Evaluate your planning, Processes and Marketing Needs
As you continue the process of exploring how to start own business you will need at this point to evaluate some key elements. For example, will you need start-up funding? How will you get it? Do you have investors? Will you use your own savings? Will you obtain loans from relatives or a bank loan? You must determine your funding source. You’ll need your business plan at this point. Your investors and bank will want to see a well thought-out and structured business plan.
You’ll also need to consider the outside sources you must contract to help your business run smoothly. How will you handle payroll? There are payroll service providers who will handle the entire process. Some payroll services provide services beyond payroll processing like Human Resource, tax payment and workers compensation.
If you chose to outsource your Human Resource department there are HR service providers who will help small businesses become compliant and handle all personnel issues for you. This is a very important part of running a business. Lack of compliance or one angry employee can cost a business big headaches. Your choices are, hire a HR specialist or outsource to a service provider.
Interview a couple attorneys. Find lawyers who specialize in your industry. They will know the laws that govern your business and help you make major decisions regarding start-up and operations.
Your relationship with a CPA also ranks high on the must have list. Interview a couple CPAs as well. You want someone who is very ethical and knows the tax laws well. Someone who has worked with companies in your field is ideal. Both the CPA and attorney will help you determine the type of business entity to form.
You should also investigate your insurance needs. You should know what type of insurance you will need. Know your risks and the liabilities you will assume. Meet with at least two insurance agents. Compare the quality and level of service they each provide.
What tools or equipment will you require in your business? You should know what you will need and how much it all will cost. From office supplies to office equipment to specialized equipment, you should work costs into your plans. Figure out how and when you will purchase them.
Sales and marketing will be crucial to your business success. You should determine how you will promote your business. Will you rely on paid advertising? Don’t overlook networking. Networking provides you opportunities to introduce your business to potential clients and others who can refer you to potential clients. Look for business networking events listed in your local newspaper’s business section. Check also with your local chamber of commerce and the chambers of cities near you. You will learn about other networking events while networking. For example, Business Networking International (BNI) is a business and professional networking organization. It is one of the many networking groups in which members pass leads of possible customer to each other. Visit networking groups and find to find the one that fits you and your business best. Developing your public speaking skills is also a valuable asset to our business. At Toastmasters you will hone the skills that will enable you to promote your business confidently and effectively.
Begin Promoting Your Business
Once you’ve created your business, have all the pieces in place, created the brochures or a website, you should begin promoting your business. If you determined that paid advertisement will pay off for you and you have the funds to support it then pursue that. Advertising is expensive whether it is print ads or radio/television ads. If you choose print ads think about the publications your target customer reads. When money is an issue take advantage of free advertising. Send out press releases to the publications your potential customers read. Try to get an article written about your business, submit articles to those publications about something related to your business. You shouldn’t overtly promote your business in the article. At the end of the article you’ll include who you are, the name of your business and contact info. Also, for promoting your business, join your local chamber of commerce and take advantage of all networking opportunities in and around your city.