There are approximately twenty-eight million small businesses in the United States accounting for a whopping ninety-nine percent of all U.S businesses. Considering what a highly competitive market you are choosing to enter, it’s important that you get started on the right foot.
About one-third of small businesses will close within the first two years of trading but below we have outlined the steps you can take to ensure your small business is a success.
Research Your Market
If you are starting a small business, it is hopefully in response to a need you have identified in the market. Make sure you understand the market well and know your competitors’ strengths and weaknesses.Put a Plan in Place
A solid business plan is necessary to help you stay focused and organized and increases your chances of success by 16%.Structure Your Finances
Financial literacy is essential for any entrepreneur looking to start a small business. You need to understand your numbers in order to predict upcoming costs such as small business insurance cost, how much cash you need to reach certain milestones and what you should be looking to spend on marketing.Get a Business Structure
Your business structure influences everything from daily operations to taxes and risk to your personal assets. You need to achieve the right balance of legal protections and benefits for your business.Register Your Business Name
Choosing your business name is the first step towards getting your commercial identity off the ground. You need to make sure it conveys what you do and is catchy enough to remember. Once you’ve chosen the right name for your business, make sure you register it so that your company’s identity is protected.Secure Licenses and Permits
Virtually all businesses will need a license of some sort depending on where you live and the type of industry you’re in. It’s important you do the appropriate research to ensure you have obtained all the relevant licenses and permits to make your business legal.Get an Accounting System
Chances are that when starting a small business, you are looking at ways to reduce your start up costs and you can’t quite justify getting an accountant. Luckily there are several accounting software companies available to meet your budget and needs.Sort Out Your Business Location
Your business location is more than just the brick and mortar building it sits in. It will determine the taxes, zoning laws, and regulations that your business will be subject to. Where you choose to locate your business will also depend on your target market, business partners, costs, benefits and restrictions.Employ Your Staff
As well as practicing proper recruitment procedures in line with equal opportunities, the employment of staff is also subject to a number of legal requirements including tax forms, government restrictions and insurance requirements.Start Promoting
There are a number of effective marketing solutions available to you online that won’t cost you anything but it’s important to research this area and make sure you get your brand out to your potential customers so you can start earning.
Ashutosh Jha
Ashutosh Jha is a professional blogger, Blog and IT Consultant. He writes about Blogging, SEO, Making Money, Internet Marketing and Web Design.
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