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It is easier than ever to start a business. Most businesses find their beginnings online, while others choose the brick and mortar lifestyle. Some businesses start life as part of a franchise or startup.
2020 saw around 804,000 new businesses celebrate their first birthday in the United States, according to Statista Research Department, and over 600,000 small businesses open their doors every month. You’ve just decided to add to that. So, you’ve decided to start a business, now what?
Picking Your Business
This seems simple to say, but picking the type of business you want is important because you want a business with a lot of staying power. Only 50% of startups make it past the 5-year mark, with only 33% crossing that 10-year line. So, choosing a business that embodies your passion and has the staying power you need to keep your business going is something you need to really consider.
Make a Business Plan
Whether your business is online or a physical store, it helps to know what you want your business to offer the public. A business plan can help you to see if your business idea makes sense, help with sales and marketing, identify any problems and how you might overcome them, and much much more. It can also show possible investors or small loan services that you have a concrete idea of where and what you want your business to be, improving your chances of getting capital for your company.
Think about Market Research
If your business idea revolves around selling a product, market research can help you discover whether your chosen audience is right for your product. Similarly, if you’re looking for the right product or industry for your business, market research can lead you in the right direction.
Keep on top of recent Industry Trends.
No matter what industry you want to focus on for your business, keeping up with the latest trends and news within that industry can help you keep business relevant for returning and new customers. It can also act as inspiration for your business, especially when it comes to market research.
Think about Marketing
This is a big one. For every business, marketing is essential. 61% of businesses pay for digital marketing every year, and only 50% of small businesses pay 10k or less for their marketing. It’s safe to say that it is very important. It’s a way for your customers, audience, readers, etc., to see your business and pick it out from the crowd. Without marketing, your business is invisible, so ensuring that you have the right marketing tools at your disposal is so important. You can use online marketing tools and resources, such as marketing agencies, social media, GoogleMyBusiness and other tools to make sure your customers find your business. If you have the money, marketing agencies are a great help. If you don’t, social media marketing is for you.
Utilize Online Resources
For some businesses, especially if they are online, money might not be an option, at least when you’re starting out. Fortunately, many online resources can help ensure that you can get your business on its feet and running until you start gaining revenue. There are even online courses that can help to teach you how to start a business. For instance, if you’re looking at starting a coaching business, you can use an online coaching business course to learn the fundamentals. Online courses are not only a great way to learn more about business development and management but are flexible enough to fit your schedule.
Look into Small Business Loans
Finally, think about funding and financial resources. Most banks offer small business loans, and private business loan lenders can provide you with as little as $1000. With the growing interest in starting a business, small business loans have become the best option for gaining startup capital. However, for online businesses, banks are not the only option anymore. Crowdfunding has become an excellent alternative method of gaining capital for a business or product. Sites such as Kickstarter, Indiegogo, GofundMe and Patron offer online businesses a way to turn their audience, customers, and clients into investors.
So, whether you’ve just decided to start or business or you’re just looking at what is needed to get started, know that there are many different resources available online that you may find helpful. These are just a few tips to point you in the right direction and get your business up and running, and now the rest is up to you.