Starting a small business is a major step. Everyone has had the thought cross their minds of, “Wow! This would be such a great business idea!” But in reality, how many of these ideas move past that stage? Probably not many, honestly. It’s easy to have the idea, but much harder to take the first step of putting it into action. Here are 6 steps to help you put your small business in the right direction.
- Conduct market research: Know your audience, test what you think your target market would be and see if your product or idea would be a good fit.
- Write out a business plan: Here’s where you put those thoughts in your head on paper. How you’ll run your business, grow, and structure it.
- Fund your business: With the help of your business plan, you can start determining what the cost will be to become successful and how you’ll fund it.
- Pick your business location: Remote? Brick-and-mortar? These are important choices to make which will affect your taxes, revenue, and legal requirements.
- Choose a business structure: The legal structure you choose will impact your business registration requirements, taxes, and liability.
- Choosing a name: Picking a name can be tough. It has to reflect your personal style and your product, but also isn’t already in use.
Once you’ve gotten these steps into action, you’re ready to tackle registering your business, tax ID’s, applying for permits/licenses, and opening a business bank account. Tackling all of these steps will take time. It may feel daunting and overwhelming at times as well. But something worth doing doesn’t always come easy.
It’s comforting to have good people in your corner who can help you and your business when you need it. Here at VersaTel Solutions, we serve as an asset to help your growing business. We can be used as an outsource company for your bookkeeping, marketing, and accounting needs. It’s time to get out there and make your dream a reality!