Tips to Starting Your Own Business

Starting your own business can be a huge undertaking and is involved with great risks. But when planned correctly, the rewards can be amazing. Whether you have a brilliant business idea, want financial independence, or just simply want to take on a new challenge, there are many reasons to become an entrepreneur. But- it is crucial that you build your business on a strong foundation to ensure that your business can be successful. Here are 4 tips to starting a new business!

Research

Before diving into building your business, you must do a LOT of research to make sure that you can be successful. Entrepreneurship should not be rushed; it is essential that you consider every possible scenario before getting started. Ask yourself: is there a need for this business? Is there anyone else selling this product or service? How competitive is the market? Is this a product or service going to be useful years from now or is it just a fad? How will I adjust to changing trends? How will my business fit into the market? In addition to asking questions about your business, you must ask yourself questions. Am I fit for this role? Do I have the time to devote to this? What will happen if I’m not successful? Is this the right time for me? Once you’ve determined that your business can be successful, you’re ready for the next step!


Plan, Plan, and Plan some more!

Creating a business plan can help to turn ideas into a reality. Even if you are the only one involved with your business, business plans can force you to answer difficult questions about your business so that you are more prepared and ready.  In addition, if you need financial support, creating a business plan is crucial. In the most simple terms, a business plan should include what your business is and what you hope to achieve. Also consider including: what is my market? Who is my competition? How can I differentiate my product? Will I be profitable? Asking yourself these questions can set you up for a more successful process.

Assess and plan your finances

Starting your business can be pricey due to initial investments and various costs such as inventory, a workplace, licenses, permits, advertising, employees etc. It is important that you get your finances sorted out before diving in! Although not every expense can be predicted, try putting together a list of expenses so that you have a rough estimate of how much you will need. Since not everyone has large sums of money lying around (I wish!!) borrowing may be neccessary. You can apply for loans, grants, or even get help from generous family and friends. Make sure to research what financing process is right for you.


Determine your business structure

The structure of your business is important to decide before getting started because it determines how you file your taxes and business regulations. Sole Proprietorship,  Partnership,Corporation,  S-Corporation, and Limited Liability Company (LLC) are all great business structure options. Once you decide on one, it is not set in stone. You can adjust and change as your business grows!

Starting your own business can be an exciting and rewarding experience if done properly! Click here to read about how our services can help you!

Start your Business with Microbranding!

Approximately 543,000 businesses are started each month. Although hundreds of thousands of businesses are started each month, even more than that shut down each month. So how do startups survive in today’s market? The new trend helping thousands of businesses start up successfully and grow their success rather than shut down is called, microbranding. A microbrand is defined as “a small-scale brand recognized only in a certain geographic location or by consumers in a specific micro market or niche market.”

rawpixel-661940-unsplash.jpgMore and more businesses are starting by first developing and promoting a microbrand in which they sell one specific type of product. Once the product proves successful and gains a customer base, the business has the opportunity to add more products related to the initial product. This way, by the time they develop more products and invest more money in the company, they already have a customer base to sell their new products to, giving them a higher chance of success with their new products.

One company that has been successful in starting up using microbranding is Kylie Jenner’s cosmetics company, Kylie Cosmetics, LLC. Kylie Cosmetics started off as a microbrand that just sold individual lip glosses. After gaining a following and continuously selling out new lip gloss lines within minutes, Kylie Cosmetics now sells various types of makeup including eyeliner, mascara, eyeshadow, and so on.

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Here’s the key to successful microbranding:

Find your Niche

Even though there are millions of products out on the market, there are products in every industry that could use improvement. It is important that you find a niche that makes sense for you as well. Going into an industry you are passionate about and knowledgeable of will allow you to develop a high quality product, and build a better relationship with your customer base.

 

Build your Following through Marketing

I cannot stress this enough, but just like with any startup, marketing and public relations is an absolute must if you want to start a successful business. Kylie Jenner didn’t have much difficulty in this aspect of starting her company because she already had millions of followers on her social media accounts. One way to get your microbrand noticed is to reach out to people on social media that are in your target market and send them a free sample of your product, or a discount on their first order if they sponsor you. This means they will send out a post or story of them using your product and/or write a review for you on the product. This allows you to reach their followers as well, most of whom are also in your target market.

