Starting a business can be difficult and overwhelming. You may have a great business idea, you think it could be really successful, but you’re not sure where to start. Even though it may seem complicated at first, building a business doesn’t have to be if you take it step by step. This article will walk you through three common obstacles that many face when thinking about building a business and how to overcome them.
According to Freshbooks, when starting a business, there are multiple legal hoops to jump through. But don’t let these deter you. With a few simple steps, you can ensure that your business is in proper legal standing. Start by getting your name down.
As you are in the process of brainstorming your business’s name, be sure to do your research. Is the name already taken? Look up state and nationwide registers for companies with the same name as you. Once you’ve decided on a name that isn’t taken, go through the necessary steps in your state to register it. Then form your legal entity!
It can initially seem difficult to figure out where to get funding for your new business. In a pandemic that has hit the economy hard, traditional sources may no longer be good options. Looking at other options may allow you to procure those funds faster.
For example, according to Franchise Gator, you can use a traditional retirement account like a 401(k) or IRA to rollover funds into a new business. It may seem risky at first to funnel your savings into a new business that may or may not be successful. But there is a right way to do it. You’ll want to ensure that you set up your company so that it meets all the IRS’s qualifications for the funds to be rolled over tax-free.
As a small business, you will simultaneously need to get the word out about your product while still maintaining a tight budget. But don’t let this concern stop you from giving your business idea a shot. Even if you don’t have a ton of experience in marketing, you can do effective research on your customer demographic and then use smart and simple strategies to reach those individuals.
According to Hootsuite, social media can be a great cost-effective way to start out. Think about which platforms your customers use. Then, make a plan for how you can use social media posts to best influence them.
Starting a business can seem overwhelming at first. But it doesn’t have to be. These tips can help get you started on the road to building your own business. Free Press Marketing offers free consultations to help you start your business and build an online presence.
Need a place for your business? Check out our coworking spaces! They can be the perfect place to work for any small business.