How to Start a Small Business guaranteed to be Successful
Starting a small business can be daunting. There are so many things that need to be done! Here I've complied what needs to be done to create that foundation on DAY 1!
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Have you ever wanted to start a small business but never knew where to begin? It’s a lot to tackle in one blog post. So, this post is going to cover the basic set-up & what to do to get a good foundation set up. I will be focusing mainly on setting up a small boutique, but this information can be used to set up all kinds of small businesses. Pin this post now so that you can come back & use this information! Check the bottom of the post to find all the different links!
THIS IS YOUR BABY!
Whether you are starting up a boutique or a shop to sell your cute clay earrings - this. is. your. baby! You have to give it the attention & time that it needs to grow. Through your time & analytics you will learn exactly how to help it to grow. I'm here with some of the basics I learned.
As someone who has spent way too long on the phone with government helpers & online support for websites I can definitely give you some tips on how to start your small business without having to spend as long as I did on the stress of figuring out the logistics.
Name the Biz
First off, you need a name. Your business name is so important. Take it from someone who learned it the hard way, finding a name you like the FIRST time is important. I have started a couple different businesses & about halfway through my first year I decided to change my name. Not only is this difficult on the tax side of business owning but it is also difficult on the marketing side & the branding side. When I changed my name many of my followers got confused & I lost many followers. It’s important to set up your business with a solid foundation that you can lean on for years. The branding of a company can change but a name is so important.
Be original, show off your style, and tell your story.
When you pick the name it needs to be unique. You don’t want it to be too long. It needs to be catchy & unique. I went & made sure that my boutique’s name wasn’t being used by anyone else or wasn’t even similar. You want your brand to stand out! So follow this checklist.
Unique — never been used before! Check instagram & facebook & check google. Find a name that isn’t being used. This adds so much to your brand if you can find a name that isn't being used anywhere else! You don't want your brand to be competing.
Short & sweet —You don’t want your name to be too long. Being a couple words is fine but more than three... I would shorten it down. You wouldn’t want to name your store The Online Beautiful Blonde Wonder Boutique. Maybe you would just name it Wonder Boutique. Other words can be used for fun marketing later! Check out my other blog post on marketing later this week!
Meaningful — sometimes this one isn't as crucial (for those of you that aren’t as sentimental, you can skip this one!). But having some passion in the name can help when it comes to marketing & making a brand. It makes it easier to find the way you’ll brand & market when you know exactly what stands behind your business.
I went to a random word generator & put in 4 or 5 letters and randomly generated different words.
If you’re coming into this small business world with a dream that you have had forever then use that name that has meaning to you. This is going to be your baby & you get to name it however you’d like. For a lot of people the naming is the hardest part. Make sure that this name is the name you're going to use forever though! Changing it later can be detrimental to your brand. I'll share more about that in my marketing blog. Once you get your unique name that you can create a brand with it’s time to move onto the setting up of the business.
Register Your Business
The next step to getting a small boutique set up is getting your business license. This is so important. A lot of people will decide to wait until they are making money to do this because technically (well at least in my state) you don’t need to pay taxes until you make over $600. But we are striving to make much more than that so don’t skip registering your business with the state government. Aside from just that, getting your sales tax license is important in order to buy wholesale.
If you go to your state’s tax website you will find links to register a new business. Here you’ll put in all the information that it asks for. Most of the time they are pretty self explanatory but if you need help google is always a huge help! It will ask for your address & the business name as well as other information about how many employees you have & the type of business that you are running. To learn more about the type of business you want to set up check out my blog post about the difference between sole-proprietor or LLC coming later this month.
In order to buy wholesale products you need to have a registered business, that has both an EIN & a sales tax license!
It’s important to take your time to set this all up correctly at the beginning because if you have to go back and change it it takes time & extra money. For starting out a small business you should get your business sales tax license. This gives you the ability to charge sales tax & to apply to buy wholesale. It’s important to charge sales tax for most businesses. If you aren’t starting a boutique then you may not need this if you don’t offer a tangible good. But check with your state's regulations on this one!
Website & Social
Next you’ll need to set up a website & other forms of social media. Getting a domain name is important. You want to get your domain & name on all platforms so you can secure your name. Get on all social platforms! Save your name! Even if you don't think you'll use it, take that extra five minutes to set it up, because I'm telling you, you'll use it!
There are multiple different apps that allow you to set up all your social medias into one. Tailwind is a great source for bloggers & those on Pinterest!
Making sure you have all the names is important. Get the email, get the domain for your website, & get the other social medias all secured! Here’s a couple great sites that I have used that make this process easier. I love using Wix.com, for me they are the easiest & most explanatory company. There is also Wordpress, Squarespace & Weebly to name a few! The options are endless. (I will be putting out a blog talking about website development as well, subscribe to get that notification when it posts.) If you don't have the money to source an entire website, at least go to places like GoDaddy.com & grab the domain!
Getting your website up & just having social media is important. Growing them is a totally different story, I have a blog post rearing to go on this topic as well! But for a basic strategy post a couple things just to let people know you’re there & that your shop or business is coming soon. Not only is getting the posts up important but the longer you’re on the web the more following and exposure you get! Even if it’s not super constant yet just having something up to say you’re coming is important. If you need help building a website check this link!
Building an inventory & getting supplies for your small business is so important but also so much to cover! For more help on finding wholesale markets & what you need for supplies to start an online boutique check out my other blogs on finding great companies to work with!
After you have these three steps down, you have a solid foundation for your business. These are so important & build a strong base. Next is to grow the business. This business is your baby. It won't be easy, but the growth you can create & getting to watch something you work so hard on grow is worth every second & every missed minute of sleep! Trust me. You must have a passion for your business! Check out my other blog posts for more help with growing a small business. I have marketing tips and tricks. Lessons on how to find wholesale products that are great, & what it takes to start a website!