Did you know that 90 percent of American billionaires are self-made? Nobody becomes wealthy by sticking with their safe middle management corporate job. While you might feel skeptical about becoming a billionaire, having a successful business is something a lot of Americans dream of. Being your own boss could be the change your are looking for in your career and allow you the reap riches as a reward for taking the risk.
If you are ready to venture into the world of owning a business, the entire process can feel daunting to start out. However, learning how to build a business doesn’t have to be a complicated process. You do need to research and be prepared, though. Becoming an entrepreneur or startup founder can be one of the most difficult things you’ve ever done in your life.
So, how can you take the necessary steps to get yourself closer to becoming a successful business owner? Read on to learn everything you need to know about big business building.
Choose a Business Name
Besides your business idea, having a unique name is the most important part of starting your business. If you already have a name idea, then you should look that name up with your state to see if it’s already taken.
If it’s not already taken, then the next step is to register your business name with the state. If you don’t do this, then you won’t have any protection over your business or its name, and someone else can take it and use it for theirs.
Research, Research, Research
Once you’ve registered your name, it’s time to start researching things for your business. This means everything from effective marketing techniques to what your business needs to be successful.
There are legal things you’ll have to learn about as well. You wouldn’t open your own independent insurance agency without ensuring you had all the legalities squared away first, and you shouldn’t take that chance with any other business either.
There are plenty of sources that can help you, but the biggest is by far the U.S. Small Business Administration. Not only does this website have everything you may need to get started on a federal level, but it also provides links to different state resources you can utilize.
Write Your Business Plan
Once you’ve started on research, it’s time to start fitting your business plan into the mix.
Your business plan should include everything from acquiring food and equipment to marketing and social media strategies. If you need to hire people, this is where you’ll work out the logistics of that entire process.
If you have any questions, have them answered. If you can speak with friends or other business owners, then this is the time to get all of that done.
You can also take this moment to design your brand.
Your brand includes your website and its design, colors, logos, and even the font you use. It’s how you present yourself on social media and where you figure out how you want to present your business to the world.
When choosing your business name and branding, don’t forget about your domain name and SEO strategy and any future pivots your entrepreneurial venture may undergo.
Get in Touch With Your Financial Side
Now that you have a plan set in place, it’s time to create a budget for your business. Whether you’ve already registered your name and paid for that or not, it’s best to include that in your budget as well.
You may find that your business comes with minimal startup costs, but others might require a space, product, equipment, and even employees. You will have to figure out a written budget so you can either start saving up or secure funding differently.
Having a clear view of the amount of money you’re going to spend provides a great way to make projections about your business, like at what point you’ll break even.
To make all of this a tad easier, start with opening a business bank account and obtaining a business credit card if you wish to do so. And of course, make sure to do research and take advantage of business growth books for some guidance with the process.
Structure, Protect, and Build Your Business
Next, you’ll have to choose a business structure so that you can sell products and run your business legally. The structures you’re most likely to go with are either a sole proprietorship, an LLC, S Corp, or C Corp. The difference between choosing a c corp vs llc will have major tax and liability implications, so ensure you make the right choice. You are going to need to be a fully formed business before you can sign up for a business bank account, so get this settled right away.
You’ll also need to protect your business financially. Business insurance might be required, especially if you own a brick-and-mortar location, but it isn’t always necessary. Sometimes, the only protection you’ll need is a trademark and ensuring you purchase all your domains ahead of time.
Registering your business name will ensure nobody can use it on a state level, but trademarking will ensure that nobody can use your business name anywhere else in the country. Purchasing your domains ahead of time means you don’t have to worry about having to buy them from someone else in the future.
Ready for Launch
Now that you’ve gotten all your affairs in order, it’s time to get started with launching your business.
You should start with promoting your new business on social media and with your friends and family. You can even consider offering opening day deals and discounts to encourage people to purchase from your business. Also begin building an email marketing list for your startup with subscribers from deals, contests, company updates, and blog posts.
If you have a budget set aside for paid marketing, you can even test the waters with paid advertisements over social media. The most important thing to do in this phase is to build a following and ensure that you have all your affairs in order so nothing unexpected can happen down the road.
Learning How to Build a Business Never Stops
The great thing (or bad thing depending on how you look at it) about learning how to build a business is that there’s always more to learn. Industries change and trends shift all the time, and it’s up to you as an entrepreneur extraordinaire to keep up with it all.
The internet makes keeping up easier for every entrepreneur, but it’s still a constant effort on every business owner’s part. The internet never sleeps and these days neither does your business. Business ownership means always staying up to date on the latest industry and economic developments.
If you’re interested in more on the latest in business and marketing, check out the rest of our website. Our Everything Entrepreneur Blog specializes in helping you build and launch a business on a budget from home or online anywhere.