How to Start a Business and Work as an Employee at the Same Time.
Are you sick of putting in time for an organization that doesn’t see your value? Are your coworkers getting a fair share of your productivity when they do less work than you? If either of these questions is answered in the affirmative, it might be time to start a business.
The practice of starting a business is common. In fact, sole proprietorships, or small businesses run by one or two people, account for 75% of business ownership in the United States.
Have no idea where to begin? Consider a pastime or interest like crafting, writing, poetry, or cooking to see if it can be turned into a service, product, or both that meets a customer’s need.
Experts in small businesses like SCORE and the Small Business Administration (SBA) are great places to start your business. The following information provides important steps for starting a business to complement SCORE and SBA.
Create a mental map.
Mind Maps are diagrams that look like spiders and are also known as brainstorming. “I want to start a business” is the first question or statement in a mind map. The objective is to determine the goals, strengths, weaknesses, opportunities, and threats of the business. Typically, during the mind mapping stage, a vision and mission statement are outlined.
Examine the market leader.
Companies or individuals at the top of their field are the best source of information. Consider, “Why are they leaders?” What kind of management approach do they take? In a free-enterprise economy, where consumers benefit from competing businesses, competition exists in every industry. Learn everything you can about the industry’s leaders.
Join groups for business.
Success, inspiration, and optimism all have positive connotations; however, business success is difficult when accompanied by pessimism, fear, and depression. Building a network of people who share common business goals like growth, sustainability, and profit is crucial. To remain motivated during challenging times, build a group of businesspeople who share your values.
Dos and don’ts as well as useful business resources can be shared by individuals and businesses through online communities. Utilize them. Find the local Chamber of Commerce, which is found in every city in the United States. To learn more about the opportunities and challenges that business owners face, attend both in-person and online business seminars.
Form an LLC or DBA.
Separate personal and business assets and liabilities by forming a Limited Liability Corporation (LLC) or Doing Business As (DBA). For instructions on how to form a DBA or LLC, contact the county clerk’s office. Open a business checking account and apply for an Employer Identification Number (EIN) through the Internal Revenue Service (IRS) after receiving the DBA or LLC certificate.
Rent a PO Box.
Lease a post office box with the newly created DBA or LLC certificate. Your new business address should be the physical address of the post office, with the suite number being the box number. Take, for instance, Orange, CA, 92702, 619 North Haven St., Suite 845.
Print media and a website should be created.
Without marketing, your business cannot be seen, no matter how well your service or product performs. Establish an online presence with a website and optimize for mobile phone users because nearly two billion smart phones line consumers’ pockets and purses and are anticipated to grow in the coming years. To develop your voice and brand, hire a graphic designer and freelance writer.
Additionally, to promote your business, make stationary items like business cards, tri-fold pamphlets, car magnets, and other print-based media promotional products.
Within the first five years, nearly 85 percent of businesses fail. Among the causes of this are poor financial management, a lack of managerial capability, and unsuccessful marketing campaigns. Make an effort to learn from the successful business owners in your sector and devise a plan that works for your financial and production capabilities.
Establish a solid foundation so that it endures growth.