5 essentials of starting and running a business
There are many components to starting and running a business below is a list of the five essential that you need to start and run your business effectively. This is not a complete list, but a good guideline on what you need for your business.
Step 1: Set up for your business for success.
It is very important that you start your business on the right foot by doing everything you need to do legally before you start selling. The first step is to determine your business name. This is a very important step because you don’t want to change your name once you have a good brand set up. Once you have some options of the business name search the Internet and make sure that this name is not already taken.
You want to also search your state to make sure that no one else has already claimed this name. Once you have determined that the name is open you and you are ready to move forward go to https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identificationnumber-ein-online. Once you have applied for the federal ID number, you then need to go to your Secretary of State website for your state.
You will then need to check your state’s requirements for obtaining an LLC in your state. Once you have your FEIN number and the certificate from your state, you will be able to open a bank account in your business name. It is very important that you operate your business separate from your personal account. This is an IRS requirement and it’s very important to follow. There are many banks that have free or very reduced fees for businesses just starting out just make sure you search and find a good one.
Step 2: Building your brand
One of the most important parts of being a success in business is to build your brand. A good place to start is to have a logo made that is a good representation of your business. Take for example Apple computers, it is very easily recognized and has been established as a successful brand.
A great place to get a logo made is https://www.fiverr.com/. You can get a very professional made logo made for you without breaking the bank. Once you have a logo the next step is to start your website.
A website is very important if you plan to do any advertising and this is going to be crucial for building your business. There are a lot of great hosting providers out there that are inexpensive and a great option for just starting out. A few examples are https://www.siteground.com/ and https://www.wix.com/. Both of these hosting providers are easy to navigate and have great support.
Step 3: Making your presence known
Once you have the task of setting your business up and setting your brand up you are ready to move on to the next step. Now that you have your brand you need to share that and gain followers so that you can be successful in your business. The best way to do this is to set up social media accounts on Facebook, YouTube, Instagram, Pinterest, and Twitter.
These sites are where you will establish your brand and get out the word about your products and services. It is very important that you set up business accounts and not use your personal accounts on social media.
You can lose your account if you are caught selling products or services on your personal account. It is very easy to set up these accounts If you’re unsure check YouTube for tutorials. Make sure to include your logo and business name across all social media in the same consistent manner.
You can use https://www.canva.com/to set up your banners and have a consistent brand across all media. This is a free site and very easy to use.
Step 4: Social Media
Social media is a very powerful tool and if you want to be successful in business today this must be a big part of your plan for growing your business. The powerhouse in social media today is Facebook. Although you want to set up a presence on all social media, it is important that you do one at a time.
Save yourself from getting overwhelmed by picking Facebook first and establishing yourself on there. Once you have a good following on Facebook tackle your next social media. It is a good idea to use Pinterest and Instagram for business as well. Both of these are very powerful and a great place to sell your product and services. A great way to make your presence known and get followers on Facebook is to do Facebook live.
It is free and it is a great advertisement for your business. Not sure what you should do a live on, whatever you do for your business is a great subject for your ` live. If you sell products you can show how to make products or you can show the type of widgets you have available. If you sell services you can show how you provide your service or you can educate people on why they need your service.
After your Facebook live you can go back and invite people who have watched your lives to like your page. Facebook ads are another great way to grow your social media presence. You can start with a small budget a dollar a day. This is an excellent way to grow your followers.
Once you start your second and third social media you can invite your Facebook followers to foloow you there as well. Make sure you have links to all of your social media on your website. Post four times per day with a mixture of shared post from other creators and post of your own to make sure that you get engagement from your social media. That engagement is what will help you sell your products and services.
Step 5: Diversify your profits
Once you have some followers and are getting that engagement, you can start to sell your products and services. A great rule of thumb is to provide 2 to 3 free items to your followers and then an item for sale. This is a very effective selling technique. Your free items can be tutorials, articles, and advice.
