*This post may contain affiliate links, which means if you click through and make a purchase I may receive a commission at no cost to you. Please read my disclosure for more info.
Setting up a small business can be incredibly tough, especially if you have never done it before. There are a lot of things you need to consider, a lot of forms you need to fill out, and a lot of bills to pay when you start up a business, so it could be very easy to forget something, and get yourself into trouble. Hopefully, this guide will help you remember all the basics you need to know to start up your small business and ensure that your business launch is trouble free.
First things first, you need an idea of what sort of business you want to have, and where you want it to take you. All businesses sell something, so what do you want to sell, who do you want to sell it to, and where do you want to sell it? You also need money, sometime’s a lot of money, and if you don’t have it yourself, where do you plan to get it from? Any bank, money lender, or investor is going to want to see your business plan and know that their money is in safe hands, so it needs to be water tight. You have to be seen to be excited and confident in your business plan, and then other will be too and will be more open to lending you money.
Deciding on a name for your business may sound simple, but it definitely isn’t. Your name needs to be catchy, but also relevant to what you’re selling. Depending on the type of business, such as your own attorney’s office or funeral directors, you will also need to make sure that your name is appropriately professional. Although you may have the perfect name in mind in your eyes, your business partner/s may disagree and want something different. You will also need to make sure that your name isn’t similar to anyone else’s, especially if you are planning to sell the same thing.
Businesses often need a lot put into them to get them started. Depending on the type of business that you want to start, there are a lot of things that could be necessary to get your business off the ground. If you are planning on starting up your own law firm, then you will need offices to meet with clients, and a certificate that says you have the right to practice law. If you want to start a jewelry business then you would need a store, either a physical one or one online – For a physical store you would need furniture, decorations, hangers, and a till, whereas you would simply need packing materials and stamps for an online store. A restaurant or cafe would need a property with a kitchen, and you would need to ensure that all of your staff have the relevant food and hygiene certificates to be able to prepare and cook food. There are a lot of different things you may need, and you need to consider all of them, and if you have the funds.
Although this should be part of your business plan, it is a very important part. If you only have a set amount of funds to put into your business, you need to know where every penny is going, and what is going to be achieved by you spending that money. As stated above, depending on your type of business, you could need to pay out for a building for your business, furniture, decorations, the products you are going to sell and so much more. There will also be a cost to running your business, so you need to make sure that you are going to be earning more money than you are spending, otherwise, there’s no point to your business. Hiring an accountant would probably be helpful with this, as they are likely to know a lot more about money and numbers than you, and could offer you plenty of advice.
You have to make sure that you file for a Federal Tax Identification Number or EIN. This is essential for a small business, especially one with employees, as it is the number used to identify a business’s tax obligations. This may seem like a small detail, but it marks the official beginning of your business, and so is a very important and special one.
Once you have your business up and running, you need to ensure you have the best customer service possible and that you have a strong relationship with your customers and clients. Measuring customer service quality and ensuring customer service quality is strong is essential for businesses, especially small ones whom usually have much more loyal customers. As part of this customer service experience, you need to ensure that you have some sort of complaints policy available, for if someone ever has a bad experience with your business. A problem that many people have with big businesses is that there is very rarely an actual person to speak to and deal with their issues. To combat this, make sure there is always someone available, either in person, by phone, or by email, who can deal with any troubles any of your customers may have faced from your business. If you can fix the problem yourself (the more quickly, the better), then a customer is much more likely to return to your business in the future. A simple token of your apology can go a long way when it comes to building relationships with customers and clients, and shouldn’t be ignored.
I hope that this guide has provided you with some guidance as to how to start your own small business. By following these steps, you should find starting a small business to be much less stressful, so that you can enjoy the journey of becoming a business owner a little more. Don’t start slacking though; You have a long road ahead of you if you want your small business to thrive, and you will make some mistakes, but as long as you put your all into your business, I’m sure you will do just fine.