Are You Thinking About Starting a Small Business?

Are You Thinking About Starting a Small Business?

Are You Thinking About Starting a Small Business? 

Do you need extra income? Are you tired of working for someone else? Starting a small business might be just the solution! You may be nervous about the idea of becoming an entrepreneur, but it’s easier than you might think. This checklist from artLab walks you through the items you’ll need to consider.

What Do You Want To Do? 

While the thought of starting your own business might sound fantastic, you may be wondering what kind of business is right for you. Ask yourself these questions to get you started: 

  • Are you creative? Freelance writing or making items to sell on Etsy are businesses that would use your creativity and are easy to start. 
  • How much time do you want to devote to your business? If you only want to work in your spare time, you could start a dog walking or house cleaning business. 
  • Do you have enough space in your home? If you plan to sell a service, the chances are that you won’t need any extra space. If you plan to have lots of inventory to sell on eBay, you may have to rearrange your garage or spare bedroom, or even consider adding a storage building or buying a new house at some point. 
  • Do you have equipment that you might need? If you have a lawnmower and a weed whacker, you could start a lawn care business. If you plan to sell your products or services online, a computer and printer are generally required. 
  • Will you need to get a loan for the initial costs? Once you’ve decided what business venture to pursue, you may need money to purchase equipment, inventory, or more space. The Small Business Administration is an excellent place to start if you need funding. 

How Do You Start a Business?           

Once you decide what type of business you’d like to start, there are several things you need to do, but don’t be intimidated: 

  • Do market research to learn everything you can about the type of business you’re starting. 
  • Ask trusted friends or family for input. They may have great ideas you might not have considered. 
  • Register your business. Decide if you’d like to operate as a sole proprietor or LLC, choose a name for your business, register with your state’s Department of Revenue, obtain local and state licenses and permits, and get an Employer Identification Number through the IRS. What is an EIN number? The EIN is crucial: The IRS uses this number to keep track of payroll taxes, and your EIN also simplifies the filing of federal or state tax returns. 
  • Create a business plan. Your business model states how you plan to make money from your business. If you are going to apply for a loan for startup costs, you’ll have to submit a business plan with your loan application. 
  • Find the best business software for your needs. You may need to use software for keeping track of orders and inventory, invoicing and paying bills, and payroll processing. 
  • Set up marketing platforms. Social media, your own website or online store on sites such as Etsy or eBay, or notices pinned to bulletin boards in your local grocery store are all ways to spread the word about your business. 
  • Always provide excellent customer service. Whether you’re meeting your customers in person or online, this keeps clients coming back, and they may also recommend you to others.

Are You Ready? 

Once you’ve completed the necessary steps to start your business venture, it’s time to begin. By following these tips, your business should be in a solid position to launch. Order your inventory, load up the lawn equipment, or fire up your computer, and get started! 

 Blog By- Alyssa Strickland

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