Many people dream about being their own boss and starting a business. There are many approaches that can be taken to start a business and many things to consider. For many people, starting a business means taking financial risks. It is important to create your plan of action very carefully. Take the time to properly develop your plan.
Define Your Business
Once you know what your business will be, define who your target audience is and what problem of theirs you're solving with your product or service. This will guide you in all aspects for your business from making significant decisions to developing your product and establishing your prices.
Establish Your Unique Selling Proposition
Called a unique selling proposition (USP) or your value proposition, this unique quality is a crucial component to how you sell your business to customers or clients. With your USP, you are showing potential clients what makes you different from the others, and as a result, that you are the better option.
Create a Business Plan
Think of your business plan as an all-encompassing road-map of your business. Your business plan is an essential component that will act as your guide as you kick things off. A concrete business plan includes all the details related to your business, from the ins and outs of your product to your contact information.
Build a Marketing Strategy
Coming up with a strategic, well-thought-out marketing plan will not only ensure your efforts are most effective but that you're not wasting any of your time on things that don't work.
Listen To Your Customers & Clients
Your customers or clients are vital to your business (and determine if you're in business), so providing the best customer service, whether that means improving your product or refining your customer service experience altogether, should be a top priority.
Never Stop Learning
When you are an entrepreneur, the buck stops with you. Either you do it yourself or it doesn't get done. This is why ongoing learning and mastery are so important. If you aren't committed to ongoing learning, you won't make it far as an entrepreneur, freelancer, or independent consultant.
How Should My Business Be Structured?
The legal structure of a business can be defined as the structure which officially determines how taxes will be filed and reported, plus how lawsuits may be incurred.
There are several different structures available:
Sole Proprietorship
General Partnership
Limited Partnership
Limited Liability Partnership
Corporation
Limited Liability Company
Each type of structure has advantages and disadvantages that should be considered. Keith & Associates Legal, PLLC has the knowledge and expertise to assist you in determining which structure is right for you.
Let's set up a time to talk about your business needs. Give us a call at 918-574-8500 or email us at info@thekeithlawfirm.com . We look forward to speaking with you.
