{"id":1839,"date":"2023-06-27T16:52:23","date_gmt":"2023-06-27T16:52:23","guid":{"rendered":"https:\/\/ssmtech.net\/?p=1839"},"modified":"2023-06-27T16:53:46","modified_gmt":"2023-06-27T16:53:46","slug":"starting-a-new-small-business","status":"publish","type":"post","link":"https:\/\/ssmtech.net\/?p=1839","title":{"rendered":"Starting a new small business?"},"content":{"rendered":"<p><a class=\"skip-link screen-reader-text\" title=\"Skip to content\" role=\"link\" href=\"https:\/\/businessadssolution.com\/how-to-start-a-business\/#content\">Skip t<\/a><\/p>\n<div id=\"page\" class=\"hfeed site\">\n<div id=\"content\" class=\"site-content\">\n<div class=\"ast-container\">\n<div id=\"primary\" class=\"content-area primary\">\n<p><span style=\"font-size: 1.7em; font-weight: bold;\">Starting a new small business? Find out where to begin and how to achieve success.<\/span><\/p>\n<article id=\"post-1292\" class=\"post-1292 post type-post status-publish format-standard has-post-thumbnail hentry category-business-tips ast-article-single\">\n<div class=\"ast-post-format- single-layout-1\">\n<div class=\"entry-content clear\">\n<div class=\"css-fsgivf e7otwa00\"><main>\u00a0<\/main><\/p>\n<ul>\n<li>You want to ensure you prepare thoroughly before starting a business, but realize that things will almost certainly go awry. To run a successful business, you must adapt to changing situations.<\/li>\n<li>Conducting in-depth market research on your field and the demographics of your potential clientele is an important part of crafting a business plan. This involves running surveys, holding focus groups, and researching SEO and public data.<\/li>\n<li>Before you start selling your product or service, you need to build up your brand and get a following of people who are ready to jump when you open your doors for business.<\/li>\n<li><strong>This article is for entrepreneurs who want to learn the basic steps of starting a new business.<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2 id=\"1-refine-your-idea\">1. Refine your idea.<\/h2>\n<p class=\"css-xi606m\"><img fetchpriority=\"high\" decoding=\"async\" class=\"__1SmtK wp-image-15475 entered lazyloaded\" src=\"https:\/\/images.businessnewsdaily.com\/app\/uploads\/2019\/03\/16130113\/Refine-your-idea-1.png\" sizes=\"(max-width: 501px) 100vw, 501px\" srcset=\"https:\/\/images.businessnewsdaily.com\/app\/uploads\/2019\/03\/16130113\/Refine-your-idea-1.png 1827w, https:\/\/images.businessnewsdaily.com\/app\/uploads\/2019\/03\/16130113\/Refine-your-idea-1-1024x818.png 1024w\" alt=\"refine your business idea\" width=\"501\" height=\"400\" data-lazy-sizes=\"(max-width: 501px) 100vw, 501px\" data-lazy-srcset=\"https:\/\/images.businessnewsdaily.com\/app\/uploads\/2019\/03\/16130113\/Refine-your-idea-1.png 1827w, https:\/\/images.businessnewsdaily.com\/app\/uploads\/2019\/03\/16130113\/Refine-your-idea-1-1024x818.png 1024w\" data-lazy-src=\"https:\/\/images.businessnewsdaily.com\/app\/uploads\/2019\/03\/16130113\/Refine-your-idea-1.png\" data-ll-status=\"loaded\" \/><\/p>\n<p>If you\u2019re thinking about starting a business, you likely already know\u00a0an idea of what you want to sell online, or at least the market you want to enter. Do a quick search for existing companies in your chosen industry. Learn what current brand leaders are doing and figure out how you can do it better. If you think your business can deliver something other companies don\u2019t (or deliver the same thing, only faster and cheaper), or you\u2019ve\u00a0got a solid idea\u00a0and are ready to create a business plan.<\/p>\n<h3>Define your \u201cwhy.\u201d<\/h3>\n<p>\u201cIn the words of Simon Sinek, \u2018always start with why,\u2019\u201d Glenn Gutek, CEO of\u00a0Awake Consulting and Coaching, told Business News Daily.\u00a0\u201cIt is good to know why you are launching your business.\u00a0In this process, it may be wise to differentiate between [whether] the business serves a personal why or a marketplace why. When your why is focused on meeting a need in the marketplace, the scope of your business will always be larger than a business that is designed to serve a personal need.\u201d<\/p>\n<h3>Consider franchising.<\/h3>\n<p>Another option is to\u00a0open a franchise\u00a0of an established company. The concept, brand following and business model are already in place; you need a good location and the means to fund your operation.