You have a great idea. That unique thing that you know people want – nay – need, and you can provide it. For a better price, with better materials, using better processes, or all of the above. But the idea of “starting a business” sends you running for the hills, and browsing social media small business success stories is getting you nowhere.
Where do you even start? Some simple steps you can take without leaving your home:
1. Write a Business Plan. This is a living, breathing document that delineates your business objectives for the next 3-5 years. This document should describe your (future!) company, assess existing market conditions (who are your potential competitors and clients?), identify the structure of your business (will anyone work with and for you?), outline marketing strategies (how will you get the word out?), and most importantly, define your product. Your product, or service, will drive the success of your start-up, and your business plan will help focus your decisions. Your business plan will help ensure that 5 years from now when you are wildly successful, you remember what it is that made you successful.
2. Choose a Location. Location is arguably the most fundamental decision in a business’ success. Will your business have a physical location, or will it live online?
If you have a brick-and-mortar business, your location needs be central to your target market. Set up shop wherever your customers spend time. Make sure to cover all the little details like parking and rent. If your customers can’t get to your business, your business won’t have any customers.
If you have an online only business, make sure to budget for some techies. You’ll want to make sure you have a great website, and a team to make sure your customers can find your great website. It’s not as scary as it sounds, and there are plenty of resources out there for you. Just set realistic expectations and know that the mere act of making a website will not make your business an overnight success. Budgeting appropriately will put you one step ahead of the competition.
3. Contact McGrath Law Firm. There are a whole host of other details you need to cover in order to turn your idea into a business, many of which are details you won’t want to handle yourself. Details like loans, legal structure, taxes, business licenses and permits. Let us handle that for you. Here at the McGrath Law Firm, PA, we know what it takes to have success, and we want to be with you from the beginning. Contact us at the McGrath Law Firm, PA at (843) 606-2755.