The First Step: What You Should Know About Building Your Business

Starting a business of your own might be a dream you've always wanted to pursue, but concerns have kept you from achieving it. You're not sure how well your business would work or maybe you are confused about the best way to approach getting your company set up. While starting a business can be intense, your fears shouldn’t prevent you from becoming the entrepreneur you want to be. These ideas from the Goochland Chamber of Commerce can help you get started on the right foot.

Why a Business Plan Is a Necessity 

A business plan details how you intend to start your company and the direction you will take after certain milestones. Maybe you'll start print advertising after you reach a certain dollar amount, or maybe you will strive to reach customers in different parts of the state after so many months. Remember that with a business plan, it is important to remain flexible. It is also okay to change parts of your plan if you find something is not working the way you expected it to. 

Don't forget the structure you want to choose for your business when creating your plan. S and C corps are a couple of different options, each with different benefits. C corps are ideal for large companies and include multiple stocks, having foreign shareholders, and fewer restrictions when it comes to growth. S corps are great for small businesses since they offer self-employment tax savings and the chance for owners to claim losses as tax deductions. Regardless of which you choose, you can avoid lawyer fees by using a formation service or choosing to file on your own.

Consider Beginning Small

You might grow your business as a side hustle if you are just getting started, explains Clever Girl Finance. This option gives you the chance to see how well you can manage the company if you enjoy the type of work you are doing and how much your small company would need to change if you experienced major growth. Starting out as a side hustle usually means investing less money and avoiding the issue of hiring employees, at least until you are ready to grow. 

Seek Guidance from a Mentor

If you are worried about making the right decisions or need guidance from someone who is more experienced, consider seeking help from a mentor. These individuals once went down the same path you did and can offer advice about what to expect, mistakes they made, and what they would change if they were in your shoes. This option can be helpful and reassuring, and can help you feel like you are not going through the process of starting a business all on your own. 

Find Low-Cost Ways to Market Your Company 

If you're worried about investing a lot of money in your company, especially when it comes to marketing, seek out free and low-cost ways to do so until you decide the right path to take. You can take advantage of social media marketing that involves promoting your business on Facebook, Twitter, and TikTok.

By sharing your business with others in an organic setting, you can reach better leads who are ready to convert and purchase from you. And there are plenty of free tools to help you create this content. Look for social media templates that you can plug your information into and post quickly. 

You can also use a conversion tool to quickly convert a JPG file to a PDF for free. Changing your file type is important for two reasons. First, JPGs can be very large files, which can make posting them challenging. Second, PDFs are best for SEO practices, so using them on social media posts can drive up your search engine placement.

Start Slowly and Make Strategic Choices

Even if you have reservations about starting your own company, it is possible to do so without overspending. Start slowly and seek guidance from others. As you move along this path, you can determine what will be best for you and your business. Research your formation structure to ensure you choose the one that is right for you, and take advantage of any free tools that you can find to keep costs low as you get started. You might be surprised at where your new venture takes you.