Become The Person You Want To Be
Setting up a new business is a risky venture. Many people settle for 9-5 jobs to avoid the risks of entrepreneurship and its inherent uncertainties. Before starting your new business, you will want to create a detailed road map highlighting your mission, dreams, and timeline to success. Creating a plan will help you understand some of the roadblocks you will undoubtedly run into on your journey in the competitive world of business. Before the end of this article, we hope you will have a much clearer understanding of the first steps to opening any company.
Developing My Company Mission.
Believing your idea is “one of a kind” is not enough. If you’re planning on creating and running a successful business, you’ll need to think like an entrepreneur. Measure your success by increasing market share and achieving higher profit margins.
Register Your Business Trademark
Not sure of the business name you want to use? Do an initial search online, and confirm with the Secretary of State if your proposed name is available. Once you decide on a name, prepare your articles of organization, and submit them to the Secretary of State to officially register your company. File for your Employer Identification Number, or EIN, and any license or permit required for tax and legal purposes.
How Do I Choose My Business Name
Choose a business name that reflects your brand while distinguishing you from competitors. Get creative, and when you make your choice, and then protect it.
- Entity name (protects you at the state level)
- Trademark (protects you at a federal level). Trademarking your business provides protection if someone uses a logo or name similar to yours. First, determine if any other companies have the name or logo you want, try a search at the Patent and Trademark Office (USPTO) database. On the USPTO website, you can also apply for a trademark. However, to avoid mistakes and future issues, you may want to consult with an attorney specializing in trademark law. You will need to follow several rules when renewing your trademark.
LegalZoom has a free name search page here
Shopify has a Business Name Generator here
There are a few companies that specialize in Trademark Registration
How Much Does A Federal Trademark Cost?
The cost of your trademark will depend upon the categories your services or goods fit into and the method of filing. The prices vary from $225-$400, plus legal fees at the federal level. There are also state trademark fees that range from $50-$150. You can file for the trademark at the USPTO website yourself to avoid legal fees- it is not a complicated process.
The United States Trademark And Patent Office
The US government trademark website USPTO is a must-see here
Apply for your trademark with the USPTO here
Doing business as a DBA does not offer any legal protections for your brand but is required for banking. It would be best to ensure you comply with the rules regarding your trademark renewal. You will need to file maintenance documents somewhere around five and six years after documenting your brand and between nine and ten years after registering your trademark.
The Small Business Administration has a beneficial site for your trademark questions here
Quite frankly, it can be time-consuming. You can easily outsource these services so you can better focus your attention on securing funding and market analysis.
Here are a few companies that specialize in Trademark Registration
Incorporate a Business for Only $79 at CorpNet® – Get Started with a FREE Business Name Search!Here are a few government links you might want to visit
IRS Website
This site by the IRS is a must-see when beginning your LLC
Focus On Your Brand
The more you use your brand name, logo, and other identifying components, the more proof you will have that they belong to you. For example, an eCommerce business can put its logo on shipping boxes, tissue paper, and packing slips. A retailer can have sales clerks wear shirts with the store’s logo printed on them. Use your brand on social media to help establish its presence online. You can use the ™ symbol with your name and logo before applying for a trademark. After officially registering your brand, you should start using the ® character.
Here are a few branding consulting companies.
Monitor Your Brand
Set up Google Alerts using your business name and use social media management tools such as SocialMention to see when your business name is mentioned on the web. Monitoring your brand will help alert you when someone else uses your business name, a similar word, or a similar trademark illegally, so you can take action quickly. The faster you act, the better your chances of stopping any infringement before damaging your brand.
Free Tools To Monitor Your Brand Include
Deal with infringement immediately. Typically, you’ll start by sending a cease and desist letter to the person or company using your business name or logo. Explain your trademark ownership, and ask them to stop using it.
You can find templates for cease and desist letters online or have your attorney create one. In general, the cost to draft a cease and desist letter may run from $125-$300 per hour. However, it is essential to know that you can also prepare your own cease and desist letter. Most people will take down the copyrighted material. You can then pursue legal assistance if your letter does not result in any action.
