Tuesday, March 5, 2019

how to start a small business

how to start a small business

Be Your Own Boss: How to Start Your Own Business - Thrive Global

Posted: 04 Mar 2019 07:29 AM PST

Corporate America is definitely not for everyone. Poor job security, long hours, unsatisfactory pay and working for someone else isn't how a lot of people want to spend their lives. However, most people don't see any other option.

Starting a business sounds like a great idea, but it can be a daunting task for people who don't even know where to start. If you're new to entrepreneurship, then coming up with a business idea, developing a strategy and securing financing can sound intimidating.

If you're not interested in sticking with the regular 9-to-5 grind, here's what you need to know about starting your business.

Choose and Research an Idea

Of course, the first thing you need to do is pick an idea. This doesn't just mean choosing the type of product or service you want to offer; it also means deciding what type of business best suits your idea.  

Should you open a brick-and-mortar store or operate as an online-only business? Are you marketing to consumers or other businesses?

Be sure to carefully and thoroughly research your idea. Determine your primary audience, the costs associated with running this type of business and your competition.

Don't rush this process. Starting a business isn't a race. Take your time and be sure you are confident in your business idea before taking the next steps.

Develop a Business Plan

Once you are confident in the type of business you want to run, write a detailed business plan.

A business plan will be crucial when securing financing and recruiting experienced employees to join your new business venture.Your business plan should detail all of your goals over the next five or so years and how you plan to achieve those goals.

Additionally, your business plan should include:

  • Company description: Include information such as your ownership structure, registered business name and a quick description of what your business does.
  • Products and/or services: Describe the types of products and/or services that you offer, your pricing model and your target audience.
  • Marketing plan: Describe how you plan to market your business and increase brand exposure. Consider social media marketing and online advertising.
  • Financial projections: Potential financiers will be particularly interested in this section. It should outline your expected expenses, revenue and profits over the next several years. The idea is to demonstrate that your business will generate enough profit to pay off your loans.

Writing a clear and concise business plan can help you realistically assess your goals and expectations in addition to helping your business secure financing.

Register Your Business

Registering your business is the first step that turns your idea into reality. You should understand the different types of business structures and which one is right for you.

This process is very important, so you should seriously consider consulting with an attorney to ensure everything is done correctly. You may have to obtain permits and business licenses and abide by certain regulations, depending on your location. You'll also need to choose a business name if you haven't already.

Types of businesses include:

Research the pros and cons of each type of business structure and understand the tax implications of each one.

Secure Financing

Unless you're starting a sole proprietorship that doesn't require a lot of capital for materials, you likely will need to pursue financing. Aside from small-business loans, there are many options to choose from, including:

  • Venture capitalists
  • Angel investors
  • Business credit cards
  • Investments from friends and families

Of course, small-business loans are typically more favorable than these options. Depending on your needs, you can choose from equipment loans, SBA loans, term loans and many other flexible means of financing an emerging business. Be sure to review the different types of small-business loans to determine which option is the best for you.

Once you decide on a source for financing, you should be able to demonstrate how you will use the funds, how these expenses will benefit your business and how you plan to pay back your loan. Loaning money to startups can be incredibly risky, so you need to build confidence with potential investors to increase your chances of being funded.

Starting a small business can be an intimidating and difficult endeavor, but the advantages of being your own boss make it well worth it. These steps can help put you on the right track to starting a successful small business.

Over 90 Searcy businesses apply for Small Business Revolution - THV11.com KTHV

Posted: 04 Mar 2019 05:12 PM PST

SEARCY, Ark. — Dozens of small businesses in Searcy have already applied for their chance to be featured on the Hulu show Small Business Revolution.

Searcy was revealed as the grand prize winner last week after a four-month-long application process. Small Business Revolution will pick six businesses in Searcy to be featured on the show. Those businesses get a complete makeover and advice from the shows hosts Ty Pennington and Amanda Brinkman.

"I'm just so excited [about it], I can feel my heart start racing again," Jo Ellis said.

Ellis is the proud owner of a nonprofit called "Make.Do.," the goal of her business is to bring people together through creativity.

