An in-depth look at Hoist's tools and offerings that will help you start, run, and grow your company within a month.
So, you’re thinking of starting a small business? Great, you are one step closer to being your own boss!
But are you still wondering what needs to be done to get your business up and running? This article is exactly what you need. We’re here to help you start the business you’ve always dreamed of owning.
Every business and its processes are different. However, the management methods and nature of organizing a business are quite alike across industries. The whole process is more elaborate than you would’ve imagined. It’s normal to get frazzled by uncertainties and feel like giving up when you want to start a business. But, with a detailed guide in place, you can set up and launch your business in just 30 days!
We have laid the groundwork for you with concise and clear steps. We have suggested areas you can explore if you’re contemplating what the best business to start is. It may not be a piece of cake to start a business, but if you do it one step at a time, it will be a lot less complex. Knowing what to focus on will save a lot of your time.
So, are you ready to dive in?
Phase 1 consists of the processes to follow before you put your plan to launch your own business into action.
It all starts with an idea. Your first step is selecting an idea and one that is the most practical. A good idea aims to solve an existing problem innovatively. Often, you might find that execution is not as difficult as thinking of a great idea. This is why the very first step is to come up with a well-thought-out idea.
You have to be 100% sure that this is the idea you want to execute. If you’re not passionate about your business idea, you might not have the drive to see it to completion. Being skilled and experienced for the job is just as important. Getting through those late nights will be easier when you like what you’re doing and are good at it.
Take your time and conduct thorough research to get all the information you need. As the saying goes, knowledge is power. The same holds true when you’re starting a small business.
Collecting data on your target audience, customers, and the market is important to know where your potential business stands and what your options are. Understanding how the minds of your customers work gives you an edge over others. Use the results of your analysis to improve areas that need development and growth.
There are plenty of free platforms and tools for research. You can use Typeform to conduct online surveys with your potential audience, or access Think With Google’s free and curated library of facts, consumer insights and more. For a more scientific approach to research, try Dimension, a search engine that gives you academic publications related to your query.
Use these tools to your benefit and develop your niche.
Setting goals helps you measure the success and growth of your business. Individuals often fail to understand the advantages of setting clear, measurable goals before starting a business. At the end of your first month, you must be able to gauge the level of success or failure of your business.
It goes without saying that every business aims to make a profit. But how much? Be specific when you set your goals. No goal is too big or small. Your goal could be to make ‘x’ number of sales or generate a certain amount of traffic to your website. Whatever it is, have your objectives written down, as it helps you understand what needs to be done to achieve them. The feeling of striking a goal off its list will be unmatched.
You have already researched the viability of your idea. Now it’s time to get an in-depth understanding of your market. So, why is understanding your target market necessary before you start a business? Why can’t you find out as you go? Well, you cannot provide answers to the problems of an audience you know nothing about. Only when you know about the challenges your target market faces can you offer them a solution.
The experiences of your target market will help you understand what they are looking for. You could talk to potential customers and gain their insights. Their income levels, location, needs, concerns, and spending habits are areas you can research. For this, you can create surveys, send out emails, and refer to existing data among other things.
It is a common mistake to neglect researching your competition. However, it is always good to know what you’re up against.
Find out all there is to know about your competition, and what they are doing right. Notice business practices that might be helpful to you. There is a reason they’re on the top, and with the proper methods, you can reach there too. You might learn about any potential threats in the process and can strengthen your business with all this information. Then, all you have to do is find ways to set yourself apart.
You’ll incur several expenses when setting up your business - rent, cost of marketing, payroll costs, startup costs, and more. Even if you’re starting a small business, there are some costs you simply cannot avoid. That is why it is wise to calculate these expenses and have a rough estimate based on your business requirements. You can use accounting software online to help account for your expenses.
For example, if your business is online you won’t need a physical location but you will have to shell out on the website. Knowing your costs can also contribute to pricing your products.
Now that you have an estimate of the costs you will have to bear, the next step is to focus on funding and detailed financial planning.
Will you opt for startup business loans, look for investors /lenders, or use your savings? Whatever the option, you have to create your financial plan keeping that in mind. Financial planning provides transparency on where your business stands with regard to finances. Make a P&L statement, cash flow statement, balance sheet, and sales forecast. Systematic planning may help you pay any startup business loans quicker than expected.