Talk To A Legal Practitioner
Lawyers can help manage the hazards of running a business. Allow your attorney to draft other business documents, such as the founder’s agreement, release clauses, articles of association, contracts, and any other legal documentation. Your required legal documentation will depend on your business structure; here are some common ones: An attorney will also advise you on the type of business you should register, whether a sole proprietor, an LLC, or a corporation.
Here are a few services available online
Form an S-Corp and Benefit from Tax Advantages! Get Started with CorpNet® for as Low as $79 Today!
Sole Proprietorship
The sole proprietorship is best suited for low-risk businesses managed by an individual. With this structure, your business and personal assets are inseparable. These businesses should be minimal risk companies, limiting growth and investment potential. Furthermore, the IRS can seize your assets for debt repayment. Usually, there are no costs for starting a sole proprietorship. To register your business may cost anywhere from $20-$100.
Limited Partnership
A limited partnership business structure is designed for two (or more) owners. Any members can be responsible for the business’s obligations and risks.
There are two main types:
- Limited Partnership
- Limited Liability Partnership.
The main difference between the two is the extent of liability each person will bare. The latter equally distributes liabilities and debts; the former designates risk to one person while others bear minimal risks. A limited partnership’s costs vary from state to state but expect to pay a filing fee of $50-$150. You do not need a lawyer to accomplish this but should get the contract notarized, usually about $20. If you go through a lawyer, expect the fees to be anywhere from $500-$1500. There are dozens of sites on the internet that will provide you with a free template if you decide to go with a particular lawyer or law firm.
Limited Liability Company (LLC)
A Limited Liability Company is a blend of a partnership and a corporation, making it easy to open, operate, and manage. The significant difference between an LLC and a corporation is taxation. We recommend you contact an attorney to determine what works best for you. Thanks to technology, you can accomplish these consultations without stepping into a physical office. You can leverage several trustworthy legal services remotely without breaking the bank.
Form an LLC with CorpNet® – Get Started for as Low as $79 Today!The costs to set up LLC varies on where you live and range from $50 to $500; most states charge about $150. You do not need a lawyer to establish an LLC. An accountant can also file for an LLC, which is cheaper than a lawyer. You can also get several online legal services to assist with the LLC from:
Check out these few companies that can help you in getting your LLC started
Check out these few companies that can assist you in getting your LLC started.
What Is My Business Market Size?
Know your competition. You should know the exact number of businesses in your chosen industry that operates in your jurisdiction, including their annual revenue. You should know the major players and the location of each. Make a list of the competition within 50 miles of your proposed site. Analyze the companies with the largest market share and annual revenue from the list.
To calculate your market size, you need to do the following:
- First, define your target client/customer base.
- Estimate what percentage will interact with your business
- Determine how much your business will penetrate the market?
- Now calculate the potential market size based on value and volume.
What Are My Market Segments?
Capturing a truly exceptional customer experience will help you get to know your market niche. Using visual aids, including charts, divide your target market into three top segments of your targeted population. Using this target market segment strategy, test the market by offering a unique experience to a few people in your niche and document their responses.
Common examples of market segments include:
- Geography
- Behavior
- Demographics
- Psychographics
The above market segments are then sub-classified based on
- Age
- Lifestyle
- Interests
- Gender
- income
How To Find My Market Trends and Growth?
By nature, clients are looking for something special — that’s why they are willing to pay so much for the right product or service. Get state data on consumer trends and read the statistics on what clients spend on, their purchasing power, and disposable income. Study the consumption trends, the expected increase in the coming years, and the average annual growth rate. Using the above data, run a SWOT Analysis to examine your strengths and weaknesses that need addressing. Use the results to determine the opportunities as well as potential threats.
Check out some of these websites.
A draft of your business plan essentially helps create a roadmap for defining the goals of your business. This plan will help decrease uncertainty while, at the same time, helping you create an exit strategy. In detail, write down the actions you should take to bring your product or service to market.
