25 tips for starting and running a business

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Starting a small business can be exciting at the same time daunting; knowing all the legal requirements to start a small business can be stressful. Nevertheless there are more to making your business legal, the most challenged part is how to market your business and how to find customers. With these steps below you can gather few notes on what to remember, when you are planning your business.

Different types of business means different types of legal requirements

The first part of starting a small business is to create a plan for your business, such as business name, business logo and most importantly legal papers for your small business. You need an advice of a lawyer, but the best thing to do is seek advice from Professional Business consultant. Some business consultants have a small consulting firm that can take care of your legal establishments through legal package, business plan package and marketing package. Here are some few good things to prepare when consulting a business consultant or lawyer.

  1. Consider your business to Corp, LLC or S Corp
  2. Financial statements/capacity/business loan
  3. Business name
  4. Market Research
  5. Marketing and business plan

Business and Marketing plan for small business start up

How to promote your business using the 4P’s

  • Product – describe how your products/services will meet the demands of your target audience
  • Price – create a competitive analysis, to get the most competitive price for your products and services
  • Place – your location, think if you should have a physical store or online store for your business.
  • Promotion – how can you connect with your target market

Your marketing strategy  should also include your marketing budget, your sales and marketing costs will determine what type of marketing campaign you can run for your small business.

Online marketing can be done, through free marketing campaign such as social media marketing, media campaign, content marketing campaign, email marketing campaign etc.

Offline marketing can be done, through local newspaper ads, radio, local tv advertisements etc.

Next is how you can operate your small business

Operational plan is also a major importance for your small business, these needs to organize and planned well to achieve your goals.

This is also great for your small business description:

Day to day operation

  1. Hours of operation
  2. Suppliers
  3. Credit terms

Facility requirements

These include the location of your business, size, and number of employee, lease agreement, business license, and supplier quotation.

IT requirements

Most small business does include this on their business plan

  1. IT systems
  2. IT support
  3. Consultants
  4. Customer service software
  5. Web developer

Human resources

When your business starts to grow, you will need HR, this can help you manage your employees, training, recruitments, short and long term business plan and marketing plan, retention and pay rolls.

Get a professional business consultant and discuss these few things below

  1. Business layout and chart
  2. Job description
  3. Skills required for the applicants
  4. Training Budget
  5. Taxes and Employment contract

Financial information

As you put down your plans for your small business, you need to look at your financial record. Such as

Cash flow – Monthly cash balance between revenue and expenses

Sales forecast – The amount of money you get from your sales of products and services

Final words

These are just the few things you will need to get your business started. The first thing you need to consider is small business start up package for small business, wherein business and marketing plan is included. The next thing is get your legal package for small business, to make sure that you are running and managing a legal small business and your small business will be unique in terms of business brand, business name and logo and many more.

You can contact a Professional Business Mentor for an affordable price and get quotations for small business package. Contact Roderick Hunnicutt for more info, or visit the website www.socraticsbc.com for more info about small business start up.

 

 

One thought on “25 tips for starting and running a business

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