But not every business requires startup business loans. For example, if you want to start a painting business, you can partner with Hoist to cut your startup costs by 90%. In fact, with a fee of $667 per month, you get full-service marketing, training, LLC creation and so much more.
Your name is your brand, and a catchy name contributes a lot towards gaining your potential customer’s attention. Ensure that the name you choose gives the customer an idea of what your business is about. Devise a logo that goes well with the name of your company, as it is the symbol that represents your brand. You can hire a professional to do it or you can do it yourself with some research.
Look up the options you’ve shortlisted to avoid choosing one that is already registered. It's okay to take time and give your company name a lot of thought before you finally settle for the best one. You can ask your friends and family for feedback. Their reactions will help you get an idea about whether it works for your business or not. Make sure the name of your company communicates the right thing.
There are many business forums where you can network with business owners. You can even reach out to people from your own network, built over the years. There is always someone who can help. If your connection can’t help, they may always know someone who can.
Learn how to use your network to your advantage. Be active on social media. Reach out to influencers who know you and will help you. Make yourself known to people who can create a positive impact on your business. You can use platforms like LinkedIn to gain traction and garner people’s attention. Whatever platform you use to network, be consistent.
Make decisions based on all the information from your analysis. Decisions made using facts and figures seldom go wrong. Calculate your risks and then make a choice. It is not advisable to rely only on gut feelings and instincts.
Once you’ve laid the foundation of your business and made it strong, you can move on to phase two. Phase two is all about action and implementation. Take charge and manage your time to make sure all these steps are accomplished within the time frame you set.
Registering your company is a big step. Do this after giving it enough thought. Consult experts who could help you decide. You have to set up an email, payroll, tax, and accounting systems. You could trademark your company name or even patent your idea. Make sure you have all the required licenses, paperwork, and permits. Hire a business attorney to assist you in legal matters that need a professional outlook.
Having a website has more advantages than you can imagine. It's where individuals get all the information they need about your brand. Your website can help you attract customers through Google, strengthen brand recall value, and establish goodwill with your target audience.
All information about your products and services should be available on your website. Make it presentable and easy to navigate. A website that’s complex and unattractive can lose your customer’s attention. Furthermore, use keywords when setting up a domain name. There are free templates available for creating a website and these don’t take too long.
Don’t overburden yourself. Accept that there are professionals to do everything and can do it better than you. The cost of doing it yourself may be lower but think of the precious time spent. The same job gets done quicker by an expert with professional quality. A small fee for work that will take your business a long way will only benefit you in the long run.
Set up an account on all social media sites. Plan out what you will post. Be consistent and don’t get disappointed if it takes time to gain followers. No matter what, don’t give up because you might be one post away from getting viral. Use Twitter, Facebook, LinkedIn, Instagram, Tiktok, and other platforms to your advantage.
You can ask people you know to share your posts and articles. Social media widens your outreach. The more searchable your business is on the Internet, the greater your opportunities. Market your business with the help of social media.
Get in touch with all your contacts, and tell them about your new business. Tell them about the services you offer. Ask them if they or anyone they know might be potential customers. The people you know might help you find opportunities useful for the growth of the business. Do all that you can to secure the sale you want.
Keep the momentum going by monitoring your growth. Many people tend to forget this step. Tracking your progress is as important as any other part of setting up your business. Compare where you are to where you started from. Understand what changes you can enforce and what’s working well. You can use tools like Google Analytics as well.
Now that you have an idea of what needs to be done, consider exploring these small business ideas that need little money and have an easy set-up process.
While launching your own business in 30 days might seem far-fetched, it is easily achievable if you make short-time goals and stick to them. The cardinal rule to follow here is, ‘Don’t Quit’! The first few days and months are hard and it’s easy to give up. There are as many highs as there are lows. Be systematic, organized, and diligent with your work.
Moreover, it's never a bad idea to get additional help, support or guidance. Companies like Hoist will assist you every step of the way, especially if you intend on starting a painting business. Right from the creation of your LLC to training, full-service marketing, website building, and more, Hoist takes care of it all. And the best part is that you can get your business up and running in just 30 days.
If this strikes the chord, you can discover more about Hoist and run your own business, hassle-free.
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