Connect with us

Starting A Business

Starting a Business in North Carolina

Published

on

Starting a business in NC requires more than an entrepreneurial streak—as is the case with starting a business in any state, there’s a bit of elbow grease to put in and fine print to read before you can legally launch your small business.

If you’re thinking about starting a business in NC, you’ll be in good company: According to a survey conducted by the SBA in 2018, 99.6% of all North Carolina-based businesses are small businesses, and those enterprises employ 44.3% of the state’s private workforce.

In this guide, we break down the process of how to start a business in NC, as well as provide you with a few state-specific resources that can help you even further as you navigate each step. Let’s get to it.

A step-by-step guide to starting a business in NC

Step 1: Write a business plan

Starting a business without a business plan is a bit like going for a hike without following the trail: in both scenarios, you’re setting yourself up to get lost—and that’s totally unnecessary! With a solid business plan in hand, as you start your business you’ll be better able to see the clearing in the forest when things inevitably veer from your expected course.

Your particular business plan can be as broad or detailed as you want, but at the very least, it should address some major points about your business’s purpose, organization, financial goals and requirements, target market, location (whether that’s a physical location or an online store), and marketing strategy.

For a bit more guidance, here are just a few questions you should address in your business plan:

  • How will I set my product or service apart from my competitors?

  • Who are my target customers, where are they located, and how can I market to them most effectively?

  • How much money will I need to launch my business?

  • What is my source of startup funding?

  • How long will it take to break even?

  • How long will it take to make a profit?

Keep in mind that if you plan on applying for a business loan, then you’ll ultimately need to write a more detailed business plan for funding. But at the very beginning stages of your startup, just aim to be as thorough as possible in your plan, knowing that you can always flesh out your plan as you develop more experience and your resources, goals, and audience behavior become clearer.

Step 2: Name and register your business

Once you’ve nailed down your business plan, you can get into the nuts and bolts of starting a business in NC—and that begins with naming your business and registering with the state. Here’s how to do it:

1. Choose a business structure

Your business entity will determine how your business is taxed, who owns your business, and your business’s degree of protection in the event that a customer or stakeholder files a legal claim against your business—so choosing that entity is a pretty important decision! And while it is possible to relatively easily change your business’s legal structure down the line, you still want to start your business out on the right foot.

Sole proprietorships or general partnerships are the simplest business entity types, both tax- and registration-wise; but as these structures don’t differentiate between the business and the owners, they won’t protect the owner’s assets from potential legal action taken against the business. Instead, you may want to consider registering your business as an LLC. LLCs are simple to register and operate, you can choose how you’d like the IRS to tax you, and they provide owners the legal protections that sole props and GPs don’t.

But you have options beyond the business structures we’ve mentioned, too. Take a look at our comprehensive guide to the types of business entities to best determine which legal structure would work best for you.

2. Choose a business name

The process required for naming your business depends on which business structure you’ve chosen. If you’re a sole proprietorship or general partnership doing business under your legal name, then you can move onto registering your business with the state. But if you’re a sole prop or GP and you’d like to name your business something other than your legal name, then you’ll need to consult your county’s Register of Deeds to make sure your chosen name is available.

The process for naming a corporation, limited partnership, or LLC requires a few more steps. After you’ve come up with a business name, you’ll need to see whether that name is available for use. To do this, the state recommends that you consult some or all of the following resources to be absolutely certain that your business name is copacetic:

  • Your Secretary of State’s office, which will tell you whether your proposed name is available for use

  • Your county’s Register of Deeds office, chamber of commerce lists, and online directories to make sure there aren’t any businesses in your county operating under a name similar to yours

  • The North Carolina Secretary of State’s Trademark Registration search tool, which will help you determine whether the words included in your desired business name have already been trademarked in the state

If it’s available to you, you also have the option of hiring an attorney to guide you through the process of naming and registering your business entity.

3. Register your business

Once you’ve determined your legal structure and chosen a usable name, you can officially register your business with the state. If you’re a sole prop or GP then you’ll file with your county, and all other types of entities will need to file with the NC Secretary of State.