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Quality is Essential

Considering you are gaining a following primarily based on people’s satisfaction with your product or service, quality is essential. If they are not satisfied with your product, they are not going to want to recommend it to their friends and you are not going to be able to increase your following. Make sure that your marketing of the product and product quality match up on all counts.

 

Have a Long-Term Plan

A microbrand is a great way to get your business started, however no company carries on for years and years on selling and marketing just one product. You need to have a long-term plan and long-term goals for your business so that once your microbrand does gain its following you know where to go next to grow your company even further.

 

If you are looking to start your own business through microbranding and need help marketing your product click here to check out our social posting products!

 

What it Takes to Start Your Own Business!

“Starting your own business is easy!” I don’t think anyone’s heard that one before. Starting your own business is anything but easy, but that doesn’t mean you can’t or shouldn’t do it! Nothing worth doing ever comes easy, and starting your own business is definitely worth doing. The reward and satisfaction you receive from landing that first client, or making that first dollar for your business will make you forget the sweat, tears, and the many all-nighters you pulled to get your business running. People this day and age sit through years of working in a job that doesn’t make them truly happy or give them inspiration, without even considering the option of starting their own business because it would be “too difficult.”

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I graduated from Richard Stockton State University in 1984 and thinking back to my college days, I never could have imagined that I would be where I am today, running my own successful Internet marketing company (simply because the internet didn’t exist then) MaxExposure Business Solutions. Maybe you’re stuck in that same mindset right now and couldn’t possibly see yourself having your own successful company in the span of the next ten years. I’m here to tell you, YOU CAN! Still don’t believe me? Still gonna go back to that 9-5 job tomorrow that you hate?? I guess I’ll have to work a little harder to convince you so here are 5 reasons why YOU are capable of starting your own business…

YOU have a passion

Whether your passion is going to Major League Baseball games, biking, animals, or antiquing, every passion has an endless list of potential businesses behind it. If your passion is biking, start a biking app that lists the “most scenic” or “most strenuous” biking routes in your area, and maybe even include a part for connecting with other bikers so people with that same passion can meet up and bike together. Love antiquing?? Start an app where antique shops can post new unique products they have in store to encourage people to come shop! No matter what your passion is, you can start a business around it, so jot down the things you’re passionate for and start brainstorming!

YOU have a skill set

pexels-photo-935977.jpegEveryone has a skill set that can help them in starting a business. Your skill set could include communicating well with people, being able to maintain focus, having resilience, being skilled in using technology, or even having the ability to draw or write well. It’s not what skills you have, but knowing how to use those skills to your advantage when starting a business. If you are trying to find potential clients and you’re much better at writing than actually talking to people, then you might choose to send out an email to clients rather than call them on the phone or talk in person. Being able to maintain focus, or having resilience are both attributable qualities to starting a business as there will be many deterrence’s and unexpected challenges along the way that might discourage or distract you from your goals. Every skill, big or small, is a skill that you can utilize in starting up your business.

YOU have resources

The term “resources” can apply to anything from money, people, or business connections, to technology, information, and advice or assistance. Any resource that’s available to you can be helpful in starting up your business. Maybe you don’t have access to enough money to start your business, so you can turn to your other resources such as people, business connections, or technology, to cut costs of starting up the business, or receive investments toward the business. If you want to discuss product or service preferences with your target market and your resources do not directly include people in your target market, you can use your other resources to connect with people in your target market. In starting your own business, there are so many different ways to get each task accomplished, so no matter what resources you have access to, you can think of a way to utilize those resources to accomplish each task.

YOU have your own intuition

pexels-photo-212286.jpegHaving your own intuition is something that is extremely overlooked in business today. There is no way of knowing exactly what you will have to deal with in starting up your own business. In fact the only thing we can be about 100% sure of, is that not everything is going to go according to plan. You have to rely on your own intuition, not only during your unexpected bumps in the road, but just in day-to-day decision making for your business. Gut instinct is a powerful compass, learn to trust it, follow and understanding it…and it will serve you well in business and in life.

YOU want to start your own business!!!

Well, you’ve read my blog this far haven’t you?? You’ve already invested about 6 minutes into starting your own business! Congratulations! Go invest another 10 minutes, jot down some business ideas and let’s get this ball rolling, Onward & Upward!

If your passion is helping small businesses and connecting with people, let US help YOU! Start your own business with the support and guidance from us here at MaxExposure Business Solutions!

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