30 Oct Prime Plans – 5 Things to Consider When Starting a Small Business
You may one day wake up with a vision and an idea to create a new business, but you can’t just leap out of bed and get started right away. Instead, you need a plan of attack, expert help, and time to think of every small detail. Failing to plan is planning to fail, so to make sure you start off on the right foot, carefully consider each of the points below:
Premises
One of the essential parts of planning any new business is working out where you are going to work. Are you planning to work from home and risk your professional façade, or will you begin a search for serviced offices in great locations? While traditional offices are still as popular as ever before, serviced ones are tackling them head-on.
Instead of paying several bills on a monthly basis, a serviced office only involves paying one. Within that monthly cost, you also receive internet, furniture, and access to building amenities such as gyms, pools, and reception services. When you’re looking to cut costs as a new business owner, affordable office spaces are the best place to start.
Taxes
When you decide to begin in business in the United States, you will quickly discover that the government wants a piece of your pie. Not only do they take your income tax, but they also tax you on your employment, properties, sales and use, excise, and more. No business is exempt from contributing to the economy through their taxes. Are you aware of your obligations? Before you even take on your first customer, look at what you need to pay so you can price your products and services accordingly.
Licenses and Permits
If you thought that taxes were confusing enough as you start your small business, then you may not have considered the licenses and permits you require as well. Do your research. Find out which business licenses you need to work within particular geographical jurisdictions. You may even find you need several if your work takes you through various states. Failure to get a business license can result in government agencies being able to shut your business down.
Your Competitors
Even if you think you have the best business model and ideas, are you aware of what similar businesses are offering? One of the worst things you can do in business is assuming that one has ever done what you are doing. Spend time monitoring your competition. Subscribe to their newsletters, visit their stores, and research them online. The more you know, the easier it will be to create your point of difference.
Your Target Market
It doesn’t matter whether you’re selling a product or a service; you need to decide who you’re looking to sell to and why. While many people think that any sale is a good sale, it’s crucial at least from a marketing perspective to find out who is most likely to be your customer. You can then actively target them in advertising and promotions with far better efficacy. If you don’t have a defined target market, then you may struggle to bring in customers at all.
There are so many things to consider when starting a small business that it’s not uncommon to find yourself overwhelmed and stressed out. No one said getting into business would be easy, but if you work your way through the process, doing research and ticking boxes, it’ll be a far smoother start to business ownership than if you were to go in unprepared.