Step 3: Understand your tax, licensing, and employer requirements

The logistics attendant to starting a business in NC don’t stop there: Next, you’ll need to understand which state, county, and federal taxes apply to your business, and obtain the proper licenses and permits in order to operate legally.

1. Determine your tax requirements

The most efficient and foolproof way to determine your tax requirements is to consult a business attorney or an accountant. But know that your business will be responsible for some combination of the following taxes, depending on your business entity, what you sell, whether you have employees, and a few other factors:

  • Sales and use taxes

  • Employee withholding

  • Machinery and equipment taxes

  • State income taxes

  • Federal taxes

You might also need to pay a tax specific to the item you’re selling, such as alcoholic beverages, tobacco, or motor fuels. Take a look at the North Carolina Department of Revenue website for a full list of state business taxes.

Depending on your business entity as well, you might need to obtain an EIN (other than sole proprietorships, which can use the owner’s SSN), an NC Secretary of State Identification Number (SOSID), and/or identifying numbers issued by the NC Department of Revenue, depending on which taxes you’re responsible for.

2. Obtain the proper licenses and permits

North Carolina doesn’t issue one, universal business license. Rather, you’ll need to find out whether your particular business requires licenses and permits to operate legally, whether at the state, city, county, or federal level. You can call Business Link NC to learn more about your business’s licensing requirements, and if you need an occupational license, consult the directory of North Carolina occupational boards to find relevant contact information.

3. Understand employer requirements

If you plan to employ contractors or employees, you’ll need to go through a few extra processes. Depending on your business’ size and your employees’ individual needs, you’ll need to complete some combination of the following employer requirements:

  • Register with the state to withhold state income taxes from employee wages

  • Obtain unemployment, workers’ comp, and health insurance

  • Withhold child support payments from employee wages and sending them to the proper agency

  • Post a copy of the North Carolina Workplace Laws Poster where your employees can clearly see it

  • Report newly hired employees to the NC Directory of New Hires

  • Ensure that your place of work is OSHA (Occupational Safety and Health Act)-compliant

  • Verify employment eligibility

To see exactly how and where to complete all the aforementioned steps (and to determine which of these steps your particular business is responsible for), take a look at the State of North Carolina’s webpage on employer requirements.

Step 4: Get insured

Regardless of the state in which they’re based, we recommend that all new businesses obtain business insurance to protect themselves against potential legal claims.

The exact types of small business insurance you can or must take out depends on the type of product or service you’re selling, whether you have employees, whether your business operates in a physical location, and your industry, among other factors. On a state level, if you have employees then the state might require that you obtain unemployment insurance, workers’ compensation, and/or health insurance, depending on your business’s size and liability requirements.

Beyond that, we’d recommend looking into general liability insurance, which provides protection in case a client or vendor takes legal action against your business as a result of injury. Other types of business insurance you may want to consider include commercial property insurance, professional liability insurance, product liability insurance, employment practices liability insurance, and key person insurance. Consult our guide on small business insurance to better determine which types of insurance your business should have.

Step 5: Separate your business and personal finances

Next, you’ll need to take a few steps to separate your business and personal finances.

This separation is important for a few reasons. For one, it’ll protect your personal assets in case your business runs into legal trouble. And if you plan on applying for a business loan down the line, then potential lenders will have a much easier time coming to a credit decision with a separate tax return for your business, as without the numbers muddled with your personal finances they can truly understand your business’s financial solvency. Those separate tax returns will also make things much more efficient for you (or your accountant) when it’s time to file your taxes.

Luckily, maintaining that separation is pretty easy to do. To start, we recommend opening a business bank account ASAP, using that account solely for your business’s capital. As a startup, you’ll likely only need a business checking account to start, as they’re generally more accessible than business savings account—and you’ll need to access that capital as much as possible, especially in the early days. Check out our guide to the best banks in North Carolina for business.

If you plan on using a credit card for your business, which we also recommend, be sure to sign up for a dedicated business credit card rather than using your personal card.

Step 6: Secure startup funding

Once you’ve nailed down all the logistical necessities involved in starting a business in NC, you can begin to obtain funding to (finally!) launch your operation.