<\/p>\n<h3>Brainstorm your business name.<\/h3>\n<p>Regardless of which option you choose, it\u2019s vital to understand the reasoning behind your idea. Stephanie Desaulniers, owner of\u00a0Business by Dezign\u00a0and former director of operations and women\u2019s business programs at\u00a0Covation Center, cautions entrepreneurs against writing a business plan or brainstorming a business name\u00a0before nailing down the idea\u2019s value.<\/p>\n<div class=\"css-1u7vixa e9ectww0\">\n<div data-qt-pub-id=\"1001\" data-qt-offer-group-id=\"141\" data-qt-stage=\"PROD\" data-qt-view-type=\"default\"><\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3>Clarify your target customers.<\/h3>\n<p>Desaulniers said too often, people jump into launching their business without spending time to think about\u00a0who their customers will be\u00a0and why would want to buy from them or hire them.<\/p>\n<p>\u201cYou need to clarify why you want to work with these customers \u2013 do you have a passion for making people\u2019s lives easier?\u201d Desaulniers said. \u201cOr enjoy creating art to bring color to their world? Identifying these answers helps clarify your mission. Third, you want to define how you will provide this value to your customers and how to communicate that value in a way that they are willing to pay.\u201d<\/p>\n<p class=\"css-1adp9yj\"><strong>TIP:<\/strong>\u00a0To refine your business idea, identify your \u201cwhy,\u201d your target customers and your business name.<\/p>\n<p>During the ideation phase, you need to iron out the major details. If the idea isn\u2019t something you\u2019re passionate about or if there\u2019s no market for your creation, it might be time to brainstorm other ideas.<\/p>\n<h2 id=\"2-write-a-business-plan\">2. Write a business plan.<\/h2>\n<p>Once you have your idea in place, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your end goals? How will you finance your startup costs? These questions can be answered in a\u00a0well-written business plan.<\/p>\n<p>A lot of mistakes are made by new businesses rushing into things without pondering these aspects of the business. You need to find your target customer base. Who is going to buy your product or service? What would be the point if you can\u2019t find evidence of a demand for your idea?<\/p>\n<p class=\"css-1adp9yj\"><img decoding=\"async\" class=\"css-68zbsl entered lazyloaded\" src=\"https:\/\/images.businessnewsdaily.com\/app\/uploads\/2022\/04\/04072927\/V1-Info-Navy-4.png\" alt=\"Tip\" width=\"75\" height=\"75\" align=\"left\" data-content-img-id=\"605102ad9c658add338b4567\" data-lazy-src=\"https:\/\/images.businessnewsdaily.com\/app\/uploads\/2022\/04\/04072927\/V1-Info-Navy-4.png\" data-ll-status=\"loaded\" \/><strong>Free download:\u00a0<\/strong>Here is our\u00a0business plan template\u00a0you can use to plan and grow your business.<\/p>\n<h3>Conduct market research.<\/h3>\n<p>Conducting\u00a0thorough market research\u00a0on your field and demographics of potential clientele is an important part of crafting a business plan. This involves conducting surveys, holding focus groups, and researching SEO and public data.<\/p>\n<p>Market research\u00a0helps you understand your target customer \u2013 their needs, preferences and behavior \u2013 as well as your industry and competitors. Many small business professionals recommend gathering demographic information\u00a0and conducting a\u00a0competitive analysis\u00a0to better understand\u00a0opportunities and limitations\u00a0within your market.<\/p>\n<p>The best small businesses have differentiated products or services from the competition. This significantly impacts your competitive landscape and allows you to convey unique value to potential customers.<\/p>\n<h3>Consider an exit strategy.<\/h3>\n<p>It\u2019s also a good idea to\u00a0consider an exit strategy\u00a0as you compile your business plan. Generating some idea of how you\u2019ll eventually exit the business forces you to look to the future.<\/p>\n<p>\u201cToo often, new entrepreneurs are so excited about their business and so sure everyone everywhere will be a customer that they give very little, if any, time to show the plan on leaving the business,\u201d said Josh Tolley, CEO of both Shyft Capital and Kavana.