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Leveling up during COVID-19, here’s how you can Start a Business

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Regardless of the type of business that you want to get into, there are a lot of preliminary steps that you’ll need to consider before you can put your business plan into action.

Launching a small business requires some level of know-how and initiative. Regardless of the type of business that you want to form, there are a lot of preliminary steps that you’ll need to consider before you can put your business plan into action. Here are some important aspects of starting and organizing a small business.

1.Get Educated

A formal business education may be one of the most important tools to help an individual succeed in operating a business. Learning fundamental business tenets will help you understand the bigger picture of what you’re hoping to achieve while preparing you for the financial realities of small business management.

An online degree such as a USC online MBA prepares business professionals on how to get a small business started. This teaches them core concepts such as how to formulate a business plan, how to manage a business’ expenses, and how to evaluate a company’s financial health.

2. Get Licensed

When you are considering how to get your small business up and running, it’s vital to consider the cost and logistics of any licensing or accreditation that are needed to conduct your business where you live. This may include a business license to conduct sales and collect taxes within a given city or municipality, or you may need to get a professional license required by a state for particular service industries. Licensing may entail posting a bond, paying a fee, or renewing your license annually. 

3. Incorporate Your Business Entity

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You’ll need to form a dedicated LLC or limited corporation to support your business’ operations rather than take on individual responsibility. Incorporating a business will help ensure that bills, taxes, and other liabilities fall upon the business before they fall upon you as an individual.

4. Find a Competitive Insurance Rate

Frequently, one of the most expensive operational expenses that small businesses face is the cost of general liability or professional insurance. You need these policies in order to run a business, but it’s imperative to find coverage levels that are truly adequate to protect your business at rates that you will be able to afford as on ongoing expense. Work with a broker who will secure quotes from multiple carriers to get the best rate available and be prepared to bid it out to other carriers before the expiration of your coverage period.

african american coffee shop owner with open sign

5. Secure Financing

Virtually any type of business is going to require some level of financing in order to fund its start-up costs and cover the initial operating expenses that it will incur before it can draw in any revenue. When you’re applying for financing, be sure to competitively bid out your financing options with the same methodical approach used for obtaining insurance.

Don’t settle your first option or accept anyone’s assertion that nobody else will be willing to take a chance on a new business.

While it can be more difficult for a small business that’s just starting out to access good premiums and interest rates, there’s still an abundance of companies who will be willing to compete for your business. Do your due diligence and use your discretion when you’re making important decisions that will affect your business’ future obligations well into its development. 

6. Devise a Marketing Campaign

All businesses small and large alike will need effective marketing campaigns in order to connect with the customer base that they hope to reach. After your business has been up and running for a while, your work history and customers’ reviews will serve an important part in how prospective customers perceive your business. Until then, while your business is still getting started, people’s impressions of your business will be based exclusively on how your business presents itself in its marketing and outreach efforts.

Launching a new business is an exciting but complicated endeavor. Getting educated, planning out logistics like licensing and insurance, and formulating a marketing strategy are all foundational elements of forming a business.

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Stay focused on seeking out information that you can make smart and informed decisions as you shape your unique business plan. 

This article was first published on Fuzu.

If you or someone you know is dealing with mental health problems and would like to talk to someone, visit bonga.or.ke to speak anonymously.

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