Starting your own business can come with all types of emotions and challenges, some good, some bad.
The key to success is to keep going no matter what comes your way.
If planned correctly, your business strategy has limitless potential.
Let's get started...
Starting up a business involves planning, completing a series of legal activities, and making key financial decisions.
1. CONDUCT MARKET RESEARCH
Conducting market research is a really smart idea. This type of research will let you know if there are any opportunities that can turn your idea into becoming a successful business.
Market research is a way for you to gather information about those potential clients and businesses that have already been operating in your surrounding area.
This information can be used to find competitive advantages for your business.
The foundation of your business is in fact your business plan.
It is a roadmap for how you intend to structure, run, and grow your up-and-coming business.
You will want to use this business plan to convince those working with you-or those investing in your company-is in fact a smart choice.
A business plan is going to help you figure out how much money it is going to take to start up.
You may not have this amount right on hand. If you don't, you will need to find a way to raise or borrow the capital.
Thankfully, you will not have a hard time finding the capital needed since there are so many options out there.
3. BUSINESS LOCATION
When it comes to picking your business location, keep this in mind, this is one of the most important decisions you will ever make.
If you plan on setting up a brick-and-mortar business or launching an online store, the choices made could affect your legal requirements, taxes, and revenues.
4. BUSINESS STRUCTURE
Whatever legal structure you choose for your business, remember this, it will have an impact on your business registration requirements, personal liability, and how much taxes you will have to pay.
5. BUSINESS NAME
Let's just say this, it is never easy when it comes to finding the perfect name for your business.
You will want to pick one that is a reflection of your brand and one that captures your spirit.
Make sure the business name chosen, hasn't already been taken by someone else.
Once you have come up with that perfect business name, it is now time for you to make it legal and protect your brand.
You may be doing business under a different name other than your own, if this is so, you will need to get registered with the federal and maybe even the state government as well.
7. FEDERAL & STATE TAX ID
Once you have obtained your employer identification number (EIN), you will use this number for important steps that come along with starting and growing your business.
Some of these steps include, opening a bank account and paying taxes.
This is actually like a social security number for the business. There are some, but not every state, that will require owners to get a tax ID as well.
8. LICENSES & PERMITS
In order to keep your business running as smoothly as possible, you will want to stay legally compliant.
Needing to get licenses and permits is a vital part when starting a business.
This will vary by state, industry, and other factors.
9. BUSINESS ACCOUNT
One of the final steps you will want to do is open up a business bank account. This will help you handle legal, tax, and day-to-day issues.
Need some good news?
If you have the correct registrations and paper work ready, it will be a breeze getting one set up.
10. OPEN UP SHOP
Congrats! You're finally ready to have that ribbon cutting ceremony you've been working so hard towards! You are officially open for business. Now it's time to manage and grow your business.
Taking your business online is a must in today's techie society!
If you haven't yet done so, contact Troyer Websites to request a FREE QUOTE!
Doing so, will generate you new leads on a daily basis if your business strategy is up-to-date on the latest marketing trends.
Here are some of the Top 16 Marketing Strategies out there that you may want to consider:
1. Facebook Advertising
You may want to consider creating a Facebook Business page. Think about it, almost everyone that you know has a Facebook account, right?
So, tell me why this wouldn't work in reaching potential clients?
How exactly can you do this?
For starters, you want to add your business content onto your page.
Next, invite your current friend list to like your page. This will start getting you noticed.
Running re-targeting ads is another great idea. This will help you reach people all around the globe, not just in your surrounding area.
Remember to post content on your page weekly and keep engaging with your clients.
2. Google My Business
Want a free tool? Google My Business is it! This tool is designed to promote your business profile and business website on Google Search and Maps.
Once you have created a Google My Business account, you will now be able to see and connect with your clients, be able to post updates onto your Business profile, and see what type of interaction your business is getting on Google.
Google My Business is very powerful when it comes to attracting and engaging customers when they start searching for your business on Google.
Your Business Profile will give you a presence on Google Search & Maps. This will allow you to respond to Reviews, post photos of your products as well as special offers, and add/edit your business details.
This Google Business website will allow you to present your business professionally online while showcasing your photos and business details in a beautiful manner.