<\/p>\n<p>\u201cWhen you board an airplane, what is the first thing they show you? How to get off of it. When you go to a movie, what do they point out before the feature begins to play? Where the exits are. During your first week of kindergarten, they line up all the kids and teach them fire drills to exit the building. Too many times I have witnessed business leaders that don\u2019t have three or four predetermined exit routes. This has led to lower company value and even destroyed family relationships.\u201d<\/p>\n<p>A business plan\u00a0helps you figure out where your company is going, how it will overcome any potential difficulties and what you need to sustain it. When you\u2019re ready to put pen to paper,\u00a0these free templates\u00a0can help.<\/p>\n<h2 id=\"3-assess-your-finances\">3. Assess your finances.<\/h2>\n<p>Starting any business has a price, so you need to determine how you will cover those costs. Do you have the means to fund your startup, or will you need to borrow money? If you\u2019re planning to leave your current job to focus on your business, do you have money put away to support yourself until you make a profit? It\u2019s best to find out how much your\u00a0startup costs\u00a0will be.<\/p>\n<p>Many startups fail because they run out of money before turning a profit. It\u2019s never a bad idea to overestimate the amount of startup capital you need, as it can be a while before the business begins to bring in sustainable revenue.<\/p>\n<h3>Perform a break-even analysis.<\/h3>\n<p>One way you can determine how much money you need is to perform a break-even analysis. This essential element of financial planning helps business owners determine when their company, product or service will be profitable.<\/p>\n<p>The formula is simple:<\/p>\n<ul>\n<li><strong>Fixed Costs \u00f7\u00a0<\/strong><strong>(Average Price \u2013 Variable Costs) = Break-Even Point<\/strong><\/li>\n<\/ul>\n<p>Every entrepreneur should use this formula as a tool because it informs you about the minimum performance your business must achieve to avoid losing money. Furthermore, it helps you understand exactly where your profits come from, so you can set production goals accordingly.<\/p>\n<p>Here are the three most common reasons to conduct a break-even analysis:<\/p>\n<ol>\n<li><strong>Determine profitability<\/strong><strong>.<\/strong>\u00a0This is generally every business owner\u2019s highest interest.<strong>Ask yourself:<\/strong>\u00a0How much revenue do I need to generate to cover all my expenses? Which products or services turn a profit, and which ones are sold at a loss?<\/li>\n<li><strong>Price a product or service.<\/strong>\u00a0When most people think about pricing, they consider how much their product costs to create and how competitors are pricing their products.<strong>Ask yourself:<\/strong>\u00a0What are the fixed rates, what are the variable costs, and what is the total cost? What is the cost of any physical goods? What is the cost of labor?<\/li>\n<li><strong>Analyze the data.\u00a0<\/strong>What volumes of goods or services do you have to sell to be profitable?<strong>Ask yourself:<\/strong>\u00a0How can I reduce my overall fixed costs? How can I reduce the variable costs per unit? How can I improve sales?<\/li>\n<\/ol>\n<h3>Watch your expenses.<\/h3>\n<p>Don\u2019t overspend when starting a business. Understand the types of purchases that make sense for your business and avoid overspending on fancy new equipment that won\u2019t help you reach your business goals.\u00a0Monitor your business expenses\u00a0to ensure you are staying on track.<\/p>\n<p>\u201cA lot of startups tend to spend money on unnecessary things,\u201d said Jean Paldan, founder and CEO of Rare Form New Media. \u201cWe worked with a startup with two employees but spent a huge amount on office space that would fit 20 people. They also leased a professional high-end printer that was more suited for a team of 100; it had key cards to track who was printing what and when. Spend as little as possible when you start, and only on the things essential for the business to grow and succeed. Luxuries can come when you\u2019re established.\u201d<\/p>\n<h3>Consider your funding options.<\/h3>\n<p>Startup capital for your business can come from various means. The best way to acquire funding for your business depends on several factors, including creditworthiness, the amount needed and available options.<\/p>\n<ol>\n<li><strong>Business loans.