Starting a new business can be a very rewarding venture, but can also be frustrating if the business owner is not familiar with how to get started. There are several steps necessary to consider when starting a new business, so let's take a look at those now.
The first step in starting any business is deciding the goods and services the business will offer. Most owners have this in mind before they even decide to start a business. Next, determine the geographic area the business will serve. Will the business be a brick and mortar store? Will the business need an office to bring clients? Will the business be primarily online? Also, it is important to identify the demographic target group the business will serve. What age and income group is the business going to gear its marketing towards? Once the owner has some basic questions answered, it is easier to move forward.
The next step forward is coming up with a name for the business. The owner will want to research several potential names, depending on the geographic area and industry the business will serve. Using the same, or a similar name of an existing business, is not recommended and usually not allowed by state and local laws, depending on the area. Any business owner will want to consult with their accountant on the legal set up of their business. The accountant will know more about their personal situation and be better able to advise them on if they should register a corporation, LLC, or operate as a sole proprietorship with a DBA. Once a name is chosen, the owner can then register the business with the state, local offices, and the IRS. This will allow the business to operate legally, hire employees, and obtain assets and take on liabilities in the business name.
Owners should avoid, when possible, taking on the liabilities personally. This will affect the credit report and score and will not be an accurate representation of the owner's true income and debts. Some companies will allow the owner to guarantee the loan which is a better route to take. After the legalities are out of the way, the owner will want to start planning the marketing. The budget is the most important part of the entire marketing plan. How a business markets is very dependent on the target demographic group. A company will want to establish its corporate branding based on their clientele. An accounting firm targeting higher income clients will use different colors, fonts, and verbiage in their marketing materials than a bar that markets to college students. In this day and age, a good portion of marketing is done online. A website is no longer optional. Even if the owner is not marketing online, many customers will look to a website to give the business credibility. There is no need to spend thousands on a website that has functions the business does not need, but a clean and professional site is a must. There are many reputable companies that will come up with a marketing plan to fit in different budgets, but the most effective method is still word of mouth. Of course, the marketing can be worked on simultaneously with other details that are necessary to open the doors. A location must be determined, goods and equipment ordered, etc. These details will have to be coordinated as needed. The owner should expect some bumps in the road but keep in mind the reward at the end.
We are a team of professionals working alongside what we are currently doing building successful business while working from home. If you would like more information on how to build a business, visit our website at [http://www.working4yoursuccess.com/how-to-build-a-business.html]
Article Source: http://EzineArticles.com/?expert=Jennie_L_Hines
Article Source: http://EzineArticles.com/7804268
The first step in starting any business is deciding the goods and services the business will offer. Most owners have this in mind before they even decide to start a business. Next, determine the geographic area the business will serve. Will the business be a brick and mortar store? Will the business need an office to bring clients? Will the business be primarily online? Also, it is important to identify the demographic target group the business will serve. What age and income group is the business going to gear its marketing towards? Once the owner has some basic questions answered, it is easier to move forward.
The next step forward is coming up with a name for the business. The owner will want to research several potential names, depending on the geographic area and industry the business will serve. Using the same, or a similar name of an existing business, is not recommended and usually not allowed by state and local laws, depending on the area. Any business owner will want to consult with their accountant on the legal set up of their business. The accountant will know more about their personal situation and be better able to advise them on if they should register a corporation, LLC, or operate as a sole proprietorship with a DBA. Once a name is chosen, the owner can then register the business with the state, local offices, and the IRS. This will allow the business to operate legally, hire employees, and obtain assets and take on liabilities in the business name.
Owners should avoid, when possible, taking on the liabilities personally. This will affect the credit report and score and will not be an accurate representation of the owner's true income and debts. Some companies will allow the owner to guarantee the loan which is a better route to take. After the legalities are out of the way, the owner will want to start planning the marketing. The budget is the most important part of the entire marketing plan. How a business markets is very dependent on the target demographic group. A company will want to establish its corporate branding based on their clientele. An accounting firm targeting higher income clients will use different colors, fonts, and verbiage in their marketing materials than a bar that markets to college students. In this day and age, a good portion of marketing is done online. A website is no longer optional. Even if the owner is not marketing online, many customers will look to a website to give the business credibility. There is no need to spend thousands on a website that has functions the business does not need, but a clean and professional site is a must. There are many reputable companies that will come up with a marketing plan to fit in different budgets, but the most effective method is still word of mouth. Of course, the marketing can be worked on simultaneously with other details that are necessary to open the doors. A location must be determined, goods and equipment ordered, etc. These details will have to be coordinated as needed. The owner should expect some bumps in the road but keep in mind the reward at the end.
We are a team of professionals working alongside what we are currently doing building successful business while working from home. If you would like more information on how to build a business, visit our website at [http://www.working4yoursuccess.com/how-to-build-a-business.html]
Article Source: http://EzineArticles.com/?expert=Jennie_L_Hines
Article Source: http://EzineArticles.com/7804268
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