Insights will show you how you'll be able to optimize your client engagement for better results as well as encouraging more engagement through interaction with potential clients through the Customers tab.
3. Google Adwords
What exactly is Google Adwords? It is simply Google's advertising system where advertisers can bid on certain keywords so that their clickable ads will appear in Google's search results.
Advertisers are required to pay for these clicks. This is how Google makes money from search.
This infographic is going to provide you with information on how Google Ads work, detailing the Google Ads auction, bidding process, and important factors like Quality Score and cost-per-click.
4. Content Marketing
Content Marketing is best known as being a strategic marketing approach that is focused on creating and distributing valuable, relevant, and consistent content intended to attract and retain a clearly defined audience-and, ultimately, to drive profitable action.
Check out this blog post that I have written that is all about content marketing.
This post will provide you with more in-depth information about content marketing and how you can use it to pull in more clients constantly.
5. Organic Social Media
Organic Social Media is basically anything that were to happen on social media without paid promotion.
If you were to post as your page, but don't put any money towards boosting the post, an organic post is created.
Let's say you were to comment on a business's post located in your news feed, and a "Sponsored" tag doesn't seem to appear on the post, this action can be qualified as being organic.
Here's a simplier way to put it, organic actions happen on non-ads.
6. Coupon Deal Sites
Using Coupon Deal Sites is a great way to attract potential customers.
Once you have created a deal and put it on the site you would like, sit back and watch what happens.
Who doesn't love discounts, am I right?
Once customers obtain one of your coupons, they will be redirected to your business website, here, they will be able to find all the information that they are looking for.
7. Email Marketing
Email Marketing is best known as sending a commercial message, usually to a group of people, using email.
Let's take a look at it in its broadest sense, each email that is being sent out to a potential or current customer could be considered email marketing.
Email Marketing uses email to send advertisements, solicit sales or donations, or request business.
You can read all about email marketing in my blog post.
Webinars are online events in which speakers, or small groups of speakers engage with each other by delivering a presentation to large audiences who take part by submitting questions, giving a response to polls, and using those other interactive tools.
Here are 10 of the top webinar platforms:
9. Promote Free Consultation
Offering customers a FREE Consultation is a great way to draw in clients.
This will allow them to take a look at all the options that your business has to offer.
What can you do to improve your FREE Consultation?
Here are 4 Simple Steps:
#1 Let your client know what to expect.
#2 Answer the question: "what's in it for me?"
#3 Explain long-term benefits.
#4 Put your focus on the design of your page.
10. Staff Incentives
Staff incentives are a great way to make your staff feel appreciated.
Some ways that you can do this are:
#1 Give a Bonus
#2 Give Away Coupons & Gift Cards
#3 Honor Employees Publicly
#4 Provide Employees With The Best Equipment
11. Advertise In Niche Print Media
There are many benefits that come from using print, which seem to be far more relevant today, than ever before.
Why is this?
#1 Prints lasts much longer than nano-second ads.
#2 Ads that you find in magazines and newspapers are not considered to be intrusive.
#3 Those that read print media are often wrongly defined as being over 50, but are described as having longer attention spans.
12. Write A Column
A column can be described as being a recurring piece or article found in a newspaper, magazine, or other publication.
Here, a writer is able to express their own opinion in a couple of columns allotted to them by newspaper organizations.
TIPS On Writing a Column:
#1 Be sure to write the way you talk. Remember to not discard good English usage and grammar.
#2 Catching the interest of your readers should be one of your #1 goals. One way that this can be obtained is by uncovering an eye-catching "lead" or opening.
#3 Use various materials, not just one single subject.
#4 Write about people. This is always intriguing. You want to keep heavy subject matter to a minimum. When pertaining to the subject matter, try telling the story through the local person's experiences.
#5 Simplicity is key. Steer clear of technical or difficult words, long paragraphs, long sentences.
#6 Too much detail should be avoided to prevent weighing down your column. You want to stimulate the interest of the subject, but do not overdo the subject.
#7 Jot down figures, names, impressions, ideas, etc., in a note pad while you are out and about.
#8 Be timely. Make sure you are keeping up with current weather conditions, seasons, etc., be sure to point out the significance of these local conditions.
