Do you know which core steps you need to take to ensure your budding small business is a success? Being an accomplished entrepreneur of course takes a lot of hard work and dedication, but there are a few additional resources you will need to thrive. To save you some headache and hassle, here are a handful of essential startup steps.
Creating a Limited Liability Company
Ever gotten a receipt or email and noticed the letters “LLC” behind the business name? If you’re unsure what those letters mean, it might be time to do some research ASAP. Setting your business up under an LLC – also known as a limited liability company – can offer some serious legal protections as well as some serious savings on your taxes. Best of all, you can file an LLC online using a formation service.
Finding Funding
Before you can get your business up and running, you’ll need to secure the funding to cover your startup expenses. If you’re not sure how to finance your new business, there are a few options to consider. One option is to take out a small business loan. You can apply for a small business loan through a bank or credit union. Your credit score will be a factor in determining whether or not you qualify for a loan and what interest rate you’ll pay. Another option is to seek out investors. You can pitch your business idea to potential investors and try to secure funding that way. Finally, you could use your own personal savings to finance your new business.
Going Back to School
If the thought of starting your own business seems a bit too intimidating right now, another option is to go back to school first and earn a business degree, which will provide you with additional knowledge and insights to help you stand out from the competition. Also, these days, it’s possible to earn your most useful business degrees from the comfort of your home, thanks to the flexibility of online learning platforms. You could even consider going back to school and starting your business at the same time, and implementing the lessons you learn as you go.
Designing a Functional and Practical Workspace
You may be dreaming of a swanky new home office with ample square footage. But you may also be looking around your home and thinking, “Where in the heck am I going to fit this new office?” If so, you need these HGTV tips for fitting an office into any space you have.
If you have no room at all to spare in your home, you can also look outside of it. No, we’re not talking about renting a super expensive office space, but rather looking into potential coworking spaces in your area. These spaces are great because many even offer equipment.
Attracting Customers and Keeping Them Coming Back
Now that you have an LLC and a new workspace, what’s next? Customers! To draw in your first clients and keep them, build your web presence with a website, SEO, and online marketing services that will help you get noticed.
It also helps to pump up your customer service experience, offer reward programs for loyal patrons and, of course, ask for reviews and feedback. That last part can be hard when you’re new to the business world, but it’s also your best bet for improving your small business.
Building a Home Health and Fitness Routine
We know this isn’t on a typical entrepreneur’s to-do list when launching a startup. The thing is, taking care of yourself is critical to the success of your new business venture, especially if it’s all online. After all, you are the heart and soul of your business! So make sure you take the time to care for your actual heart, body and soul.
A simple and effective home fitness routine can help with the first two. If you’re working at a desk in your home office, you can hop up and do some planks, pushups and squats to jumpstart your new exercise habits. The best part about these moves is that you need minimal equipment.
Wait, so what about your soul? How can you take care of it while running your new business? You could try mindful meditation! Aside from nurturing your overall well-being, meditating for a few minutes each day can also help boost your chances of success as an entrepreneur.
There you go! By choosing a business structure, finding funding, designing a productive workspace, marketing, and taking care of yourself, you’ll be off to a great start as a new entrepreneur.
Karen Repoli is your business strategist and virtual concierge. Follow her on Facebook for more tips.
This is a guest blog from Lance Cody-Valdez. About the Author: A few years ago, burned out and miserable from his job in corporate marketing, Lance Cody-Valdez decided it was time to invest in himself. He quit his job the following day and used his meager savings to stay afloat as he built a career as a freelance writer and content marketer. He created Free Lance Now to help others use freelancing to escape the 9 to 5 daily grind
