9 Things to Consider When Starting a Business

9 Things to Consider When Starting a Business

The world is at a crossroad.  In the last several months, many of us have been let go from our corporate jobs. Others of us have lost service-based clientele and many have had to shut their brick and mortar businesses due to the pandemic.  It’s easy to fall into depression or sulk in our misery and that’s ok to do for a little while, while we wrap our head around our future and what the world is coming to.  People will still need products & services.  We just need to figure out a way to deliver them differently.  If you want to start a home-based business, there are a number of things to think about. We’re here to help you get off to the best possible start at Seaglass Media. Here are 9 of some of the most important things to consider.

1. The importance of choosing a great company name

One of the first decisions you’ll need to make is what to call your new business. Do you want your name to describe what you do, what you stand for, who you are or to be more abstract?  It’s advisable to consult your state’s Fictitious Name Registration website to see if your chosen name is already in use.  Since you’ll also likely need a website, look at the availability of your name or it’s variations to check that your name hasn’t already been taken.

2.  Choose your company structure wisely

When starting a business, you will need to decide what structure works best for you: sole proprietor, partnership, limited liability company or a corporation? This will have an impact on responsibilities such as what paperwork you need to complete and when, the taxes you pay, how you take profit out and what happens if you make a loss.  You’ll may want to consult an attorney to help you decide the structure, and if adventurous, there are lot’s of online options for advice and filing.

3. Targeting your ideal customers

In order to make money from your business, someone will need to buy your products or services. Market research is a vital step towards starting a successful business, so before you invest a penny in marketing materials or equipment, make sure you know who will buy from you, what they want or need and how you can help them.  Create a vision in your mind of who needs your product or service and imagine how your product alleviates their pain or solves their need.  Then you’ll have a clearer idea of presenting advertising or website content to attract their business.

4.  Determining your pricing

Once you are clear about what you’re offering and to whom, you will then decide how much to charge. This will largely depend on what the going market rate is and what value people will place on what you do. So, once again it’s back to research to find out what similar businesses are charging. You’ll also want to consider the quality of your offering – are your products or services value or premium?  Then price accordingly.

5. The importance of a good work environment

A very important part of starting a home-based business is finding somewhere comfortable and quiet to work. Clearing a space on the kitchen table among the morning’s breakfast dishes isn’t going to set you up for a productive and inspiring day. Instead, find somewhere where you have space to spread out documents if you need to, and where you aren’t faced with the distracting sight of piles of ironing or half-done DIY projects calling your name. If you’re a sociable person, you may want to think about renting a co-working space a couple of days a week from Regus or a similar rent-able office spaces.

6. Have the right tools for the job

The chances are, whatever your home business idea, you’ll need some equipment – even if it’s just a computer and a phone, and perhaps a printer. So before you start, make a list of everything your business needs to operate, and ensure you have it and that it’s in good working order (a PC dying on a deadline or losing irreplaceable files can be a very expensive problem). If you do need to purchase anything, remember to keep the receipts to offset your expenses at tax time.

7.  Don’t overlook the financials

It’s much easier – especially when it comes to working out your taxes, to keep your personal and business finances completely separate. You could opt for a second personal account for your business if you wish, but if you’re planning to expand your company at any point, or borrow money for it in the future, it’s worth starting out with a business account.  Most banks will require that you have certain documents in place, depending on the business structure you chose, before opening a business account.

8.  Get professional tax and financial help

There’s nothing to stop you handling your finances yourself and completing your own tax return and company accounts, but an accountant is often a wise business investment. Not only will they save you hours of frustration and ensure that your accounts are legal and above board, but they can actually help you save money by ensuring that you’re making the most of any tax breaks. It’s always a smart move to let the professionals do what they do best.

9.  Telling the world about what you do

You may have the best business in the country, but if no one knows you exist you’ll never make it a success. Marketing materials can be as simple as business cards or flyers to post on bulletin boards.  While a great website is a must for most businesses today, if your finances are really tight, you can start small and establish a web presence with a Facebook Business page. Other social media platforms such as Twitter and Pinterest also offer the opportunity to reach out to new customers without investing anything more than time and effort.

However, when you really want to GROW your business and online presence and show up in Google searches, nothing will do that for you like a professionally designed and maintained website. This is the backbone for us at Seaglass Media.  We are here to help you GROW your business, not just break even.

Bottom Line

Starting your own business is an amazing and rewarding experience – it’s also the beginning of a journey that’s likely to have its share of frustrations, dead ends and late nights. If you’re going to make your business the success it deserves to be, you need to have the drive and self-confidence to weather the inevitable storms that will come along. Sometimes the difference between business failure and success is simply the passion to see it through.