Ellis runs her business mostly by herself, which is why she is hoping to be picked for Small Business Revolution. Since starting her business in 2016, she has put together the logo, website and physical space all by herself.

"I've never had any professional strategic planning or advice or council. So it would be an incredible experience for Make.Do. to be able to learn from people who do this for a living," she said.

Mat Faulkner helped get Searcy on the show. He said over 90 small businesses have applied so far.

"It is definitely a makeover show. Deluxe wants to find businesses who really need help with their branding and marketing so they can do a good flip," Faulkner said.

He said owners apply on MySearcy.com and are asked a variety of questions about their businesses.

"They want a variety of types of businesses. So they're not going to have all restaurants or all boutiques, they're going to want a range," Faulkner said.

Ellis said being selected would help take her nonprofit to the next level.

"It would be an amazing experience, but the reality is only 6 businesses get chosen," Ellis said. "This is still going to bless out entire town no matter who gets chosen."

On Friday, March 22, Small Business Revolution hosts Ty Pennington and Amanda Brinkman will announce the six small business winners of the 500-thousand dollar makeover. The party will take place at the Robbins Sanford Grand hall.

Applications for small businesses close Tuesday, March 5.

VIDEO | Main Street reconstruction in Newark has at least one business worried - WDEL 1150AM

Posted: 05 Mar 2019 02:00 AM PST

At least one business has major concerns with Newark's Main Street reconstruction project scheduled to start next month.

"Hopefully, they can past our location in matter of days instead of a weeks," said James Myers, the owner of the Jimmy Johns on Main Street in Newark

He's worried the construction which is scheduled to start next month and end in June 2020 could hurt his business.

Lena Thayer is the Area Marketing Director, and she says the construction work scheduled in front of the business is at a bad time.

"With it being targeted for fall semester that is the height of some of our business," said Thayer.

Thayer's biggest concern if they have to shut down.

"That's people's paychecks," said Thayer. "That's Jimmy's family. He's a small business owner of a small franchise."

Thayer added she had more concerns about the project now than she had before.

Despite those concerns, Joe Hofstee, Project Manager with AECOM says access to all businesses will be maintained during business hours for pedestrians.

He added DelDOT has someone that is working with businesses and their concerns.

The project will include the full reconstruction of Main Street as well as installing parklets with benches, trees and bike racks and there will also be some pedestrian upgrades.

During the reconstruction, at least one lane of Main Street will be open at all times.

Helping small business start, grow - Wellsville Daily Reporter

Posted: 06 Feb 2019 12:00 AM PST

BUFFALO — On Thursday, the U.S. Small Business Administration and SCORE Buffalo Niagara will kick-off its Annual Straight Talk Series, an opportunity to learn what you need to know about operating a successful business.

Straight Talk the Series is a program assisting entrepreneurs who want to achieve their dream of entrepreneurship. In this series, participants will learn the fundamentals of starting a business and how to ignite for business success.

Straight Talk the Series is an eight-week program held every Thursday and starting on Feb. 7 through March 28. The seminars are held at Medaille College, main building, auditorium from 5:45-8:30 p.m. Refreshments and a light dinner item is provided with your registration.

There is no charge to participants who attended Straight Talk 2019 on Jan. 26 New and interested entrepreneurs may attend any of the seminars below for $5 per session or all eight sessions for $30. Registration can be made at: www.buffaloniagarascore.org

Series topics include learning about business plans and other foundations of growing a successful business. The following is a list of scheduled seminars:

Business Plans I and Library Resources – Feb. 7

Business Plans II and the Elements of a Financial Plan – Feb. 14

Business Ethics and Risk Management from the Legal Perspective – Feb. 21

Employee Life Cycle: Hiring & Firing Employees, NYS Taxes – Feb. 28

Risk Management from the Insurance Perspective and Federal Taxes – March 7

Marketing your Small Business and Getting your Business Online – March 14

Social Media & Internet Marketing Secrets, Crowdfunding & Funding Your Small Business – March 21

Managing Your Credit Score and Funding Your Business – March 28

For further information contact SBA at 716-551-4301.

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