Starting Your Business
Edited by Seighart, Charmed, Innocent Yogo, Eng and 3 others
Start Your Own Business
Starting your business can be a great deal with the current world where job opportunities have become very minimal. Most people in the world over are looking for self employment and your own business is the best alternative. This article provides guidelines and tips of starting up your business to generate income. First there are some factors to consider.
Factors to consider before starting up a small business
- 1Determine the kind of business you want to involve in and ensure that you have passion for it - This will give you great motivation to soldier on even when you encounter challenges.Advertisement
- 2Know your target audience - You must do some market research to find out the likes and dislikes of your target audience. perfect knowledge of your target will enable you to stock goods that would readily generate income since there are willing buyers in place.Advertisement
- 3Have a perfect business plan - You need to do your budgeting right to determine the value of your business. How much will use in expenses? What about the capital and the income. Will you be able to earn a profit that is worth your effort? You must be able to pay yourself as the entrepreneur after deducting all the expenses from your income as well as your employees.
Steps for your successful business
- 1Be physically, mentally and financially prepared. Make sure you are really decided to start your own business and you have the capital to start on.Advertisement
- 2Decide a starting point for your business - either you buy an existing business, start one, buy a franchise, be a social entrepreneur or create your own product and take it to the market.
- 3Find a great business location. It is one of the most important thing on doing a business and you will have to study your target markets as well as competition.
- 4Study about copyrights, patents and trademarks to secure your business.
- 5Brand your business by naming your company, creating a logo and business cards.
- 6Choose the structure of your business - Do you prefer it alone (Sole Proprietor), Partnership(most new entrepreneurs choose this), S Corporation, Corporation or Limited Liability Company (L.L.C).
- 7Obtain Business Licenses and Seller's Permit. Of course this is required.
- 8Open a Business Bank Account. Banks offers a lot of services that will help you on your business.
- 9Insurance - this is another necessity when starting a business.
- 10Good Record keeping is also important as it will provide you information on your financial statements.
- 11Use modern technology - Internet, cellphones are great resource for your business. You can use it to communicate to your customers or get more.
- 12Use online marketing - Online marketing is the current trend of enhancing the demand for products and services in the market. Social media platform such as Facebook, twitter, LinkedIn among others are effective online marketing tools for a new business.
Social Media Marketing Laws for Businesses
One of the most critical aspects in running a new business is creating noise. All businesses, especially new ones, should exert efforts to get noticed and seen by their target market. Fortunately, the prominence of internet has LED to a wider array of options. You are no longer limited to billboards, tri-media advertisements and celebrity endorsers. Now, you can also use social media to help you strengthen your brand and increase your profits. To maximize the potentials of social media as a platform for you to reach your business goals, here are some principles you need to master.
- 1Listen. Even though there will be no face-to-face conversation between your business and the target market, listening is key to a successful social media marketing campaign. You need to pay attention to what your target market checks, does, buys, reads, visits and talks about online. This will guide you toward engaging and interacting with your target market through your social media accounts, and will give you a better idea of what you can provide that they will pay for.