This can be the most difficult aspect of starting a business, as it’s notoriously difficult for brand-new businesses to prove to potential lenders that they’re financially solvent and savvy enough to be trusted with debt. And while bank loans’ affordability and generous terms are certainly desirable, banks are among the most risk-averse lenders you’re bound to find.

For that reason, your safest bet is not to put all your eggs in the brick-and-mortar basket—though if your heart is set on a traditional bank loan, we won’t discourage you from lobbing in an application with your local bank or credit union.

But you should also consider zero-debt financing methods, which is common for startups that don’t have the years’ worth of financial documents that banks need to make a credit decision. Crowdfunding, angel investors, and bootstrapping or self-financing are all popular startup funding methods that don’t require the creation of debt, and which, by extension, are a little easier for startups to secure.

Also, friends and family loans and personal loans for business are much more accessible to startups than business loans are, even they do involve the creation of debt. And don’t overlook the power of a business credit card, which is actually a type of loan. You should only use your business credit card for smaller, day-to-day expenses to make sure you’re staying below your credit limit and keeping your all-important credit score in check; but business credit cards typically have higher credit limits than consumer cards, you’ll have some more wiggle room there. Plus, if you’re using a cash back credit card then you’ll also rack up extra cash as you spend, which you can then invest right back into your business.

At the same time, look into NC-specific funding opportunities for new businesses. In particular, EDPNC has an excellent guide to funding resources for NC-based businesses, including private equity programs, financial assistance for rural businesses, microenterprise loan programs, SBA loans, and more.

Also remember that many startups (and established businesses, for that matter) use a combination of financing methods, so you’re hardly bound to choosing a single funding track. But the most important factor to take into account whenever you’re choosing a financing method is to be certain that you can pay your debt in full and on time. If you can’t, choose another method that won’t plunge you into a cycle of debt.

Step 7: Market your business

Ultimately, all the previous steps you’ve taken won’t amount to much if no one knows about your brand-new business. That’s why implementing a small business marketing strategy as soon as you start your business, or even right before your official launch, is absolutely crucial. (And if you’re a bit more right-brained, you’ll likely have more fun with this step than the previous steps!)

It’s likely that you’ve set aside only a small amount of your business budget toward marketing materials. But thanks to social media marketing, which is often low- or no-cost, plus other free marketing strategies, it’s easy to make an impact on that shoestring budget. (As you grow, you can begin to implement paid marketing strategies, like Google Ads.)

Start by creating a business website, which can be as simple or as complex as you want or need it to be. Depending on which ecommerce platform you choose, you can sell items on your website and/or social platforms; create and manage a standalone online store; or simply create an online landing page for your business that includes your store’s address and operating hours, or your service-based business’s contact information and appointment scheduling software.

Love it or hate it, the power of social media marketing is unavoidable—so be prepared to create a handful of social media profiles for your business, as well. A business Facebook page and business Instagram are key, but depending on which platforms your target audience engages with the most, you might also consider getting your business onto Twitter, Snapchat, or Pinterest. It’s a good idea to brush up on some basic SEO strategy, too. That way, all digital content you create for your business will have the best possible shot at ranking higher on search engines—which, in turn, increases the chances of a browser or shopper clicking on your link.

But don’t forget about old-school, in-person marketing tactics, too. Offering sales incentives, setting up a booth at your local crafts or farmers market, setting up a pop-up shop in a larger store in your area, offering workshops, tutorials, or tours of your facilities, and guerilla marketing tactics like posting flyers, are all effective and relatively low-cost strategies for getting the word out about your new business.

The bottom line on starting a business in NC

Ultimately, starting a business in NC is not so different from starting a business in any other state: Regardless of where they live and work, all entrepreneurs need a combination of grit, belief, and creativity, but successful entrepreneurs need the humility to follow the rules when necessary. And while we can’t really cultivate the first three traits in that list for you, we hope we’ve helped clarify the logistical processes involved in fulfilling the last.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

Advertisement

This post was originally published on this site

Continue Reading

Starting A Business

How to Grow Your Small Business Startup: 4 Essential Steps

Published

on

Around 90% of startups fail. And while some of those failures can be attributed to bad luck, many others were the result of poor decisions at the early stages of building the company. 

