Are you looking to launch a new business soon, or are you in the process of doing so? Starting a new business - whether it is an LLC in Florida or an LLP in New York - when you have never done it before can be an intimidating task. Launching a lean startup can be one of the most complicated and challenging things you will ever do. It takes guts, hard work, sacrifice, education, and a little luck to start a new business. Things are only more difficult now for entrepreneurs and startup founders since we are in a recession.
However, you can make it less intimidating by breaking it down into a series of steps. Small and achievable goals is a smart strategy for a successful SMB launch strategy. These six steps will help you get started building a biz successfully.
6 Steps To Start A New Small Business Successfully
1. Beef Up Your Business Skills
If you are brand new to the business world, it is a good idea to build a strong foundation of business-related skills before you try to run your own business. There are a variety of business-related degrees you can pursue at a traditional or online college. Areas of study include communication, marketing, business administration, technology, accounting, finance, and more.
2. Come Up With A Unique Business Idea
All businesses start with an idea. You may already have one in mind for a product or service. If you don't, start by thinking about what type of business you would enjoy running. What are your hobbies and passions? What is your educational background? What type of work have you done in the past? All of these can be a source for business ideas and inspiration. Also determine what would differentiate your idea from similar products or services.
3. Assess The Market
Once you have some ideas, the next step is to determine whether there is a market for the type of business you want to create. Does your product or service solve a problem that people are willing to pay money to solve? Is anyone else already competing for the same customers? If so, is there a way you can make your business unique or serve an underserved segment of the market? You need to objectively determine if there is room in the market for your product or service unless you can realistically create a new market.
4. Choose And Register Your Business Name
Your business name is how your customers will know you, so choose wisely. Pick something short, memorable, unique, easy to spell, and that makes sense for the type of business you are starting. Be sure you pick something that isn't already being used by another business. Complete a trademark search in all of the countries you plan to do business in. Then, do a domain name search to make sure someone else hasn't already purchased the domain you want for your website. Once you have your name, you need to register it in the countries you plan to do business in.
5. Test Market Your New Business Products
Before you fully launch your products into production, it is a good idea to test market them. You can try taking pre-orders to gauge customer interest before you start developing your product, as long as you can follow up fully on fulfilling those orders or potentially issuing refunds. You can also create a small batch of products and sell them to people in your local area at farmers' markets, craft fairs, or other appropriate venues. Or do some digital giveaways and downloads if you have an internet-based product like online video games or software program. Consider launching a crowdfunding campaign and offering your product or a chance to purchase your product as a reward for investors.
6. Create A Comprehensive Business Plan
Writing a business plan will help you solidify your idea and is one of the things lenders and investors will probably want to see from you when you are trying to get financing. Your business plan will help you outline your path from where you are to where you want to be. If you fail to plan, you plan to fail with your new small biz. That includes what to do with investing your profits when you do successfully maximize your business plan. Some companies are so busy grinding and hustling and planning that they forget to plan for success!
Build The Best Business
At this point, you still have work to do on your burgeoning business, but you should be off to a good start. Once you have your business plan written, you have a guide to follow the rest of the way to achieving your goal.
