How to Successfully Start a Small Business

We’ve almost reached the new year, a time to reflect on the past, and put necessary changes in place for the future. It’s natural to fall into habits that don’t exactly suit us, simply because they’re easy, especially when it comes to careers. Worryingly, one 2018 study found that 53 percent of Americans are unhappy at work, and for many of us, the only way to feel true job satisfaction is to quit and set up our own business.

Starting a business is something that requires a lot of thought, time and effort. Even taking the first few steps can prove incredibly daunting, because there’s likely so much that you’re putting on the line to make things work – your career, your finances, and your spare time. If you fail, it’s doubtful that you’ll get any of those back.

But you only have to look at the hundreds and thousands of businesses that currently exist to know that you can create a success story out of your business start-up, and there are things you can do to sway the whole process in your favour.

To get inspired, take a look at the 4 practical tips below on how to successfully start a small business:

 

1.  Make a plan

No good business can begin without a plan. You don’t need to plan to extensively to begin with, but you definitely need to consider a few things from the get-go. For starters, what problem are you aiming to solve with your business? What are your core values? Do you want to own a physical store or do you prefer the idea of online-only? These first few considerations will become the foundations for your business, so don’t be hasty to work through them.

 

2.  Take out a loan

Ironically, while your business is still in its very early stages, you’ll find it incredibly difficult to take out a small business loan to get things started. Instead, you’ll have to take out a personal loan, which is considered the most flexible and secure funding option. You could also rely on credit cards to get you started, but you’d have to be certain you could stay on top of your payments. Visit LetMeBank for more useful info on your loan options.

 

3.  Register a business name

If there’s one way to make your small business venture feel real, it’s to register your chosen business name. You need to register your name so that your business officially exists, and the simplest way to do so is by filing a DBA at your state or county clerk’s office. Paperwork and filing fees come at a cost, but it’s an essential investment for your business.

 

4.  Look at licences and permits

Starting a business is rarely as simple as registering and getting going. Depending on the services or products you plan to offer, you may need to sort a licence or permit to legally do so. Insurance is another element to consider at this time – you want to cover your back in as many ways as possible, and it’s always better to sort sooner rather than later. 

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.