Starting a Business

History is filled with pioneers, innovators and titans of industry who have been where you are right now. Starting a business can be a great way to channel your interests and strengths into success, but it’s also not easy. If you’re considering taking your first steps into the exciting world of entrepreneurship, keep reading.

Why Start a Business, and Who Should Start One?

Entrepreneurship comes with some exciting perks — most importantly, independence. You get to be your own boss and chase the ideas that matter to you. If that sounds like your vibe, and you have the knack for problem-solving and reinventing the wheel, entrepreneurship could be your ticket to success.

How to Start a Small Business

Behind every successful business is a great idea — and a lot of work. Whether chasing a passion or capitalizing on an opportunity in the market, it’s good to begin with extensive research and due diligence. Here are some major steps you should take in the process:

Know Your Interests and Goals

First, identify what you like and what you want to do. This can help you come up with ideas and uncover areas of opportunity that the right business venture can help to solve.

Come Up With a Business Idea

Next, do extensive market research about the industry you are planning to step into, identify the competition and develop a concept for your new venture.

Write a Business Plan

Once you’ve developed the concept, it’s time to develop a business plan: a name for your business, a summary of business goals and notes on how you’ll achieve them. Using your business plan, develop a detailed model for operations and marketing: how your business will run and how to reach customers.

Establish Your Business

Once you’ve got your plan, it’s time to legitimize everything. First, you’ll need to register your business name. If you’re operating in a field that requires any particular IDs or licenses (something you should figure out in your research), that will factor in here. Also, this is the time to zero in on a location, whether you plan on running your business from home or moving to a different place where you will have more space to operate.

Assemble a Team

Many successful businesses are one-person operations, but plenty of others rely on a skilled team of multiple individuals working together. If your idea falls into the latter category, this is the time to find out who those individuals are — and they could be people you know.

Figure Out Finances

With your business plan, location and team established, it’s time to prepare ledgers to track running costs and ensure you’re managing your finances correctly. Half of that is turning a profit, and the other half is paying taxes. Depending on the nature of your business, you may also want to find someone to help you with funding — either a bank or an investor willing to loan or grant you the money to get going.

Continue To Grow and Adapt

Running a business is a continuous journey. Stay flexible, keep learning and be ready to adapt as the market, customers and industry evolve.

Examples of Small Businesses or Startups:

Cleaning Services:

The world is full of buildings, from homes to office skyscrapers, and those buildings need to be kept clean. That’s where cleaners come in.

Tax Preparation and Bookkeeping

Managing finances isn’t always easy. That’s where tax preparation and bookkeeping specialists come in, helping clients stay on track before, during and after tax season.

Event Planning

If you’ve ever attended a large party or wedding and enjoyed a great time, you might have an event planner to thank. They make it their business to handle the details of large events to create memorable and stress-free experiences for both the hosts and their guests.

Copywriting Services

Copywriters create engaging, persuasive and effective copy (a piece of writing that accomplishes a specific task) for clients, which can take shape as anything from ads to product packaging to this website (hint, hint).

Graphic Design

Graphic designers create visuals — everything from illustrations to company logos — to help their clients bring their visions to life.

Landscaping

A great landscaper can turn a yard into a garden. They offer their services to help maintain and transform outdoor spaces.

What Is Multilevel Marketing?

Multilevel marketing (MLM) is about selling products to the public, often through word of mouth and direct sales. Part of the job can also involve recruiting others to join the network. While they’re very popular online, it’s important to weigh the pros and cons of an MLM beforehand and know what you’re getting yourself into.

Is It Easy To Become a Social Media Influencer?

It’s more of a marathon than a sprint. Finding your voice and making it stand out in a very noisy space takes creativity, hustle, authentic and engaging content, a niche brand, understanding the social media platforms’ algorithms, and some viral magic dust — but it’s possible.

Not Sure Where To Start?

If you’re looking to forge your own path, but you’re not sure where to begin, you’re in the right place. Remember, the future is full of possibilities, and we’re here to help you figure out the best one for you. For starters, try taking our pathfinder quiz to get a better sense of what you’re into.

Take the Quiz