Are you looking to start your own business in 2022? If yes, then you are in for an exciting, yet most likely arduous, journey. From creating a business plan and securing funding to promoting your brand, read on to discover exactly what you need to do to start your own company – be it big or small.
Step 1: Carry out market research
The first and arguably one of the most important things you need to undertake is market research. This will establish if there is a demand for your products or services and also help you identify your target audience.
During this initial stage, make sure that you check out all your competitors, both online and locally, so that you can use this information to your advantage.
Step 2: Create a business plan
The business plan is the foundation of any new business and can mean the difference between you making it past the first year or folding within a few months.
If you have not written a business plan before, then don’t worry, as there are lots of free business plan templates online to help you get started.
Within your business plan, you need to include your company description, company structure, your products or services, and your goals.
Step 3: Generate funds
Once you have completed your business plan, you should know how much money you need to get your business off the ground and see you through the first 12 months. Then, the next step is to actually gain access to this money.
When it comes to funding a new start-up, there are several options available: borrow from the bank, self-fund, find an investor, or get going with crowdfunding. You can also borrow the money from family and friends – but be warned that this can cause conflict if you are unable to pay back what you borrowed.
Step 4: Choose a location
Unless you are setting up an online-only business such as an e-commerce shop, you need to choose a physical location for your new business.
Where to locate your business will depend on several factors, including the location of your target audience, your business partners, and your personal preferences. You also need to consider your budget, any local government restrictions, and your long-term goals.
Step 5: Register your business
To register your business, you first need to choose a company name, which can be a tricky process. Try to select a name that truly reflects your brand and your values. You also need to make sure that it is not already being used by someone else.
Once you have chosen a company name, you need to register your company to make it legal and protect it. If you are listing your business under a name different from your own, then you need to register with the federal government and sometimes with your local state government.
Step 6: Apply for licenses and permits
You need to ensure that your new business is legally compliant, and to do this, you must apply for any relevant licenses and permits that are required by your state or country.
If your business is regulated by a federal agency, you will need to get a federal license or permit. You are also likely to need a permit from the state, county, or city that you are operating within.
Step 7: Open a business bank account
When you are ready to start spending and accepting money as a business, you will need to have a business bank account set up. Some of the most common business bank accounts include a checking account, a savings account, a credit card account, and a merchant services account.
When choosing a bank, look for one that offers additional perks such as purchase protection, introductory offers, and a line of credit.
Step 8: Promote your business
The final step is to promote your business as there is no point in going to all this effort and expense if you don’t have any customers.
There are so many different marketing techniques that you can use to promote your new business, including social media marketing, email marketing, and content marketing. If you are a local business, one of the most cost-effective ways to promote your new business is using promotional products such as the ones from anthembranding.com.
From branded hats and t-shirts to mugs, bags, and more, these custom goods can be used to increase brand awareness, boost brand recognition, attract new customers, promote new products and services, and so much more. Plus, they offer one of the best ROIs (return on investment) out of all the available marketing techniques.