This helps to gain loyal followers who will help you grow your business. There are many ways that you can sell your products and services. If you have products especially if they are handmade products you can sell on Etsy. You can also sell certain services on Etsy. You can sell on your website and on your Facebook business page.
Regardless of whether you are selling products or services another great way is to sell digital products. You can sell tutorials or courses on how you make your products or how you provide your services.
If you are marketing whiz you could sell a course on how to do marketing. Another great way to monetize is to do affiliate sales. Once you have a good following on Facebook you can apply to be an affiliate in order to diversify your profits. One of the most important ways to be successful in business is to have multiple streams of income and not limit yourself to just one.
You never know when you will gain or lose business. So it is a great idea to have multiple streams of income.
No matter what type of business you are in these steps will help you. If you enjoyed this article please check out my article on social media.
Do I need to have an LLC if I am so proprietor to let the State know? I already have a FIN, have had it for a couple years. I also have a shop on Etsy but haven’t put anything in there yet.
Hello Rosemary, you want the LLC to protect you more than to tell the state. You do want to go to yours states Secretary of State and see if there is a license that you need for operating an e-commerce business.
My son does YouTube fix it video’s which he has the Google ad sense linked to them how would he make that into a business.
Hello, Elaine, he can do it just like any other business. Having a YouTube channel is a business. I would go through the same steps. The good thing is he can have one business and have multiple channels, lots of YouTubers have multiple channels. He can still get a checking account for business and have the ad sense money deposit into his account. He can write off the camera, lights etc he needs for his channel.
Enjoyed reading the information, I have had a Federal Tax Id since 1999, never had a website, mainly because I was just making baskets . So from your information I have learned so more need info. I need to check out the LLC, my question is do you have to pay for this service.
You do have to pay for an LLC with the state. It depends on the state but it is usually a one-time payment between $100-250. It does protect you so it is a good idea.
Hi Lori ! I found you on You Tube a couple of months ago. I love your wonderful wreaths and your tutorials are great. Then when I found your Thursday Tips it was the answer to my prayers.
I used to live in the Denver, Colorado Springs and Columbine areas of Colorado. I owned boutiques in various parts of Colorado full of homemade items. I also sold other crafter’s items on consignment. About 9 years ago my husband retired and we moved south. Broke my heart to leave my boutiques and businesses behind. To my shock and disappointment I found I wasn’t in Colorado anymore. I was in Alabama but I sure thought hubby took a wrong turn and we were in another country called “Culture Shock, USA”. Needless to say if I was going to survive in the craft world I was going to have to mark my items down to yard sale prices. Which I would not do, so I never opened my cute boutiques again. In Colorado I taught Decorative Painting as well as Tole Painting at Lee Wards Crafts, Hobby Lobby, Michael’s and Joann’s. That didn’t work out either. As if that wasn’t enough I had some very serious illnesses to hamper my dreams.
Now you know about me and I have a few questions. First I have many of my friends tell me I am crazy to want to start a website and an ETSY shop for my crafts. Well I do know the hard work it takes and the many hours you have to devote to your crafts and that is my passion. How do you respond to friends or other crafter’s or really anyone who has said these things to you? And also how difficult is it to start a ETSY Shop?
I have many more questions but those are for another time. Thank you so much for taking the time to provide all this information. I appreciate you time.
joann -Sassy Raggedy
JoAnn my answer to your friends would be. This is my passion and my calling. This is how i will get to make my passion into a business. I hope as my friend you will support me but I will pursue this either way as it is my dream. It is not difficult to open an Etsy shop. Do not give up on your dream. Take the first step and just keep looking forward.
Please contact me. I am interested in your course
Johnnie Lynn Preis Letsch
Creative Designs By JL, LLC.
13002 Livaudais Road, Franklinton, LA 70438
[email protected] (PayPal). Business Email:. [email protected]
Do you have to do the LLC and all that for an etsy shop?
No you do not have to do an LLC it just protects you
No you do not but you will want to do it once you are making a profit