There are millions of new small businesses popping up every year. It takes a lot of work and motivation to start a business from scratch but then, it’s so rewarding to see your hard work pay off! First, let me clarify that I am not a CEO. I am sharing my own experience and what I learned.
So, today I’m sharing with you some of the steps you need to have in mind if you’re thinking about starting your own business:
Figure out what you’re going to do
Ask yourself these questions:
- What am I good at? And what I love to do?
- What do people want or need?
- What would people pay for?
The most important thing is picking something that interests you and that has money-making potential.
Decide what kind of business you want to start
There are two main types of businesses:
- Service-based business
You sell your creativity with your writing skills by producing blog posts and articles, for example. There are lots of other services you can offer as a freelancer such as editing, social media management, graphic design, photography, translation, blog management, and many others.
- Product-based business
Here you sell a product. It can be digital, like printables. Or it can be physical like jewelry. You can sell on Etsy or Creative Market, or you can have your own online store.
There’re some businesses involving selling other peoples’ products too.
- If you’re starting a blog or website, you’ll need a domain name and hosting. For hosting, I suggest Siteground or AWS (Amazon Web Services).
Other things you need to start a successful business
- You’ll also need a way to get paid. To start, I suggest a PayPal business, it’s free.
- Then you have to think about investing in some tax software too at some point. Because if your business grows, you’ll start paying taxes. It’s totally up to you if you want to your own taxes or pay someone to do them.
Cover the legal part of starting a business
Choosing the right legal structure is a necessary part of running a business. Whether you’re just starting out, or your business is growing.
I suggest you go to your local business licensing office if you’re at all unsure what’s required to legally start your business, it should be able to tell you what you need.
Now you have to create a plan
Start thinking through what products or services you would offer, what you would need to run your business, if you have a place, materials, and how to manage your time wisely. How you would actually run it. Dream big and then break it down into what you can really do now.
Create a budget
You might have to buy materials to make your products. If you’re starting a freelancing business you’ve to pay for blog hosting or something service-related.
Make sure all the money you need to spend first and then think about the price that you’ll be selling your products or services. Consider all the hours you spend creating, and all the costs to run your business. You have to make a profit.
Promote your business
How you promote depends on what your business is. For example, if you’re a freelancer, LinkedIn it’s a great choice. If you have an online store, your marketing strategy might look different. Your focus might be more on Pinterest or Instagram.
Trying to be everywhere at once doesn’t work. Pick one or two to start promoting your business and stay active.
Hopefully, I’ve given you a good foundation for starting your own business.
Do you already run a business, or would you love to start one? Let me know in the comments 😊