By: Tricia Weil
Starting your own small business can be frightening and overwhelming. It’s difficult to know where to begin. The start-up of a business can be easily done wrong and cause stress or issues in the future of your business. Here is the ultimate cheat sheet on starting your own business:
1. Write a Business Plan. Your business plan is going to be your guideline for success. Your new business is like building a house. You have to have a solid foundation. I recommend watching this video from The Small Business Administration before starting your business plan.
2. Choose your Business Location. This is probably the most important part of starting your business. There are so many factors to consider when choosing your office space. What is the commute going to look like to and from home? Is this a convenient location for your clients? Does the office location brand your image the way you would like it to? Would a shared office space be a good fit for you? Is there room for future growth? Should you be have a virtual office and work out of your home for now? Stay tuned for our blog next week “10 Signs You should Invest in an Office for your Small Business.”
3. Financing your Business. A very small percentage of entrepreneurs have thousands of dollars just sitting around to start their own business. Small business loans aren’t the easiest loans to get from banks, but they are convenient. Other ways may include obtaining investors, crowd funding or grants from companies who support start-ups.
4. Choosing the Legal Structure. Figuring out a business entity is very important for legal and tax purposes. This site is very helpful for figuring out if your company falls under a Limited Liability Company, Sole Proprietorship, Cooperative, Partnership or Corporation.
5. Register your Business Name. When referencing your business you may want to choose a “doing business as” name that is separate from your legal business name. This is mandatory for a Sole Proprietorship and Partnership, so that you can do business as another name rather than your legal name. This should be done by your city clerk’s office or state government.
6. Tax ID Number. Referred to as an Employer Identification Number (EIN) or Federal ID number, it is mandatory for all businesses and is used to identify your business by the federal government. You can now apply online here.
7. Start Marketing. After all the boring paperwork and filing, you can now get to the fun part. Start networking with groups in the area depending on your business or services. The internet is a great way to find networking groups and small business groups. Marketing with social media to build engagement is an inexpensive tool to get the word out about your new business. The goal now is to tell “your story” to as many people as you can.
We are truly passionate about making small businesses feel welcome at Centerco Office Suites. We understand that it’s a big decision and our mission is to help you feel at ease with your decision. Our St. Louis office space offers a great opportunity to succeed with virtual office options, private office suites and conference rooms available. Please call for more information today.