quite meet the requirements. Then, choose either a template business plan formula or write from scratch.
Once those basics have been covered, brainstorm and list all of the important components of the business plan.
Fund your business
Even if you don’t have much money, there are ways to succeed. You can start with very little capital and work your way up as your business grows.
There are many different types of businesses that don’t require large sums of cash up front. All it takes is some creativity, perseverance and hardwork!
By starting your own business, you will be giving yourself a career — something most people dream about.
You will also get to set your own hours, which is important when being a parent comes later in life. Plus, you won’t find this kind of opportunity outside of the workplace.
If you feel like you would make a good owner of a business, then do it! It doesn’t matter how small or big your budget is at first. Just know that you can always re-invest into your business later.
And once you do invest in your business, don’t spend all your savings quickly! Hire freelancers or outsource certain jobs to save more for investing.
Pick your business location
Choosing your business location is an important first step towards success. While it may seem like a simple process, there are many factors to consider!
As you know by now, running a business means having an office space where you can meet with clients or run operations. This includes things such as finding a room or area that is close to public transportation so you do not have to pay extra for work due to poor accessibility, avoiding street parking which can be expensive, and ensuring that this area is friendly to people walking around outside (safety).
There are several other things that determine if a good business location is available to you — like whether there are rest stops nearby during lunch hours, whether there are grocery stores and restaurants within easy reach, and whether there are parks or open green spaces nearby. These all help create an environment that is conducive to productivity and wellness, and thus promote long term success for your business.
Your business will also need somewhere to store supplies and equipment, and possibly a warehouse or large facility to house excess inventory. Finding a place that is close to these resources will make doing business more efficient and cost-effective.
If possible, find a property with lots of light, clean air, and open views. Avoid areas that are too crowded, have excessive amounts of noise, or both.
Choose a business structure
Choosing your business’s legal form is an important first step towards success. There are many types of businesses, with different levels of complexity.
You will need to know which type of business you want to run before choosing one, and this will depend on what you expect the length of time it will take for your business to succeed, as well as how much money you plan to spend on marketing and running it.
Some examples of business structures include:
Sole trader – You work alone, without any additional staff. This can be done either part-time or full-time, depending on your budget.
Proprietor / owner – With this structure, you own the business, but have employees under you who handle certain tasks. For example, you could hire someone to help with accounting or marketing while you stay out of the office and focus on other things like research and product development.
Partnership – Two people agree to contribute money to start the business together, then each person owns their half individually. If needed, the partners can also add more members to the partnership, such as through sharing profits or having equal say over business decisions.
Choose your business name
Now that you have picked an area of work you would like to pursue, it is time to pick your business name! This can be tricky because there are many rules for naming businesses.
You will need to check if your new business name contains trademarks or copyrights that another company already owns. If so, you may have to change your name. Also, make sure your business name does not violate any laws – this includes illegal names.
Your first step should be to create an easy to remember short version of your business name. For example, when I started my career as a freelance writer, I formed my business using my middle initial and my last name (“Harris”). My professional writing name is “Bria Harris.”
I chose this name because it was simple and direct. It also helps people find me easily online because it is shorter than my full professional title.
But what about all those other professionals out there with similar sounding business names? You could risk being associated with their reputation or even stolen value. That wouldn’t do anyone any good!
That’s why it is important to brainstorm different versions of your business name. Find ones that communicate who you are as a person and determine which one sounds the best.
Register your business
The next step is to register your business with either state or federal agencies. Depending on whether you are selling products or services, there will be different levels of registration that you must meet. This includes registering your business name, filing business licenses, etc.
Business filings help keep your records organized and accessible. For example, if there is ever an audit done, these documents can easily be found and verified!
There are many ways to register your business. You should do some research and see what works for you and your business.
Get federal and state tax IDs
As we mentioned before, owning your own business comes with lots of responsibilities! One of the biggest is ensuring you are properly licensed and registered for your business.
Not only do you need to be able to prove that you have legal permission to run your business, but you also need to make sure that you’re running your business legally as well. This includes proving that you are within your business license limits, paying appropriate taxes, etc.
There are many ways to gain access to this important information. Some require going directly into it while others can be gathered through third party resources or records.
Apply for licenses and permits
After you have determined that your passion is going to be running his or her own business, the next step should be applying for all of the proper licensing and certification necessary to do so!
Running a business means keeping up with lots of different things – from hiring staff to ensuring that everything is covered by insurance to paying taxes. If you are not familiar with these things, then it is very important to take time to learn them before investing in your dream.
By being aware of what needs to done “first-hand”, you will save yourself a lot of hassle later on. There are many ways to go about educating yourself on business licences, health and safety certificates, etc., so don’t feel like you need to know everything immediately. Many people start off knowing only half of it and still succeed!
There are even websites and apps designed to make this process easy and straightforward. For example, when I first started my career as an author, I knew little to nothing about registering my business name with Companies House and setting up an accountant. However, there was a way to gain access to both through sites such as Nameberry and The Workplace.