\u00a0<\/strong>If you need financial assistance, a commercial loan through a bank is a good starting point, although these are often difficult to secure. If you cannot take out a bank loan, you can apply for a small business loan through the\u00a0U.S. Small Business Administration\u00a0(SBA) or an alternative lender.\u00a0<strong>[Read related article:\u00a0<\/strong><strong>Best Alternative Small Business Loans<\/strong><strong>]<\/strong><\/li>\n<li><strong>Business grants.\u00a0<\/strong>Business grants are similar to loans; however, they do not need to be paid back. Business grants are typically very competitive, and come with stipulations that the business must meet to be considered. When\u00a0securing a small business grant, look for ones uniquely specific to your situation. Options include\u00a0minority-owned business grants,\u00a0grants for women-owned businesses\u00a0and\u00a0government grants.<\/li>\n<li><strong>Investors.\u00a0<\/strong>Startups requiring significant funding up front may want to\u00a0bring on an investor. Investors can provide several million dollars or more to a fledgling company, expecting the backers to have a hands-on role in running your business.<\/li>\n<li><strong>Crowdfunding.\u00a0<\/strong>Alternatively, you could launch an\u00a0equity crowdfunding\u00a0campaign to raise smaller amounts of money from multiple backers.\u00a0Crowdfunding\u00a0has helped numerous companies in recent years, and dozens of reliable crowdfunding platforms are designed for different types of businesses.<\/li>\n<\/ol>\n<p>You can learn more about each of these capital sources and more in our guide to\u00a0startup finance options.<\/p>\n<div id=\"b2b_01_multiple\" class=\"css-1hyfx7x\"><\/div>\n<div>\n<div id=\"bz-form-widget-0\" class=\"bz-form-widget\" data-bzwidget-stage=\"PROD\" data-bzwidget-category-id=\"10128\" data-bzwidget-lazy-load=\"true\" data-bzwidget-lazy-load-offset=\"200\" data-bzwidget-hide-border=\"true\" data-bzwidget-color-palette-name=\"neptune\"><\/div>\n<\/div>\n<div class=\"b2b_01_multiple\">\n<div class=\"b2b_01_multiple_inner\">\n<div class=\"b2b_01_card\">\n<div class=\"under-cta\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3>Choose the right business bank.<\/h3>\n<p>When you\u2019re\u00a0choosing a business bank, size matters. Marcus Anwar, co-founder of OhMy Canada, recommends smaller community banks because they are in tune with the local market conditions and will work with you based on your overall business profile and character.<\/p>\n<p>\u201cThey\u2019re unlike big banks that look at your credit score and will be more selective to loan money to small businesses,\u201d Anwar said. \u201cNot only that, but small banks want to build a personal relationship with you and ultimately help you if you run into problems and miss a payment. Another good thing about smaller banks is that decisions are made at the branch level, which can be much quicker than big banks, where decisions are made at a higher level.\u201d<\/p>\n<p>Anwar believes that you should ask yourself these questions when choosing a bank for your business:<\/p>\n<ul>\n<li>What is important to me?<\/li>\n<li>Do I want to build a close relationship with a bank that\u2019s willing to help me in any way possible?<\/li>\n<li>Do I want to be just another bank account, like big banks will view me as?<\/li>\n<\/ul>\n<p>Ultimately, the right bank for your business comes down to your needs. Writing down your banking needs can help narrow your focus to what you should be looking for. Schedule meetings with various banks and ask questions about how they work with small businesses to find the best bank for your business.\u00a0<strong>[Read related article:\u00a0<\/strong><strong>Business Bank Account Checklist: Documents You\u2019ll Need<\/strong><strong>]<\/strong><\/p>\n<p class=\"css-1adp9yj\"><strong>Key takeaway:<\/strong>\u00a0Financially, you will want to perform a break-even analysis, consider your expenses and funding options, and choose the right bank for your business.<\/p>\n<h2 id=\"4-determine-your-legal-business-structure\">4. Determine your legal business structure.<\/h2>\n<p>Before registering your company, you need to decide what kind of entity it is. Your\u00a0<a class=\"MuiTypography-root MuiLink-root jss1 jss163 MuiLink-underlineNone MuiTypography-colorInherit\" href=\"https:\/\/www.businessnewsdaily.com\/8163-choose-legal-business-structure.html\">business structure<\/a>\u00a0legally affects everything from how you file your taxes to your personal liability if something goes wrong.