How To Start A Small Business: 5 Steps To Success

Who doesn’t want to own a successful business and be his own boss?!

But which small business ideas are most relevant at the end of 2020? How to determine the best goods to sell or services to offer, what methods of funding are available to a small business, what steps should you take to start your business?

Read on to find all answers to these and other questions!

But most importantly: in this article, we will tell you how to easily, quickly, and inexpensively create a small business website — because “If your business is not on the Internet, then your business will be out of business”!

1. Choosing the perfect business idea

Use these simple tips to choose a good business idea:

  • evaluate the resources you have got and the assets you can attract;
  • reflect on your strong skills and dearest desires;
  • assess which of your interests and skills people are willing to pay money for.

Of course, it’s always good to know in advance whether your product/service will sell well! Use these tips:

  • choose solutions that definitely solve your consumer’s problem;
  • focus on products/services that you and most other people like;
  • choose products/services with strong branding potential;
  • take into account the current trends;
  • focus on solutions that bring immediate pleasure;
  • focus on serving niche segments;
  • look for business opportunities absolutely everywhere!

Also, trying to decide what type of entrepreneur you are will help you a lot. Check out these types of entrepreneurship and try to figure it out!

Have a look at the best small business ideas for 2020:

  • Dropshipping;
  • Blogging;
  • Online Coaching;
  • Website Flipping;
  • Ecommerce Business;
  • Podcasting;
  • Personal Shopper;
  • Custom Printed Products;
  • Online Tutoring;
  • Greeting Cards;
  • WordPress Support;
  • Email Marketing;
  • Meals-to-go;
  • Website Testing;
  • SEO;
  • Web Development;
  • Stock Photographer;
  • Tax Preparation;
  • Virtual Dance Studio;
  • Affiliate Marketing;
  • Amazon Selling;
  • Instagram Consulting;
  • Video Production;
  • Software Education.

When you have chosen an idea, studied demand, competitors, audience, you should answer yourself two questions:

  • Have you found any weaknesses of your competitors?
  • Have you discovered some ways to structure your work to become better than your competitors?

If the answer is “yes’, then, most likely, you are ready to test this business idea.

2. Drawing up a business plan

Having it, you will be able to:

  • calculate the payback period of your business;
  • learn the performance indicators, etc.;
  • calculate the break-even point;
  • conduct a preliminary analysis of purchase prices;
  • calculate the cost of delivery, etc.

It’s also a useful tool for finding investors or obtaining a bank loan.

There are three options to get a business plan:

  • create it yourself;
  • find ready-made business plan examples, сchoose the most suitable one and edit it;
  • order it in specialized firms.

 

3. Sorting your finances

You may need some investments to cover the running costs before you start making your first profits. You should calculate the one-time costs right away (for example, obtaining a permit and license, insurance, registering a business name, trademarking, etc). Don’t forget about the cost of rent, utilities, production costs, employee salaries, etc.

There are various ways to fund a small business:

  • financing;
  • loans;
  • grants (including specialized grants for women entrepreneurs);
  • business angels;
  • Patreon; 
  • crowdfunding.

Remember that in some cases a combination of the listed options will be the best financing method.

4. Choosing your business structure and registering your company name

There are various types of business structure to choose from. However, the easiest option to start is a sole proprietorship. Moreover, it has the least amount of government regulation.

Another good choice is partnership, since it is also relatively easy to form (but remember, that you will need to draft a partnership agreement).

Then, you can proceed to choosing and registering your business name: think twice and pick up a really good name, and then check if it is trademarked or is currently in use.

After that, go through all paperwork and get all the licenses/permits required.

Finally, you will need to pick an accounting system. You can either set the accounting system yourself or hire an experienced accountant.

5. Creating a website

We all live in a digital world, and having a website is CRITICAL for any business today. And saying “My business works offline” is no longer an excuse!

By launching a business, but not launching a website, you are missing out on a huge opportunity to grow your business: after all, the site can be used to implement various marketing strategies to help your business grow:

  • online presence 24/7;
  • attracting new customers, improving their awareness of your benefits/products/services, improving the convenience of your service;
  • market expansion;
  • creating a perfect communication channel with customers;
  • popularizing your brand;
  • reducing the advertising costs;
  • increasing the effectiveness of tracking marketing campaigns, detailed study of the behavior of your potential customers;
  • forming a positive image of the company, increasing credibility.

There is only one thing that can be more important than having a website: it is having a website that will convert your visitors into customers!

Today, you can easily create your website using a modern website builder. Choosing Weblium, you give preference to modern, professional templates, an intuitive editor, rich opportunities for creating a truly unique design, a wide range of marketing, analytics, and SEO tools!

 

TIME BUSINESS NEWS