About Starting a Business
You have some great ideas and want to start running your own business. Starting a new business of any kind can be difficult and challenging; however, every great business had to start somewhere. Your new business might be the next Microsoft or Starbucks. Before you start your own business, there are many things you will want to know.
- Most businesses begin with a few clients and then build a clientele based on referrals and reputation. Encourage your clients to tell others about your business. You may even offer discounts for referrals.
- Determine the competition in your area. If many businesses in your area make T-shirts, for example, you may want to start a different business. Knowing your competition can be helpful for being successful.
- A home business is usually the most affordable way to start a new business. Many businesses can be established and run from the comfort of your home, such as making homemade soaps, jewelry or candles, freelance writing and photography.
- A new business may begin online or be conducted solely online. Businesses that can be conducted online include buying and selling items, writing and accounting.
- Legal permits and/or licenses are needed to maintain a business. Contact your local City Hall to make sure that you have all of the legal requirements needed to start a new business.
- You will also want to set up an accounting system that meets all of the requirements of the IRS. You will need to apply for an employer identification number, also called an EIN. Check the IRS website for specific requirements for your business.
- All new businesses should have a plan to market and advertise. Consider setting up a Web page or Facebook account. New businesses should use any means necessary to get new clients. Place fliers in local stores, purchase ads in community magazines and send out coupons to potential clients.
- New businesses can benefit by registering with the communities of Merchant Circle. This website can help new business owners advertise as well as provide support and advice.
- Starting a new business can take at least a year. Depending on the business, it may take several years to become successful and establish a clientele. Be patient as you begin your new business.