<\/p>\n<ul>\n<li><strong>Sole proprietorship.<\/strong>\u00a0You can\u00a0<a class=\"MuiTypography-root MuiLink-root jss1 jss164 MuiLink-underlineNone MuiTypography-colorInherit\" href=\"https:\/\/www.businessnewsdaily.com\/15802-start-a-sole-proprietorship.html\">register for a sole proprietorship<\/a>\u00a0if you own the business independently and plan to be responsible for all debts and obligations. Be warned that this route can directly affect your personal credit.<\/li>\n<li><strong>Partnership.\u00a0<\/strong>Alternatively, as its name implies,\u00a0a business partnership\u00a0means that two or more people are held personally liable as business owners. You don\u2019t have to go it alone if you can find a business partner with complementary skills to your own. It\u2019s usually a good idea to add someone into the mix to help your business flourish.<\/li>\n<li><strong>Corporation.\u00a0<\/strong>If you want to separate your personal liability from your company\u2019s liability, you may want to\u00a0consider forming\u00a0one of several\u00a0types of\u00a0corporations\u00a0(e.g.,\u00a0S corporation,\u00a0C corporation\u00a0or B corporation). Although each type of corporation is subject to different guidelines, this legal structure generally makes a business a separate entity from its owners, and, therefore, corporations can own property, assume liability, pay taxes, enter contracts, sue and be sued like any other individual. \u201cCorporations, especially C corporations, are especially suitable for new businesses that plan on \u2018going public\u2019 or seeking funding from venture capitalists in the near future,\u201d said Deryck Jordan, managing attorney at Jordan Counsel.<\/li>\n<li><strong>Limited liability company.\u00a0<\/strong>One of the most common structures for small businesses is the\u00a0limited liability company\u00a0(LLC).\u00a0This hybrid structure\u00a0has the legal protections of a corporation while allowing for the tax benefits of a partnership.<\/li>\n<\/ul>\n<p>Ultimately, it is up to you to determine which type of entity is best for your current needs and future business goals. It\u2019s important to learn about the various legal business structures available. If you\u2019re struggling to make up your mind, discussing the decision with a business or legal advisor is not a bad idea.<\/p>\n<p class=\"css-1adp9yj\"><strong>Did You Know:<\/strong>\u00a0You need to choose a legal structure for your business, such as a sole proprietorship, partnership,\u00a0corporation or LLC.<\/p>\n<h2 id=\"5-register-with-the-government-and-irs\">5. Register with the government and IRS.<\/h2>\n<p>You will need to\u00a0acquire a variety of business licenses\u00a0before you can legally operate your business. For example, you must register your business with federal, state and local governments. There are several documents you must prepare before registering.<\/p>\n<h3>Articles of incorporation and operating agreements<\/h3>\n<p>To become an officially recognized business entity, you must register with the government. Corporations need an\u00a0\u201carticles of incorporation\u201d\u00a0document, which includes your business name, business purpose, corporate structure, stock details and other information about your company. Similarly, some LLCs will need to create an\u00a0operating agreement.<\/p>\n<h3>Doing business as (DBA)<\/h3>\n<p>If you don\u2019t have articles of incorporation or an operating agreement, you will need to\u00a0register your business name, which can be your legal name, a fictitious\u00a0DBA name\u00a0(if you are the sole proprietor), or the name you\u2019ve come up with for your company. You may also want to take steps to\u00a0trademark your business\u00a0name\u00a0for extra legal protection.<\/p>\n<p>Most states require you to get a DBA. You may need to apply for a DBA certificate if you\u2019re in a general partnership or a proprietorship operating under a fictitious name. It\u2019s best to contact or visit your local county clerk\u2019s office and ask about specific requirements and fees. Generally, there is a registration fee involved.