Owning a business has many advantages — better work-life balance, job satisfaction,
flexible hours, no two days are the same, and high earning potential. But where to begin?
What are some of the easiest businesses to start? How do you find funding, and how do you
conduct market research? Find the answers here.
Market Research
Coming up with an idea is often the most challenging part of starting a business. Once
you're over this hurdle, it's time to get the show on the road. Start with market research.
While your idea may sound great in theory, you won't know for sure without carrying out
some market research. This information can help you assess the state of the industry you’re
in, provide you with some insights into how well your product or service connects with
customers and clients, and let you see what aspects of the market your competitors have
covered — and which they haven’t. All of this can help your business focus on the elements
that will help you continue to grow. So, gather info about potential customers and similar
businesses operating in your area to give yourself a competitive edge over your rivals.
Your Business Plan
A business plan outlines how your business will be structured, run, and developed. It plays
a significant role in convincing banks and other potential investors to invest in your
company. The main components of a business plan include:
• Executive summary. Your executive summary provides a concise but comprehensive
overview of your entire business plan.
• Description and structure. This section provides information on what your business
does and what makes it unique.
• Market research. This section outlines your marketing strategy, including sales
forecasts and advertising policies.
• Management and personnel. This section describes your management, staff, and
resources and how your business ownership is structured.
• Financial documents. Include the profit and loss statement, cash flow statement, and
balance sheet for the next 3 years.
Funding.
Once you've determined how much funding your business needs, you have several options.
They include:
• Self-funding
• Venture capital investments
• Crowdfunding
• Small business loan
• SBA guaranteed loans
• SBA investor programs
• SBIR and STTR programs
Next Steps
• Location. Whether it's an online store or a designated building, your business's
location is crucial as it can affect your taxes, legal requirements, and revenue.
• Structure. Your business's legal structure impacts your registration requirements,
how much tax you pay, and personal liability.
• Naming your business. Pick a name for your business that reflects your brand. Make
sure it's not already taken before attempting to register it.
• Registering. When registering your business, if you're registering it under a name
other than your own, you may need to register with the federal and state government.
• Federal and state tax IDs. You'll need your EIN for opening bank accounts and paying
taxes.
• Apply for licenses and permits. Applicable licenses and permits are essential to
ensure your business remains legally compliant. The ones you need depend on your
industry and location.
• Open a business bank account. A business bank account helps you handle taxes and
other day-to-day issues and is easy to set up.
Hiring
As your business grows, so does the need for new employees. Instead of sifting through
page after page of personal profiles to find prospective employees or spending time placing
online advertisements, hire a staffing agency to connect you with ideal candidates.
Take the Leap
People are often discouraged from starting a business due to high start-up costs and the
complexities involved. With so many low-cost ideas at your fingertips and all the
information you need about planning and funding, you can start immediately.
Maximize your academic potential with the free services available at Beyond Dreams.
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