Want to jumpstart a business as soon as possible? Slow down! You need to have a good idea of the direction you want your business to go. Follow these five start ups tips to make sure you get off on the right foot.
Old School Marketing Materials Still Work
The more you hear about Facebook ads and search engine ranking, the less you may think that you need standard marketing materials. Business cards, custom business signs, brochures and custom vinyl banners bought online still go a long way, though. You don’t have to invest a ton of money in physical materials, but don’t overlook them completely, either.
Online Marketing Strategy
There’s no reason to not market your business online. For one, it’s pretty much free. Secondly, the best and fastest way to reach a majority of your target audience is online. Create a marketing strategy that takes into account the various types of online marketing, including e-mail blasts, a website and blog and social media accounts.
Figure out who your target audience is. Are you appealing to single moms? Do you want to reel in college kids? Is your business primarily for seniors or professional men and women over the age of 30? You have to decide who you want to target a majority of the time. At the same time, you can’t turn off all other consumers. Some audiences outside of your target may still become clients and customers.
Devise a Business Plan
Don’t even think about forming a business if you don’t have a business plan yet. Depending on the type and size of your business, a business plan can take a day or a month or even longer to set up. You need it, though, no matter what. Not only do you need to create a business plan, but you need to revisit it often to make sure you’re staying in line with your plan and to update as needed.
Choose a Business Entity
There are a few different ways to set up a small business. You may not need to choose a business entity at all if you’re going to be a solo entrepreneur, but you should still know the different entities available and weigh your options. Business entities basically provide insurance and protection for you or you and your employees. Consult with a lawyer to find out the ins and outs of the different entities available.