Business Startup for Moms PART 1: The Launch
So, you are thinking of starting a business, are ya? Fabulous! Don’t know where to get started? You’ve come to the right place! This is a 3 part series designed just for people just like you who have enough gumption to start taking action to move toward making your entrepreneurial dreams a reality.
Go ahead, pat yourself on the back. You deserve a little reward for being so brave and confident as to take action on your dreams! A lot of other people would just talk about it and never make a move, but you are reading this, so you have taken at least one step forward! Now, let’s get started.
When you have a business idea, the first thing you will want to do is sit down and write out your business plan. Focus on your own personal values and goals as well as the goals of your family members to make sure that you create a business that will support both your personal and family vision.
The business that you create should have an ideal client or target audience. This is the type of person who will truly benefit from your product or service. This client has something in his or her life that is causing a significant amount of pain and your product is the solution to this pain. As you develop your business plan, think about what your expenses will be and how you will generate revenue by serving your ideal client.
As soon as your business plan is laid out, you will want to set up a meeting with a lawyer or accountant to find out what type of business entity you will need. If your budget is low, you may opt for a sole proprietorship or general partnership until you earn enough income to cover the expense of transitioning into an LLC, S-corp or C-corp.
The advantage of having a corporate entity is that if you follow legal protocol, your personal assets are protected in the event of a lawsuit. Now, I am not a lawyer (however, I can recommend a service to you, so comment below if you need some help) which means I can’t tell you what entity type is best for your business, but make sure you do talk to a business lawyer and an accountant to get your business set up for success! By the way… think long term and get insurance ASAP!
As you get deeper into the launch process, you will inevitably incur start-up costs such as business license and/or sellers permit fees, acquisition of an Employer Identification Number and opening a bank account, among other things. If your budget allows for the $1000 or more that it costs to hire a graphic designer to create a brand, this expense can include logo design, business card and letterhead layout, web design and the layout and design of marketing materials.
These days if you don’t have an online presence, you may as well not exist, so focus on how you will use your website to turn leads into buyers. At the very least, your website must include an opt-in form where visitors can subscribe to your newsletter or receive a free gift. The acquisition of a responsive email database will directly impact the growth of your business.
Remember, people buy things from others they know, like and trust, so leverage your website to let the customer get to know, like and trust you. A blog, videos and client testimonials are some ways to build your relationship with your customers through your site.
Stay tuned for Part 2: Business Systems for Mom Entrepreneurs
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http://momeomagazine.com/ Carla Young
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Dana Newman
