Avoid These Typical Pitfalls When Setting Up Your Business
Setting up a business can be quite tricky, especially for the uninitiated. Your lack of knowledge and experience can be disastrous. A majority of small businesses often fail within their initial five years; however, that is often due to easily avoidable mistakes.
So, if you are looking to set up your business, make sure you avert some of the most typical startup pitfalls which are discussed below.
Not Registering an LLC
In most states, you will have to secure a business license or get registered to run your business; however, this process is slightly different from organizing or incorporating a company.
Keep in mind that unless you register for LCC (limited liability corporation) protection, you and your business partners could be held responsible for anything wrong that happens in relation to your business. So, register an LLC; they are popular for their ease of operation and low cost.
Not Doing Appropriate Market Research
An increasing number of individuals start their businesses without carrying out proper and in-depth market research. Then these new business owners are left heartbroken when the entity they have invested so much money and time in, collapses.
So, test your services or products first before you set up your business. In case you do not, you will not have any idea if people will even want to purchase them. You might think you can prepare the most delicious Pierogi in the world, but will anybody else? Learn how you can do your market research here.
Ignoring Your Strengths And Weaknesses
All of us have strengths and weaknesses. Unfortunately, at times, your weaknesses or strengths do not fit well with your intended business model, which can lead to catastrophic results. For instance, if you are not an outgoing and friendly with excellent people skills, retail may not be the best fit for you.
However, you can start such a business if you hire suitable staff right away and understand what it is like working behind a counter.
Not Prepping For New Tax Types
For many new businesses taxes could be a nightmare; this is especially true for small businesses that cannot afford to hire an accountant. First you will have to get a tax ID. Then if you do not prepare for various tax implications, you may end up driving your business into the ground.
However, the good news is that there are many simple tools on the market that can help you prepare for and track tax expenses. For instances, if you are an employee you will have different tax forms to file (as well as taxes to pay) than if you are self-employed and work as an independent contractor.
Building a highly successful and profitable business often starts with an ambitious dream; however, without the relevant tools and knowledge, your business can go belly up within a matter of a few months. There isn’t any substitute for taking full responsibility for your actions. So, take the plunge after gaging the depth of the water, and remember you can only avoid the pitfalls of setting up a business if you know what these are first. Read More
Whether you are looking to sell services or products, gain subscribers or sway the minds and hearts of readers to your cause, it is important that they know who and where you are. Nowadays, social media is a great way to start off your business and promote your brand.
If you are looking to create a successful business plan, remember that establishing your social media presence does not necessarily need to be an overwhelming task if you follow these tips.
Identify Your Goals And Audience
A planned and thoughtful approach to social media will work much better compared to random activities on social media. You will need to come up with a good name for your business, get the proper permits and fill out an LLC Tax ID application. Then, your business plan must inform your audience of all the social media activities you will run for the business on different social networks.
All businesses have a particular set of goals; so, you should ensure that your social media plan ties directly into your business goals. For instance, if you are starting a coffee shop, your goal may be to raise the number of walk-in customers. In this case, your social media goal will be to increase the awareness of the coffee shop, driving more customers to your location.
Describe your audience in terms of geographical areas, age groups and key interests, etc. This will help you create content and design campaigns.
Identify the Best Network
Take your time to get familiar with the various social media networks, such as Twitter and Facebook, before you decide which ones are the most suitable for you. Search for relevant keywords associated with your business or its services and products and get an idea of how different social media networks operate.
For example, both Instagram and Pinterest are suitable for visual content, and are extremely popular on mobile platform.
Choose the Right Social Media Management Tool
Keep in mind that choosing the most suitable tool can help you save plenty of time and get the best results from your social media marketing efforts. Come up with a list of some core features that you want in a tool depending on your business.
If you are starting a small business, these features may include:
- Understanding your target audience
- Creating content
- Publishing content on key social media networks
- Monitoring keywords and brand mentions
- Generating performance reports
It will take some time and effort to develop a presence for your business. However, the good thing about social media is that once you get started, you will receive plenty of immediate feedback because of its real-time nature. Read More