Congratulations: You've taken the plunge and have finally decided to open your own business! This is an exciting time and so much opportunity lies ahead of you, but the hard work is only beginning. What do you need to think about as an entrepreneur that you never gave a second thought to beforehand?
Even if you've had the idea in your head for decades, your business isn't official until Uncle Sam says it is. Time to get online and start filling out the necessary paperwork — your state or county website should be able to lead you in the right direction, but if you are having a hard time, call up city hall and ask for guidance.
How Should You Register?
The options can be a little overwhelming: An LLC or corporation? Do you want to file for DBA certification or leave your name as the business name? Navigate and research all the different registration options so that when tax season rolls around you are in a good, perfectly legal place.
Make Your Name Unique
Assuming that you decide not to keep your business name as your own ("John Smith LLC," for example), you need to come up with a name. Moreover, you need to come up with a name that does not exist in your state! The government will not allow two entities with the same name to exist in the same state, so before deciding on the name, try doing a simple Google search to see what comes up ahead of time.
Have you ever been someone's boss before? If not, you're about to have the learning experience of your life when you decide that you're going to hire employees. You already know from experience: It's not just hiring someone that can be a lot of work, but actually managing them and being a supervisor to them. This means a lot of things, but some of the highlights are:
Once you've set up your business, how will you let the rest of the world know? Just because you build it, that doesn't mean that they will come. It's up to you as the owner to make sure that the world is well aware that you are open for business and ready to serve it.
Depending on where your budget lies, you might consider hiring someone in the marketing industry to help you out. These professionals know how to do everything from creating a snappy tagline to managing social media pages. Not only that, but if you're wanting to change your logo or completely rebrand your packaging, this is something that a marketing manager feels right at home doing. They are experts in getting the public's attention and can be a valuable resource for your newborn company, especially if you haven't the foggiest clue how to begin a marketing campaign.
A Website That Kicks Butt
Your website is going to be the first line of communication between you and your customers. Make it one that is not only attractive to the eye but is also informative and helps the client find exactly what they're looking for. Don't forget some of the most basic items that customers like to see on a website:
You are already quickly learning that social media is more than cat memes — in the business world, social media is a valuable tool that you can use to reach an enormous audience. Create a business account on as many platforms as you can manage and use it to your advantage:
It's work to be a successful business owner, but when you love when you do then it's happy work. Try and anticipate some of the toughest parts of entrepreneurship as you segue into the role.
Publish Date: January 17, 2020 10:51 PM