Three Crucial Bases To Cover When Starting Your First Business
Updated October 6, 2023
79% of Americans primarily shop online; by 2021, more than 2.14 billion people worldwide are expected to purchase both services and goods over the internet. With online businesses becoming most prevalent, many individuals are following suit and launching their first business in this manner. While it’s popular and possibly easier than ever, it’s still a process in need of strategy and avoidance of business pitfalls. After developing your detailed business plan and mission statement, there are three additional bases that should be covered to help you get off on the right foot.
Allocate And Secure Funding
Granted that all components of business startup are important, funding and budget are arguably the most important. Set aside a savings account to fund your business launch before you actually get further into the process. Make a list of approximate cost for everything you need to cover up front (website design, marketing, etc) so you’ll have a rough number of your startup cost. Don’t forget to look into your bank’s interests on your savings; it may not seem like much, but every bit helps. If financing your new business as an out-of-pocket expense isn’t feasible for you, talk with some banks about their options on business financing to see what your choices are. You can also look into Small Business Administration guaranteed loans if traditional bank loans don’t pan out. Take your time with the funding process to find an option that works best for you and your business goals.
Establish Your Presence
Once you have funding in place, you can get started on establishing your business brand and what it is you do. For an online business, you obviously want to set up a website and corresponding social media accounts. A professional email address should also be put into place. Now is the time to work out your SEO and begin to build followers on different social platforms. Really engage with your audience to begin instilling confidence in your customer base.
Begin Initial Advertising
Now that you have your website, email, and social media presence, you can begin advertising your service or product and drumming up business. Potential patrons and/or clients will be able to easily contact you, review your services/products, and even engage with you on platforms like Twitter. At this phase there will be little to no question as to what it is you do or offer; you established that in the previous step. A mixed variety of advertising avenues should be used in order to extend your reach.
Starting a business takes planning and effort. The outcome when done successfully, however, can be much more than a business: it can be your dream come true.