But while that statistic may seem discouraging, it can also provide motivation to those entrepreneurs who are willing to follow the best practices of launching a startup and push through the various challenges that will inevitably come up during the process.

With the help of a few simple (but fundamental) strategies, you can separate yourself from the majority of other startups and give yourself a real shot of making a product that will break through and make a difference.

To help you get started, let’s look at four crucial aspects of launching a startup that you should consider.

Start with the “Why?”

The number one thing you should do when launching a new company is to ask yourself a simple question:

Why is this solution necessary? 

There are millions of startups globally, and the majority of them would fail to provide a viable answer. Some just want to break into a hot market because they think that will increase their chances of success. Others believe they have a unique idea without knowing whether there’s any demand for it. 

But in most cases, ideas that might seem reasonable at first glance crumble when their purpose is questioned even a little.

So, if you want to avoid pouring your heart and soul into a project only to find out that it was a waste of time, it’s a good idea to spend a fair amount of time thinking about the core purpose of your product and the effort it will take to launch it.

Most of the successful startups you might have heard in recent years started with a very clear idea of the purpose behind the company. It can be a feature that no other product in the market can offer. Or, it might be a unique process for solving a problem that will change the industry forever.

Most of the time, there’s at least a clear answer to why the startup needs to exist in the first place. If you strip away the gimmicks and the additional features, you should still be left with the core idea of what you can offer that no one else can.

Take Care of Your Employees

No matter how you decide to finance your startup, you won’t be able to go forward alone for long. And that means that at some point, you will need to figure out how you’ll take on employees and ensure that they are happy and protected.

Then, there are various state and federal regulations that determine how much paperwork you’ll need to file out, what protections you’ll need to offer, and countless other details that someone outside of the HR world has probably never dealt with.

Because of that, startups can benefit from using HR outsourcing services that can take over the entire process. The team at SnackNation recommends using services like Bambee or Workday, which provide comprehensive solutions for companies of all sizes.

These companies can offer HR consulting, benefits administration, performance management, payroll, bookkeeping, and various other services that can be a hassle to manage on your own when you’re just starting a new company and have a lot on your plate already.

Plus, it ensures that you implement the best HR practices of today and that your employees are taken care of. And that will make attracting the top talent you need for growth that much easier.

Use a Proven Website Platform

Launching a startup is impossible without a strong web presence. And that inevitably starts and ends with your website. But if you don’t have experience with building and designing websites, the entire process can be a bit overwhelming.

The good news is that with a platform like WordPress, you can have a website set up in a matter of days if you want something simple. But at the same time, the platform offers robust customization capabilities and it can get a bit confusing when picking the right ones. That’s why it’s a good idea to curate your own WordPress toolbox that includes a wide variety of powerful themes, plugins, add-ons and WordPress resources that you know would always work for your website. 

In the end, you want to find fast hosting, install robust security features, and provide a seamless User Experience (UX) to all of your site’s visitors.

Designing a site from scratch can be appealing. But WordPress can give you enough versatility to get any features you need while remaining user-friendly enough to keep costs down and provide you with a simple way to get started.

Maintain Focus

As a startup owner, you will probably never run out of avenues you could pursue. Whether it’s the new shiny marketing tool or a promising networking opportunity, there will be times when you’ll want to do everything at once because that’s what could give the company the best chance of success.

But in reality, maintaining focus and clarity in terms of priorities might be the most practical choice for your startup in the long term.

By only focusing on a few things at a time, you will allow yourself to really give them time, tweaking your approach until you find what’s working. Moving on to something else is easy, but then you might miss out on incredible opportunities because you were too quick to dismiss something without giving it a real shot.

So, whether it’s a marketing approach or adding features to your product, always weigh the potential benefit against the resources it would require and against how it would impact what you’re doing right now.

Sure, at some point, you will need to cut your losses with projects that didn’t pan out. But it’s a good idea to stick with them for a bit longer than you might want to, especially if you know that it’s a sound strategy that could deliver big if you would just find the right approach. 

