Guide to Adulting: Starting a business
PHOTO Bree Soule
December 6, 2021
Starting a business requires a few things: money, a plan, a location, etc. The business should offer a skill set or provide something new to the market.
When looking into starting your own business, the U.S. Small Business Administration stated that the business location chosen is the most important decision you will make. “Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements and revenue.”
Although money is an important factor when starting a business, you can be successful without any startup funds. One way to do this is to work a day job. Doing this will reduce the financial risk taken on while creating a business as you still have a reliable source of income. Another option is to create fundraisers which will not only gain attention for the business, but also provide another source of funding.
According to Business News Daily, “Once you’ve developed your business idea and you’re ready to start on a business plan, you’ll need to get creative with funding. You can raise money through investments by pitching your idea to financial backers. You could also gather funding through crowdsourcing platforms like Kickstarter, or set aside a certain amount of money from your weekly earnings to put toward a new business. Finally, you can seek out loan options from banks and other financial institutions as a way to get your company up and running.”
When creating a business, you don’t have to begin large-scale. In fact, it may be more beneficial to start off small and grow over time. ZenBusiness reported, “for the most part, successful entrepreneurs don’t like walking blindfolded on a limb. Instead, they take controlled risks. They test an idea on a small scale, then build on what works well, tweak what shows promise and discard the disasters.”
A few other tips provided by ZenBusiness include the following: don’t fixate on mistakes and embrace digital marketing. Mistakes, although not considered good, provide a learning experience for a business owner. If a mistake occurs, look for an alternate path or a “more attainable goal.”
Digital marketing is highly recommended. A business should have a professional website with contact information so customers can communicate with the business. A social media presence may also increase popularity as 4.48 billion people use social media worldwide, as reported by Backlinko.
To help you get started, check out the illustration below which lists the first 10 steps to start your business, recommended by the U.S. Small Business Administration.