<\/p>\n<h3>Employer identification number (EIN)<\/h3>\n<p>After you register your business, you may need to get an\u00a0employer identification number\u00a0from the IRS. While this is not required for sole proprietorships with no employees, you may want to apply for one anyway to keep your personal and business taxes separate, or simply to save yourself the trouble later if you decide to hire someone. The\u00a0IRS\u00a0has provided a\u00a0checklist\u00a0to determine whether you will require an EIN to run your business. If you do need an EIN, you can register online for free.<\/p>\n<h3>Income tax forms<\/h3>\n<p>You must also file certain forms to fulfill your federal and state income\u00a0tax obligations. Your business structure determines the forms you need. You will need to check your state\u2019s website for information on state-specific and local tax obligations.<\/p>\n<p>\u201cYou might be tempted to wing it with a PayPal account and social media platform, but if you start with a proper foundation, your business will have fewer hiccups to worry about in the long run,\u201d said Natalie Pierre-Louis, licensed attorney and owner of\u00a0NPL Consulting.<\/p>\n<h3>Federal, state, and local licenses and permits<\/h3>\n<p>Some businesses may also require federal, state or local licenses and permits to operate. Your local city hall is the best place to obtain a business license. You can then use the SBA\u2019s database to search for state and business type licensing requirements.<\/p>\n<div class=\"css-1u7vixa e9ectww0\">\n<div data-qt-pub-id=\"1001\" data-qt-offer-group-id=\"141\" data-qt-stage=\"PROD\" data-qt-view-type=\"default\"><\/div>\n<\/div>\n<p>Businesses and independent contractors in certain trades are required to carry professional licenses. A commercial driver\u2019s license (CDL) is one example of a professional business license. Individuals with a CDL can operate certain types of vehicles, such as buses, tank trucks and tractor-trailers. A CDL is divided into three classes: Class A, Class B and Class C.<\/p>\n<p>You should also check with your city and state to find out if you need a seller\u2019s permit that authorizes your business to collect sales tax from your customers. A seller\u2019s permit goes by numerous names, including resale permit, resell permit, permit license, reseller permit, resale ID, state tax ID number, reseller number, reseller license permit or certificate of authority.<\/p>\n<p>It\u2019s important to note that these requirements and names vary from state to state. You can register for a seller\u2019s permit through the\u00a0state government website\u00a0of the state(s) you\u2019re doing business in.<\/p>\n<p>Jordan says that not all businesses need to collect sales tax (or obtain a seller\u2019s permit).<\/p>\n<p>\u201cFor example, New York sales tax generally is not required for the sale of most services (such as professional services, education, and capital improvements to real estate), medicine or food for home consumption,\u201d Jordan said. \u201cSo, for example, if your business only sells medicine, you do not need a New York seller\u2019s permit.\u00a0But New York sales tax must be collected in conjunction with the sale of new tangible personal goods, utilities, telephone service, hotel stays, and food and beverages (in restaurants).\u201d<\/p>\n<p class=\"css-1adp9yj\"><img class=\"css-68zbsl\" alt=\"Key takeaway\" width=\"75\" height=\"75\" align=\"left\" data-content-img-id=\"605102ad9c658add338b4567\" data-lazy-src=\"https:\/\/images.businessnewsdaily.com\/app\/uploads\/2022\/04\/04072253\/V1-Info-Navy-2.png\" \/><strong>Key takeaway:<\/strong>\u00a0Register key documents like articles of incorporation or an operating agreement, a DBA, an EIN, income tax forms, and other applicable licenses and permits.<\/p>\n<h2 id=\"6-purchase-an-insurance-policy\">6. Purchase an insurance policy.<\/h2>\n<p>It might slip your mind as something you\u2019ll \u201cget around to\u201d eventually, but\u00a0purchasing the right insurance\u00a0for your business is an important step to take before you officially launch. Dealing with incidents such as property damage, theft or even a customer lawsuit can be costly, and you need to be sure that you\u2019re properly protected.<\/p>\n<p>Although you should consider\u00a0several types of business insurance, there are a few basic insurance plans that most small businesses can benefit from. For example, if your business will have employees, you will at least need to purchase workers\u2019 compensation\u00a0and\u00a0unemployment insurance.