The Ultimate Small Business Guide: How to Run One Effectively
If there was ever a silver lining for the COVID-19 pandemic, it’s that nothing is certain and everything is in flux. Approximately 1 in 4 workers relied on unemployment during this period.
When you have a job, you feel like nothing can wrong, until it does. More and more people are seeing that you cannot rely on one income source to survive or thrive. That is why we have compiled a small business guide for you.
Starting a small business is an exciting thing, but it can also feel daunting. To get started on the right foot read our post below.
Find Your Purpose
Starting a small business all begins with you. First, you’ll need to figure out your purpose and reasoning for running a business in the first place.
Is it to hustle and make some extra money on the side? Perhaps you want a more flexible schedule and not have a 9-5 job anymore.
Once you have your reason solidified, think about where your skills, passions, and expertise lie.
Draft a Business Plan
We all have to start somewhere, and starting small is the best recipe. You want to draft a business plan that can gradually build into something more profound.
When you have a small business plan, be sure to include things like state and federal tax, startup costs, labor, and office space. If there’s ever an opportunity to cut small business expenses, take it.
Think about your audience as well. Who do you want them to be? Where do you want to be in 1-5 years’ time?
Incorporate Your Business
The next step in our small business guide is to formally incorporate it. Do your research on the pros and cons of an LLC, S-Corp, C-Corp, or sole proprietorship.
A small business lawyer may be needed to help you create a legal structure. This is especially true if you plan to have an additional business owner, co-founder, or employee(s).
Next, decide on the name of your business. Remember, you can be incorporated under one name and conduct business under another!
Get Your Paperwork in Order
As a business owner, you’ll deal with a lot of minutia and paperwork. For starters, you’ll need an employer identification number (EIN) and a business bank account to get off the ground.
To keep your business expenses and things in order, you’ll want to buy bookkeeping and accounting software. Consider hiring someone to do clerical work if you’d rather not have to handle this part of running a business.
Assemble a Team
To continue with our small business guide, assembling a team is crucial to your success. You can’t survive or thrive by being an island unto yourself. Having staff in the fold will help you generate ideas at a much faster clip.
When you bring on the right people in and offer them handsome compensation, you’ll be amazed at what you can create together.
Refer to Our Small Business Guide to Get Started
Feel free to use our small business guide to begin your entrepreneurial journey. Use it as inspiration and motivation to get you to the next stage.
Some people start by having a day job and using the extra time and reliable income to become a business owner. Others dive right in with no parachute. Whatever you decide, weigh your options.
For all of your business needs, be sure to peruse our blog at your leisure.