After the last two and a half years, we are seeing more and more new businesses, starting! Why is now a great time to start a business? 

  • Some got laid off during the pandemic
  • Some have been working from home and are no longer interested in returning to the office
  • Many are reevaluating their life and realizing that they want something more than what they currently have. 

At the end of 2021, over 432,034 business applications were filed in the United States! This number isn’t slowing down. Why would you want to start a business? A business gives you a lot of upward mobility. While your earnings may have been capped as an employee, you have a lot more upward mobility as an entrepreneur, but it won’t happen overnight! 

What do you need to know if you want to start a new business? 

Dream – Plan – Start – Grow! 

Below are some basic steps to get started but do not encompass the entirety of what you need to understand. 

1) Know your purpose! Do what you are passionate about that fulfills a purpose

2) Understand your target market or avatar. Not everyone is your target market! Be clear on who your market is and understand how to reach them.

3) Know your numbers. What are the costs to start the business? Do you have a large overhead or are you a service based business that has less start up costs? Do you need a location or additional staff to get started?

4) Do you have a cushion to get started? It is best to have a cushion to ramp up in any business. Never expect the clients to start flowing immediately unless you have current relationships with potential clients. 

5) Incorporate the business in your state. It is always best to consult your accountant and/or attorney on the best option for your business. Understand the finances and the legal ramifications of each in order to make an informed decision. 

7) Take action each and every day! Rome wasn’t built in a day and neither is a small business. 

8) As you move forward and grow, know your numbers and reinvest in the business. This will help you to continue to grow and expand more rapidly.  

This list is by no means exhaustive. It will help you get started. Starting a business can be a daunting task but it is also very rewarding. 

Dream – Plan – Start – Grow!

Understand each step and continue to expand your business day by day! 

If you are considering starting a business and need help, set up a complimentary 30-minute phone call.