Branding And Marketing
Branding is the reason people call “toothpaste” Colgate. The underlying principle of business success is the ability to cement your presence in a niche. The road ahead is long for a new business with competitors, and the earlier you start, the better.
How Do I Begin My Market Analysis
Is the market ready for your product or service? Who are your potential clients (target market)? Who are your competitors, and what can you do better? To answer these questions, you need to create an industry analysis. Some free tools that you can use for a FREE market analysis include
The SBA has an interesting article on marketing your new business here
Is My Industry Competitive?
As a new business, you’ll have to think about how to compete with your competition by offering specialized products, serving a local market, or providing superior customer service.
Every industry is reminiscent of its history, yet cutting-edge technology and state-of-the-art business operations system make businesses stand out. For instance, if you want to start a café, you may have to invest in modern coffeehouse equipment, which will consist of espresso machines, commercial brewers, etc. Your product should be slightly better than your immediate competition, so investing in brand new equipment is a great way to immediately capture some of your local market.
Ways in which small businesses can compete with large brands include:
- Create a solid digital presence
- Be aware of marketing trends
- Develop a robust reputation
- Have superior customer service
- Continue to improve on service and delivery
- Establish a design for your brand
- Create a customer loyalty program
- Participate in the local community
- Run local promotions
- Hire the best employees
Starting A Facebook Page
Facebook is the largest concentration of people on the internet today, giving you ample space to spread the word about your brand. Brand awareness is crucial. If you successfully create valuable content consistently, you’ll build up a following that can help drive traffic to your website and promote your brand.
Facebook tools for your business that you may want to consider include:
- Pages
- Messenger
- Page insights
- Canvas
- Ads Manager
- Power editor
- Shortstack
- Woobox
- Heyo
How To Draft A Business Plan
Before releasing funding, most investors, venture capitalists, and banks require a business plan. Free templates online are helpful, but if you need something professional with minimal effort, you should consider a business plan writing service: Remember to share the draft of your business plan with mentors, advisors, and industry experts for feedback.
There are some handy services available online
A typical business plan for a startup should include the following:
- The company’s vision and mission
- Your target market and opportunities
- Who is your competition?
- What will your startup costs be? And what budget do you have in mind?
- What are your immediate and future financial goals?
- Develop a power structure that includes management and personnel
- How will you market the business?
- Planning the operation
Some business plan templates that you should consider include:
How To Examine My Finances
After analyzing the available data, make some income projections as they will determine your cost-income ratio. Run a sales forecast with industry data to predict your profit potential. Using this critical assumption, calculate your cash flow. Estimate how much you will need to have a good balance sheet and financial ratios.
A bit too technical? Have a figure in mind for the cost of your new venture, as it will help you understand if you need an external source of funding. Fortunately, several funding options are available in the form of equity, grants, and loans.
Here are a few of your options
Small Business Administration
The Small Business Administration, SBA has a program to fund new startups and is worth a look
- Small business loans
- Small business grants
- Angel investors
- Crowdfunding
Some Financial Tools That You Might Consider
Budgeting Tools
Accounting Software
Expense Tracking
Payroll Management
More In-Depth Reviews Here At The Barcode
Tax Preparation
Inventory Tracking
Billing And Invoicing
The Domain Name
The domain name protects your website address on the internet. You can register a domain name with the hosting company you choose to buy it. Some of the common domain registrars include:
Buying a domain name will cost you anywhere from $12-$20 a year. DBA and your domain name registrations are independent and separate from one another.
How Do I Make A Website?
At this point, you should have figured out your potential market, competition, your new company’s potential, and its product offerings; now, you’ll need a website. It doesn’t matter if you’re a retail or online business; you will need an online presence.
First, purchase a TLD domain name and hosting services from a popular site like GoDaddy, Bluehost, or HostGator. We recommend Bluehost, HostGator, or Godaddy because of fast and efficient hosting with 99 percent uptime, all for a fraction of competitors’ cost. DIY by installing and configuring WordPress on your server or outsourcing the process to some reliable services.