<\/p>\n<p>You may also need other types of coverage, depending on your location and industry, but most small businesses are advised to purchase\u00a0general liability (GL) insurance, or a business owner\u2019s policy. GL covers property damage, bodily injury, and personal injury to yourself or a third party.<\/p>\n<p>If your business provides a service, you may also want to consider professional liability insurance. It covers you if you do something wrong or neglect to do something you should have done while operating your business.<\/p>\n<h2 id=\"7-build-your-team\">7. Build your team.<\/h2>\n<p>Unless you\u2019re planning to be your only employee, you\u2019re going to need to\u00a0recruit\u00a0and\u00a0hire a great team\u00a0to get your company off the ground. Joe Zawadzki, CEO and founder of\u00a0MediaMath, said entrepreneurs need to give the \u201cpeople\u201d element of their businesses the same attention they give their products.<\/p>\n<p>\u201cPeople build your product,\u201d Zawadzki said. \u201cIdentifying your founding team, understanding what gaps exist, and [determining] how and when you will address them should be top priority. Figuring out how the team will work together \u2026 is equally important. Defining roles and responsibilities, division of labor, how to give feedback, or how to work together when not everyone is in the same room will save you a lot of headaches down the line.\u201d<\/p>\n<h2 id=\"8-choose-your-vendors\">8. Choose your vendors.<\/h2>\n<p>Running a business can be overwhelming, and you and your team probably aren\u2019t going to be able to do it all on your own. That\u2019s where third-party vendors come in. Companies in every industry, from HR to\u00a0business phone systems\u00a0exist to partner with you and help you run your business better.<\/p>\n<p>When you\u2019re searching for B2B partners, you\u2019ll have to choose carefully. These companies will have access to vital and potentially sensitive business data, so finding someone you can trust is critical. In our\u00a0guide to choosing business partners, our expert sources recommended asking potential vendors about their experience in your industry, their track record with existing clients and what kind of growth they\u2019ve helped other clients achieve.<\/p>\n<p>Not every business will need the same type of vendors, but there are common products and services that almost every business will need. Consider the following functions that are a necessity for any type of business.<\/p>\n<p>Taking payments from customers: Offering multiple payment options will ensure you can make a sale in whatever format is easiest for the target customer. You\u2019ll need to compare options to find the right\u00a0credit card processing\u00a0provider to ensure you\u2019re getting the best rate for your business.<\/p>\n<p>Managing finances: Many business owners can manage their own accounting functions when starting their business, but as your business grows, you can save time by\u00a0hiring an accountant, or\u00a0comparing accounting software providers.<\/p>\n<h2 id=\"9-brand-yourself-and-advertise\">9. Brand yourself and advertise.<\/h2>\n<p>Before you start selling your product or service, you need to build up your brand and get a following of people ready to jump when you open your literal or figurative doors for business.<\/p>\n<ul>\n<li><strong>Company website.<\/strong>\u00a0Take your reputation online and\u00a0<a class=\"MuiTypography-root MuiLink-root jss1 jss190 MuiLink-underlineNone MuiTypography-colorInherit\" href=\"http:\/\/businessadsolution.coim\/\">build a company website<\/a>. Many customers turn to the internet to learn about a business, and a website is a digital proof that your small business exists. It is also a great way to interact with current and potential customers.<\/li>\n<li><strong>Social media.\u00a0<\/strong>Use\u00a0social media to spread the word about your new business, perhaps as a promotional tool to offer coupons and discounts to followers once you launch. The best social media platforms to utilize will depend on your target audience.<\/li>\n<li><strong>CRM.