The Brief Guide That Makes Starting a Brand New Business Simple

You’ve got a great idea for a brand new business and you want to get started. You’re not alone. Just in the U.S., 543,000 new businesses are started every month.

It might seem surprising, but the growth of small businesses accelerated during the height of COVID-19. 3.5 million businesses started during the pandemic and there was a 24 percent increase in small business start-ups between 2019 and 2020.

So where do you begin? How difficult is it to get your business up and running? It’s not that hard! Most businesses can be up and running in four to eight days.

Read on for a brief, five-step guide on how to start your business and what steps you’ll need to take to maximize your success. There are plenty of detailed resources out there but these are the basics.

1. A Brand New Business Starts With A Plan

The first step is to choose a name that reflects who you are as a business. An ideal name is relevant, positive, unique, and short.

Next, where will your business be located? Will your business be virtual and online-only? Do you need a storefront? Or a shared office and support staff?

Finally, take the time to create a solid business plan. The process itself helps you think through and solve problems that might trip you up later.

Be sure to register your business with federal, state, and local governments and secure any licenses and permits you need. Don’t forget to reserve your business name online and with social media. 

Your business structure? Sole proprietorship? Partnership? LLC? Corporation? The form you choose will affect your legal liability, your taxes, and the laws you are subject to. 

3. Build The Funds You Need

Start-ups need funding and unless you’ve been blessed with a large inheritance, you’ll need to work to get the funds you need.

Self-funding, family and friends, crowd-sourcing, capital investors, commercial loans, and government loans are all possibilities. 

And don’t forget to open a business bank account so you keep your personal and business finances separate.

4. Service And Equipment

Depending on how your business is structured, your need for services and equipment can range from minimal to considerable.

Think through utilities, communications, business software, technology, furniture, and equipment.

Next, as a new small business owner, you’ll want to protect yourself and your company with insurance.

5. Reach Your Customers

If sales and marketing are in your business plan, great. If not, put down on paper who your customers are and how you plan to reach them and meet their needs. Who are your competitors? How are you different?

What are your advertising plans? Website? Social media? Have you looked at Facebook and Instagram features for small businesses?

From Idea To Reality

Every brand new business starts with an idea. But turning that idea into reality takes commitment, organization, and hard work. Ticking off the checklist items makes sure you aren’t missing any critical steps. 

Doing every step right and not taking shortcuts means entrepreneurial success: your customers are happy and the dollars keep flowing!

For more articles with wide-ranging tips, tricks, and useful information, check back with us on a regular basis!


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