How To Start A Simple Business

Starting your business can seem like an overwhelming task at times, which is why many people don’t actually start anything beyond talking about what kind of business they want to run. The truth is though, you don’t have to go all-out with elaborate plans right away.

There are plenty of ways to begin running your own business without having to take more formal courses or give up on opportunities because you didn’t feel ready. You can even pick and choose what types of businesses you would like to get into later on.

With that in mind, this article will talk about some easy ways to start your business and something special we wanted to share with you.

Create a business plan

Having a business idea is great, but it’s not enough! You will need a solid plan for how you are going to run your business once it has been launched. A business plan includes all of the important details about your company, what services you offer, who your target market is, and more.

It can be tricky to know where to start when it comes to creating a business plan. That is why most entrepreneurs -- even large corporations with CEO's that published their own book about running a business -- hire professional help. There are many free resources available through education institutions, other businesses, online forums, and social media.

By using these resources, you should be able to find everything you need to develop your business plan.

Fund your business

how to start simple business

Starting a business can cost a pretty penny! Depending on what type of business you want to run, there are different costs involved. You will need money to name your business, find an office space to house it, online services to create an account for your business, legal documents like licenses and contracts, and lastly, marketing tools such as social media accounts and advertising.

Making enough profit to keep your business going requires adequate funding. The best way to get started investing in your business is by doing something that has nothing to do with profits. This article will talk about some ways to fund your first business.

Talk to your friends and family about starting a business

This is one of the most important things you can do as an entrepreneur. By talking to people around you who have done or are doing things similar to what you plan to do, you’ll not only gain knowledge, but also inspiration.

You might even pick up tips or tricks from them. It’s never too early to start looking into how to run a business, so don’t hesitate to ask questions.

Many successful entrepreneurs make their own products or services before seeking investment or loans. So, if you already have a product or idea that you feel would work, try selling little samples of it to see if anyone is interested.

Alternatively, you could offer related service products or features as part of the package.

Pick your business location

how to start simple business

Choosing where you want to have your business is an integral part of getting it started. You don’t want to pick a place that doesn’t have enough traffic for your brand, or that isn’t close to your home so you can focus on family life, or that costs too much to maintain (rent, utilities, etc.).

It’s also important to consider how easy it will be to get supplies like paper and other office equipment, as well as whether there are good facilities (for example, internet access) nearby.

While having lots of natural light is nice, not every entrepreneur needs the best-quality workplace environment to do their job. A less expensive space that still gives you what you need can be just as productive!

Don’t forget about the little things like water coolers and toilets — something that’s a luxury at first may make a big difference to you in the long run.

Your initial investment won’t necessarily keep moving up as your business does, but making sure your base is stable will help prevent a drop off in performance when things get busy.

Choose a business structure

how to start simple business

Finding your perfect match of business structures depends on what you want out of your business, what kind of income you desire, and how much time you have to invest in the business. There are three main types of business organizations that most individuals choose to start their businesses with- LLC (Limited Liability Company), Corporation, and Sole Proprietor.

The differences between an LLC, corporation, and sole proprietorship are very important to understand as they can make a big difference in taxes, liability, and ownership rights.

By having the right organization form, you can limit your liability for debts and lawsuits that may arise from serving customers or producing products. This is especially helpful if you plan on bringing in large profits because you will not be personally liable for any debt or lawsuit!

Your personal assets cannot be seized when it comes time to pay tax bills and organize your belongings after business closes. Since the owners’ personal assets are protected, this gives you more freedom to run your business without too much pressure.

As you read above, there is no one best choice over another. It really just comes down to what level of protection and liability you wish to have so that you can launch your business with less stress.

Choose your business name

how to start simple business

Choosing your business name is one of the most important steps in starting your business! This article will talk you through some easy ways to pick the perfect name for your business.

After you have determined what type of business you want to run, the next step is picking a good business name. A great name sets a tone for your business and helps people connect with you as an entrepreneur or leader.

It also gives your potential customers, partners, and shareholders a sense of what to expect from you. Plus, it creates a memorable identity that can be built upon years down the road.

There are several ways to choose your business name. You do not need to use their exact same approach, but you must consider all three very carefully.

Register your business

how to start simple business

The next step in starting your business is registering your business with state and federal agencies. This includes giving you name, address, phone numbers, email addresses, and even letting them know who owns what part of the company.

Some of these things can be done online while some may require going into an office or speaking with someone directly about it.

But making sure that your business’s paperwork is up-to-date is very important!

It will help ensure everything goes smoothly for you when you start doing business. You don’t want to spend money buying equipment or marketing materials only to find out you are not able to use it because of missing documents or incorrect ones.

There are many ways to register your business, so do something easy first like using Google as a source! Or ask family, friends, or people you know who have started businesses before if there are any helpful resources they would recommend.

Get federal and state tax IDs

how to start simple business

Starting your business requires you to have some sort of legal structure for it, which includes an employer identification number (EIN) or taxpayer identification number (TIN). An EIN is typically given to individuals while a TIN can be either individualized to a company or professional license such as that from the IRS for professionals.

By having these, you are able to file necessary paperwork like taxes, income reports, etc. much more easily!

There are several ways to get yours. The easiest way is to visit the IRS’ website where you can search or find forms to apply for one. You do not need to tell them why you want the ID, but it helps if you do since they ask about your business plans.

Apply for licenses and permits

how to start simple business

Starting your business does not mean pouring yourself into an existing company or going with the easy option of opening a website or shop online. Rather, it means creating your own business framework and process that works for you!

The hardest part about starting a business is actually deciding to start one. In fact, there are many ways to launch this project. Some have even referred to this as pre-business planning.

Most aspiring entrepreneurs begin by looking at what types of businesses exist in the area around them and then choosing which one they would like to be similar to. This can sometimes lead to making changes to the structure or even rebranding the business to fit their needs.

However, these things cannot be done until after you have applied for your license and permit. These applications require up to two months depending on how quickly your city’s bureaucracy moves!

During this waiting period, you will need to validate that you know what you are doing and that you are indeed running a business. Make sure to keep track of all documents and proof that you run a business.

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