The next step is to decide what kind of website you need for your business. How many pages do you need? Do you have many individual products you would like to sell online? Or would a client have to call to place an order? Usually, you only need seven or eight pages describing your company’s mission and services, your About Us, and your Contacts page. In that case, you might be a good fit for Squarespace, Weebly, or a similar service. These website templates are easy to place and organize into your new website. They look great and are easy to prepare, but the hosting will cost you a little more each month than some alternatives.
If you have many products you want to sell online, you might want to create a WordPress site. WordPress is a blog-based platform using posts rather than pages. You can easily make thousands of posts, one for each product, and do it all for less per month. The downside to this option is that you will have to create your site from the ground up with a steeper learning curve, and the process will be a little more involved.
Here is a list of options you might choose when building a regular website.
Here is a list of drag-and-drop page builders for WordPress.
- Beaver Builder
- Elementor
- Divi
- Hubspot
- Themify Builder
- Visual Composer
- Seedprod
- Thrive Architect
- Site Origin
Investing in insurance always seems like a waste of resources — until you are faced with a lawsuit, fire, or burglary. Only then will it make sense. If you intend to run your business successfully, insurance is not an option. It is a necessity. Here are some insurance companies offering amazing deals for small and medium-scale businesses:
Costs Of Insurance For A Small Business Per Month
- A business owner’s policy is $50-$100
- Commercial umbrella $65-$150
- General liability $40-$70
- Professional liability $55-$100
- Worker’s compensation $45-$120
Here is a list of some standard insurance companies
- biBERK
- Three Insurance (Berkshire Hathaway Company)
- Next Insurance
- Thimble
- Geico
- Insureon
- Mercury Insurance
- Allstate
- Chubb
- CNA
- Farmers Insurance
- Huckleberry
- State Farm
- Hiscox
- Nationwide
- The Hartford
- Travelers-Business Insurance
- Liberty Mutual
- Progressive Commercial
Best Places To Get Small Business Insurance
Set Up Your Business Bank Account
After confirming your business is officially registered, walk into any bank in your area with low fees and reasonable offers for business accounts, and sign up. Hire an accountant to set up a payroll if you plan to have W-2 employees and help you file your taxes.
Starting a business is not an easy task. The challenges involved are enormous, from regulation and compliance to dealing with the right people at the bank. However, with a good plan and a robust legal and financial foundation, you’ll be giving yourself the best chance of success.
Here are a few of the standard business banking options available online
- US Bank
- Kabbage
- North One
- Bank Novo
- Bank Of America
- Chase Bank
- Capital One
- Wells Fargo
- Customers Bank
- Mercury
After all these steps, you should be ready to move on to the fun part. Merchant Services or PayPal for credit card processing? You will have to decide which payment system is best for you.
Location And Real Estate
Do you need office space? Or can you work from home? This choice will be determined by the type of business (digital business or brick & mortar). If e-commerce is your choice, you will need a place to store and manage your inventory. If you cannot do without a physical presence, you will need a strategically positioned location to serve your customers.
Here is a list of some popular commercial real estate companies:
- Crowd Street
- LoopNet
- Crexi
- Commercial Brokers Association
- Commercial Cafe
- Catylist
- Brevitas
- Office Space
- Quantum Listing
- Rofo
- SquareFoot
Check out some excellent design companies for ideas here:
Staffing
Orison Swett Marden once said that every businessman’s golden rule is to “put yourself in your customer’s place.” In this case, your staff is at the front lines of client interaction, and there is no better time to start engaging in the welfare and happiness of your team than now. A bad attitude can ruin your business before it starts. It takes the right blend of patience, skill, and approach to retain customers, and your customers are the most essential part of your business.
Finding the right talent can be challenging if you are new to your field. Decide whether you want full-time employees or independent contractors, which helps organize your tax structure. Newbies on low capital usually settle for the latter as it lightens the burden.
Staffing agencies that you may want to use:
In Conclusion
America (like many thriving economies) is a great nation today because entrepreneurs like you made the conscious decision to take practical steps, demonstrate patience, and build global brands.