Final Words

Launching a successful startup is a dream that drives millions of entrepreneurs worldwide. But only those that follow sound business principles and are disciplined in their decision-making can expect to see success.

The strategies listed above may not be flashy, but they represent essential parts of running and scaling a startup. And sometimes, taking care of the less flashy details like HR management can set you up for exceptional results in the future.

This post was originally published on this site

Continue Reading

Business Ideas

Starting a new online business during the pandemic: Two COVID-era tales of renewal in Miami

Published

on

Get up to 30%* off! Get going with GoDaddy!

The pandemic forced more than three-quarters of small businesses across the U.S. to temporarily close up shop in the spring of 2020, and thousands have since shut down for good.

But the COVID-19 pandemic also led to a record number of people trying to start their own businesses: 4.5 million filed new business applications in 2020, according to an analysis of U.S. Census Bureau data by the Economic Innovation Group.

That’s the highest number ever and a 24% increase from 2019.

 

And the momentum isn’t slowing. The Census Bureau says 492,000 new business applications were received in January 2021, a 43% jump over the previous month. Many more informal businesses are believed to have been created, often as side hustles, but never registered.

Few cities saw more aspiring entrepreneurs than Miami. Although new business creation was not distributed evenly across racial and socio-economic lines, green shoots of entrepreneurship popped up across the metro area, helping to bring a dose of resilience to the local economy.

[At the same time, untold numbers of existing small businesses — restaurants, neighborhood shops, salons — decided to establish a digital presence, allowing them to find new customers and take orders from beyond their immediate area.

In all, the number of digitally connected microbusinesses in Miami-Dade County rose 6.7% from 2019 to 2020, according to data from GoDaddy’s Venture Forward project, which studies the economic impact of these small online businesses. The Miami metro area, which includes the neighboring cities of Fort Lauderdale and Pompano Beach, has more microbusinesses per 100 people than any other large metro area in the country.

These everyday entrepreneurs make a big impact on their communities, with each new one leading to the creation of two additional jobs, Venture Forward data shows. Additionally, each new microbusiness per 100 people can reduce the unemployment rate by .05 percentage points.

And between 2016 and 2019, every microbusiness per 100 people that’s active online was associated with a $485 increase in a community’s household median income.

Here are the stories of two inspiring women entrepreneurs who took the initiative when the pandemic upended their lives.

Natasha Nails: Rethinking the press-on

It took a painful case of contact dermatitis, a type of allergy, following a visit to a nail salon for Natasha Williams to come up with an online business idea for the future of press-on nails.

The Miami native, who lives in Little Havana, has had her nails done since her teens.

But after her allergic reaction in March 2020, she was forced to switch to press-on nails that used hypoallergenic adhesive pads.

Unhappy with the appearance of what was available — they felt cheap and plasticky — Williams started buying clear nails and hand painting them with her favorite colors and designs.

Around the same time, the pandemic shut down the local economy. A well-known tap dance performer and teacher around Miami, Williams suddenly had a lot of time as lessons and gigs dried up.

By July, buoyed by the admiring comments she got from friends and strangers on the street, she realized there was a market for her creations, so she quickly built an online store and Natasha Nails opened for business.

At first, it was as much a hobby as a career plan. But soon she started asking questions and understanding the opportunity was real.

Why did women tend to apply press-on nails and leave them on and then throw them out? Given how easy they are to remove and reapply, particularly the adhesive-pad type, wouldn’t it be more fun and affordable to have collections of nails so they could match outfits or daily moods, the way they choose which shoes to wear or purse to carry?

“I want people to be able to mix and match, like ‘let’s see what I have in my closet to wear today,’” she says.

If she can popularize this approach, women may one day not feel obliged to suffer the daily inconveniences of wearing long nails.

“Just try typing all day with these things on,” she laughs, showing off long, olive nails. “You really can’t do much. And anyone who tells you differently is lying!”

While her new business doesn’t make enough money for her to quit her teaching, she spends about the same number of hours on both.

