Valuable Tips for Entrepreneurs Wanting To Start a Business

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Deciding to open a business is a monumental moment. Taking this leap can feel exciting yet intimidating at the same time, especially as the world emerges from the pandemic. Before opening your doors, Service Savvy, LLC recommends following these seven tips to get your new business off to a strong start.

1. Carry Out Market Research

Whether you want to bake cakes or walk dogs, a successful business fulfills a need for services. To help ensure your business idea is profitable, research the market in the region you plan to sell your goods or services.

Market research considers factors like industry trends and target audiences to determine if there is a demand for your concept. Once you have gathered more data, tweak your business idea to better meet the customer’s needs.

2. Research Loans

Unless you have a hefty amount of money stashed in a savings account, chances are you need funds to get your company off the ground. Sometimes family or friends can provide a loan. While investments from loved ones often have fewer strings attached than a bank loan, they can complicate relationships. 

To keep your personal life separate, apply for a small-business loan at a bank. Before applying, research these loans so you know what elements lenders review, such as credit history and collateral.

3. Create a Marketing Plan

Even with a fantastic idea, your business will likely struggle to take off without effective marketing. Create a marketing plan based on your target audience.

Many businesses have a social media marketing channel. According to one report, there are 3.78 billion people using social media all over the world. Those are a lot of potential buyers you don’t want to miss out on! Create and utilize free business accounts on platforms like Instagram, Yelp and Facebook.

4. Hire Staff

How many employees you need depends on your line of work and how quickly business takes off. Find employees, consultants and contractors via online job boards. Add a careers page to your website, and include the link on social media posts and in your email signature.

Alternatively, if you plan to function as a solopreneur in the beginning, connect with virtual assistant services through Service Savvy, LLC to help with administrative tasks that keep you from focusing on the big picture.

5. Develop a Business Plan

A business plan not only sets the foundation for your company but also serves as a roadmap for future growth. One piece is forming a business entity, such as a limited liability company (LLC). LLCs have several benefits, including tax advantages, less paperwork, increased flexibility and limited liability. Regulations vary by state, so research your state’s rules before making a decision. A formation service can do the majority of the work without the sizable fees that lawyers can charge.

If you need help developing your plan, do not overlook the value of networking. Even if you have not spoken to a friend since your school days, that buddy might be the perfect source for information on clients, suppliers or other resources. Online tools are excellent aids for finding contact information.

6. Make Cybersecurity a Priority

If you plan to do the majority of your work online, and if you’ll have access to your customers’ data, it’s absolutely essential to have a cybersecurity plan in place.

Small businesses are major targets for hackers, so the more protected you are, the less damage you’ll encounter in the event of a breach or attack. Connect with an IT security service regularly to run checks on your website and any other tech that could make you vulnerable.

7. Create the Ideal Office

If you plan to use a co-working space, this can be a great way to have the best of both worlds. You get to use someone else’s office space and equipment while running your business. Talk about minimal overhead! However, many people also prefer to work from home. The rub is that you need a dedicated office that provides limited distractions, privacy and room to work.

If this sounds like a tall order but you’re bound and determined to work from home, consider repurposing an unused room or having your garage converted to accommodate a new office. This is especially great if you plan to see clients at home. Best of all, you could even raise your home’s value!

Whether you want to work with people, pets, plants or anything else, opening a successful company takes strategy and perseverance. Follow these five tips to turn your business idea into a profitable trade.