\u00a0<\/strong>The\u00a0best CRM software\u00a0solutions allow you to store customer data to improve how you market to them. A well-thought-out\u00a0email marketing campaign\u00a0can do wonders for reaching customers and communicating with your audience. To be successful, you will want to strategically build your\u00a0email marketing contact list.<\/li>\n<li><strong>Logo.<\/strong>\u00a0Create a logo that can help people easily identify your brand, and be consistent in using it across all of your platforms.<\/li>\n<\/ul>\n<p>Also, keep these digital assets up to date with relevant, interesting content about your business and industry. According to Ruthann Bowen, chief marketing officer at EastCamp Creative, too many startups have the wrong mindset about their websites.<\/p>\n<p>\u201cThe issue is they see their website as a cost, not an investment,\u201d Bowen said. \u201cIn today\u2019s digital age, that\u2019s a huge mistake. The small business owners who understand how critical it is to have a great online presence will have a leg up on starting out strong.\u201d<\/p>\n<p>Creating a marketing plan\u00a0that goes beyond your launch is essential to building a clientele by continually getting the word out about your business. This process is just as important as providing a quality product or service, especially in the beginning.<\/p>\n<h3>Ask customers to opt into your marketing communications.<\/h3>\n<p>As you build your brand, ask your customers and potential customers for permission to communicate with them. The easiest way to do this is by using opt-in forms. These are \u201cforms of consent\u201d given by web users, authorizing you to contact them with further information about your business, according to Dan Edmonson, founder and CEO of\u00a0Dronegenuity.<\/p>\n<p>\u201cThese types of forms usually pertain to email communication and are often used in e-commerce to request permission to send newsletters, marketing material, product sales, etc. to customers,\u201d Edmonson said. \u201cFolks get so many throwaway emails and other messages these days that, by getting them to opt in to your services transparently, you begin to build trust with your customers.\u201d<\/p>\n<p>Opt-in forms are a great starting point for building trust and respect with potential customers. Even more importantly, these forms are required by law. The\u00a0<a class=\"MuiTypography-root MuiLink-root jss1 jss195 MuiLink-underlineNone MuiTypography-colorInherit\" href=\"https:\/\/www.ftc.gov\/sites\/default\/files\/documents\/cases\/2007\/11\/canspam.pdf\" target=\"_blank\" rel=\"noopener\">CAN-SPAM Act of 2003<\/a>\u00a0sets requirements for commercial email by the Federal Trade Commission. This law doesn\u2019t just apply to bulk email; it covers all commercial messages, which the law defines as \u201cany electronic mail message the primary purpose of which is the commercial advertisement or promotion of a commercial product or service.\u201d Each email violating this law is subject to fines of\u00a0more than $40,000.<\/p>\n<p class=\"css-1adp9yj\"><strong>TIP:\u00a0<\/strong>Create a strategic marketing campaign that combines various marketing channels, like a company website, social media, email newsletters and opt-in forms.<\/p>\n<h2 id=\"10-grow-your-business\">10. Grow your business.<\/h2>\n<p>Your launch and first sales are only the beginning of your task as an entrepreneur. To make a profit and stay afloat, you always need to work on growing your business. It\u2019s going to take time and effort, but you\u2019ll get out of your business what you put into it.<\/p>\n<p>Collaborating with more established brands in your industry is a great way to achieve growth. Reach out to other companies and ask for some promotion in exchange for a free product sample or service. Partner with a charity organization, and volunteer some of your time or products to get your name out there.<\/p>\n<p>While these tips will help launch your business and get you set to grow, there\u2019s never a perfect plan. You want to ensure you prepare thoroughly for starting a business, but things will almost certainly go awry. 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Find out where to begin and how to achieve success. \u00a0 You want to ensure you prepare thoroughly before starting a business, but realize that things will almost certainly go awry. To run a successful business, you must adapt to changing situations. 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