That includes 30 minutes each morning tending to her growing Instagram account — where she has amassed more than 5,000 followers who account for most of the orders on her website — and a few hours in the evening painting nails, including custom orders, and packaging up boxes for customers who opt for her monthly subscriptions.

Many challenges remain ­— particularly how to scale production beyond her ability to hand-paint nails while maintaining the artistic quality. But Williams is definitely a long-term thinker who hopes that, some day, her creations will be featured at major retailers.

“I don’t see obstacles as problems, but as challenges,” she says of the process of building a company. “You just have to follow the steps.”

Read more about Natasha’s story here.

Starting an online charcuterie-to-go

Like so many healthcare workers around the world, Maryam Kheirabi faced new demands when the pandemic hit. An oncology pharmacist with a Miami-area hospital, she suddenly had more hours, more stress and more fears of the unknown.

To deal with the growing pressure, Kheirabi decided she needed a new activity, something that would take her mind off her stressful job and give her a newfound source of fulfillment.

That’s when Fig & Brie, a charcuterie-to-go business, was born.

 

“I’m happiest when I’m extremely busy, and I wanted to create something beautiful for people to share,” she says. “In a way, I think the business got me through the worst days of the pandemic. It gives me hope, and hopefully it gives other people hope, as well.”

The idea came to her soon after the pandemic began, when she saw groups of friends eating from plastic containers full of snacks at a park across the street from her home for socially distanced get-togethers.

“How cool would it be to have a charcuterie box to go,” she remembers thinking. It would give people the option to pre-order a food board that could be delivered just when it was needed.

A native of Queens, N.Y., who moved to Miami with her speech pathologist husband in 2016, Kheirabi grew up being responsible for creating food platters for family gatherings.

“We Persians are very big on hospitality, and I never lost my love for creating beautiful, delicious things,” she says.

Once the first spike in COVID-19 cases began to ease in August, she started doing research, which included the creation of a variety of charcuterie platters for colleagues at the hospital.

A cousin in New Jersey agreed to help her secure a domain name and choose website-building tools.

“The rest was left up to me, but it was mostly dealing with aesthetics, which I love, anyway,” she says.

In early November, Fig & Brie officially launched, with a range of offerings, from a $20 “solo” platter to an $85 “soiree” box.

The seed capital was $2,000 that her husband, Francisco, urged her to take from their savings, with the understanding that they wouldn’t spend any more if the business wasn’t profitable after a month. She ended up spending $1,900 of it in that time, but by early December the business was making money.

Kheirabi’s digital marketing strategy initially was solely based on Instagram, in part because she wanted to grow slowly at first. But sales jumped more quickly than expected over the holidays, as friends and fans spread the word. One local real estate broker ordered platters as gifts to her clients.

It wasn’t easy, but she and her husband managed to keep up with demand while maintaining their jobs in healthcare. It helps that most orders come on Thursdays or Fridays, for delivery on Saturday.

Francisco does everything from taking photos to taste-testing to driving their only car around the city making deliveries. When he once asked what he would be paid for all his work, she quipped, “Sorry, but we pay in cheese.”

Her near-term goal is to have enough demand to hire a driver or two, and then to find a way to ship around the U.S. (That will require some innovation, to either find a way to keep fruits and veggies crunchy and fresh, or to come up with boards that meet her standards without those foods.)

Ultimately, she’d like to open a storefront in Miami and share her business model so women in other places could follow suit.

“I wouldn’t be doing this if it was only for the money,” she says. “That’s just icing on the cake.” The primary reward, other than enriching customers’ lives, is to empower women, including herself.

“We’re living in a time when women are standing up and taking charge of themselves,” she says. She even welcomes the competition from other female-owned online charcuteries in the city. “There’s enough demand to go around,” she says. “Women shouldn’t compete with each other. We should lift each other up.”

Related: Research shows that women have what it takes to make great CEOs

The post Starting a new online business during the pandemic: Two COVID-era tales of renewal in Miami appeared first on GoDaddy Blog.



Get Hosting for $1.00*/mo with GoDaddy!

