Have you ever run into a great idea, get excited and think to yourself…I want to turn this into a business? Then, you don’t, or run into some problems because you just don’t know where to start? Hustle and Motivate Marketing is here to help point you in the right direction! When asked the question on our Instagram…what questions do you have for your business? We received an overwhelming response from our follows asking how to get started. Therefore, we are here to give you some insight on how to start a business.
What Are You Passionate About?
First, before you invest even one cent, you need to find something you are passionate about. You must be extremely into what you do, as if you would do it for free without any money involved. The reason being is, if you are not passionate about what you do…during the hard times you will quit what you started and lose out on all that you have invested. There will be times where money is not going to be what you imagined it to be (example: Covid-19 slowed our economy down) and you will feel defeated. In other words, having that passion for what you are doing is what will keep you dedicated to what you are doing.
Write Down A Business Plan
Next, sitting down and writing out a solid business plan that includes research, financing, marketing strategy and the business structure is vital to the success of the business. Once you have narrowed down what you are passionate about, doing extensive research on that will only benefit you. Figure out is there a need for it, who you want to market/sell to, how you want to market/sell it and the best way to go about it. We suggest that you make a spreadsheet of your start-up costs, which will include: licenses/permits, equipment, legal fees, branding, trademarking, inventory, market research, insurance and other possible expenses. Often times, most people aren’t even aware of all of the expenses that go into starting a business and get caught off guard by the amount of money it can take. Marketing requires having a strategy on how to properly promote your product/services. Not one marketing strategy is the same for every business, which is why doing your research is, will assist you in your decision. Knowing what type of business structure you want will save you time and money. Examples of business structures are sole proprietorship, a partnership, a limited liability company (LLC) and corporation. Choosing the correct business entity will have an impact on the name of your business, the amount of your liability and how you file your business taxes.
Register Your Business
Protect your idea and business is one of the things a lot of people end up overlooking. Moreover, people skip this step or wait too long…and end up getting their idea stolen. Very sad, but this is highly possible when you don’t protect your idea/business name. I bet you are wondering well…where do we go to do that? Luckily, that is what we are here to assist with. There are three ways to register your business. The first way is to file DBA (Doing Business As or, registering a fictitious business name)…you can go to your state or county clerk’s office to register. Another way is to create that business structure we were speaking about earlier, and registering it at your state or county clerk’s office. The third way is registering your trademarking (federally protecting your idea/name). You can register your trademark https://www.uspto.gov/trademark, or with LegalZoom, https://www.legalzoom.com/business/intellectual-property/trademark-registration-overview.html . Legal zoom is $200 – $400 more, however, it is easier to understand and they are right there to assist you. Ensuring your idea is registered and protected is one of the most important things you can do for protecting your investment in starting a business.
Let’s recap, starting a business is a great idea, but knowing how to get started will save time, money and a headache. Making sure you are extremely passionate about your business idea is the first step to starting a business. Next step, is having a solid business plan that includes your research, finance analysis, marketing strategy and the business structure. Lastly, protecting your idea by properly registering it is something that is very necessary for starting your business. Why invest your body, money and time to something and not protect it? We hope that you enjoy these tips and stay tuned for more helpful information for your business.
Published By Timiesha Pruitt