#9 Take note of your audience and be sure to give them information that will benefit them in a way in which they can understand.
#10 Get your column to your editor on time! Keep in mind, your editor has a place for it on hold.
13. Join Local Business Groups
If you're wanting to mingle with like-minded individuals, joining a local business group should be a priority.
Opening your mind to new opportunities allows growth, not just personally, but also for your business.
In business, it is so important to continue learning and growing if you want to see success.
Here are 7 reasons why you should consider joining a local business group:
#1 Keep You Up-to-Date On All Current Trends.
#2 Supportive People Who You Can Share Information With.
#3 Potential Client Opportunities.
#4 Obtain Credibility.
#5 Receive Benefits Because Of Membership.
#6 Company Exposure Through Sponsorship.
#7 Be A Contribution To Your Industry/Community.
14. Business Partners
Having a business partner comes with many great benefits!
Two is always better than one, am I right?
I have full confidence that if you partner with someone, you will see double the success in your business.
Here are a few reasons why you should consider getting a partner to join you in business:
#2 Someone to talk about ideas, designs, etc.
#3 Picking up the slack when necessary.
#4 Support each other emotionally.
#5 Productivity will skyrocket.
15. Direct Mail Marketing
You might question whether or not direct mail marketing actually works?
So what exactly is direct mail marketing anyway?
I'm sure you can figure it out by just thinking about it for a quick hot second......
Direct Mail Marketing is described as being a type of direct marketing where businesses send out postcards, letters, or other promotional material to those past, current, or even potential customers or clients.
Make sure that the material that you are sending out stands out.
16. Speak at Events
Want to get your business noticed?
Well then, speaking at events is one thing you might want to consider.
For some people, public speaking is not really their cup of tea.
If this is you, the first thing you need to realize is, this isn't about you.
Think about your audience and what your purpose is.
Passion drives purpose. So whatever speech you might be delivering, be passionate about the subject.
While delivering a speech, remember to make eye contact with your audience. You do not want to be looking down at your paper the whole time.
This is very unprofessional. People will start loosing interest in seconds if they feel like they are being ignored. Body language is super important.
You want to appear confident the whole time. This keeps the audience engaged in what you have to say.
Your first speech may not go as planned, but that is completely OKAY.
Practicing over and over again is key. This will help you gain more and more confidence as time goes on.
Before too long, you'll be a pro and who knows, you may even become the next keynote speaker at a major event.
The sky really is the limit!
Understanding Business Psychology before starting your own business should be made a priority.
What is Business Psychology anyway?
Business Psychology, also known as Industrial-Organizational Psychology, is defined as being the art and science of psychology that contains useful and practical business applications that are intended to improve work environments for employees as well as increasing workplace productivity.
Once business owners really understand the art and science behind Business Psychology, there is really nothing that can stop you from succeeding.
In Business Psychology, you will not only learn about the behaviors of individuals, but also gain insight on what can be done to draw in customers/clients.
A couple years ago, Mel Robbins (Melanie Robbins), an American television host, author, and motivational speaker introduced the world to a technique identified as "The 5 Second Rule".
Many business owners have been implementing this rule into their success plan.
Every business owner is different, what might work for one, might not work for the other.
The key, here, is to keep trying different techniques until you have found the one that works the best for you, and your business.
This may cause frustration to some, but remember, building a successful business DOES NOT happen overnight.
It is a process! There will be many ups and downs along the way. Keep your focus on your purpose and why you're doing what you're doing and you should be fine!
NEVER GIVE UP! It will all be worth it in the end. Always continue to keep your eyes on the most important things in life rather than those unnecessary distractions that seem to pop up every once in a while. What is the solution when this does become a problem? Get back on track!
WRAPPING IT UP
As you can probably see by now, starting up a business is not for the faint of heart.
It takes a lot of persistence and commitment!
A business owner has a lot of responsibility on their shoulders and they can't just one day wake up and decide to quit.
There is way too much at stake.
I hope this blog post provided you with some valuable information on what it takes to run a successful business.
So, are you ready to become a business owner?
There is no better time to start than NOW!
Malinda is a Content Creator/Web Designer @ Troyer Websites, a full service Web Design & Marketing Firm located in Orrville, Ohio.