This post was originally published on this site

Continue Reading

Starting A Business

New to Entrepreneurship: Here Are 6 Tips You Can Bank On

Published

on

Entrepreneurship is not a career, it is a life choice. Many people have mind-blowing business ideas. It’s almost enticing to jump right into starting up your new business. But as fun, as that sounds, the reality of running a successful business is a lot more complicated than that.

Most times opening up a business is usually a learn-as-you-go experience, but it doesn’t have to be this way. Here are essential tips that when implemented well can be the smartest decision you will ever make for your business.

Brand Your Business

What does the term branding mean to you? Most people perceive branding as the logo, colors, and visual component that you associate your business with, but it’s a little more than that. Branding is the entire identity of the business. It is what makes your business stand out in crowds.

In a fast-growing business world, it is important to create a strong brand for your business. This way it outshines your competitors, gets people’s attention, and makes it more recognizable. Branding gives you a chance to get some control over how people perceive your business. 

Build a Team

Manpower is a vital part of any successful company. It is significant for ensuring that operations are running smoothly and efficiently. Coming up with a good workforce is the secret ingredient for achieving a good relationship between your company and your customers. They are the face of the company and give an essence of the human touch to your business.

It can not go unmentioned that with improved technology manpower is rapidly being replaced with machines. That said, creating and maintaining a reasonable amount of manpower for your business can be a life-saver hack. Coming up with a team of educated and well-trained individuals will improve productivity, provide innovations, and maintain the relevance of your business in the market, something technology can’t provide.

Buy Raw Materials in Bulk

Depending on what your company’s end product is, consider purchasing the raw materials required at wholesale. Stockpiling the raw materials when they are at their lowest prices is a money-saving hack. Buying raw materials at a low enough wholesale price reduces the cost of production and in the long run, maximizes profits from your retail sales.

Consider finding a reliable wholesale distributor, this makes purchasing more efficient and you are assured of the quality of materials you will be getting. Ensure they supply within your geographical region, have prices you can afford and are trustworthy.

Advertise Your Business.

Promoting your business is a key aspect if you want to outshine your competitors and make your product or service known to your potential customers. Businesses have different ways of promoting their brands; they range from handing out flyers to postcards to brochures to advertisements in newspapers to online marketing.

Using social media platforms to promote your product or service is a no-brainer. It is the best way to get your name out there fast enough, while also providing solutions to about ninety percent of the population online searching for similar products. Some businesses opt to invest in a large indoor LED screen because of its efficiency in displaying stunning images. These types of screens are eye-catching, outstanding, and popular for their diversity in use, hence playing a major role in advertising brands.

As a business owner, take time to research which medium of advertisement will best suit your enterprise and proceed to invest in it.

Invest in Packaging

While most new business owners overlook the need to properly package their product you must seize the chance and stand out. packaging is the first touch that customers will have with your brand.

It is therefore important to create enticing packaging for your consumers that will draw attention to your brand. It is imperative to incorporate eye-catching shapes, colors, quotes, and packaging material that is unique to your brand. This will make the unpacking experience for your customers exciting and unique hence creating loyalty and enhancing customer retention. Keep in mind that with evolving people and markets, your packaging must evolve to keep up. 

Be Sure to Keep Records

For any business, accountability is key. Efficient record keeping will help to keep everything in order and help to analyze your company’s financial status, provide insight into what your real profit is, answer tax problems, or keep track of deductible expenses.

Precise record-keeping of finances and expenses throughout a business’s lifespan makes it easier for you to adjust your business plan accordingly to help solicit new business partners or investors. 

Even after a business picks up, managers are tempted to focus more on production and profits and overlook record-keeping, so don’t fall into this trap. 

Choosing whether to keep the record in soft copy or hard copy is totally dependent on the business owner’s preference.

Conclusion.

Let’s be honest, starting a new enterprise can be a little bit hectic because it requires a lot of planning, sacrifice, and money. That said if you have your business idea don’t wait for the right moment because it will never come. Take the leap and trust your instincts. All you need to do is apply the six tips explained above and you are good to go. Good luck setting up your new enterprise.

This post was originally published on this site

Continue Reading

Trending

SmallBiz Newsletter

Join our newsletter for the latest information, news and products that are vital to running a successful SmallBiz.