More and more Americans are setting up businesses than ever before, which is a reflection of these digital times that we are currently living in, indeed, you can complete a small business registration on the Internet, which is very convenient.
If you have a fantastic business idea and you would like to make it a reality, here is our guide to setting up a business in the US.
Compile a Business Plan
Every business venture needs a plan of action and a comprehensive business plan would consist of the following:
- Overview of the business complete with mission statement.
- Organization flowchart that shows who is responsible for what roles.
- Complete breakdown of startup costs.
- Complete list of business assets.
- Digital marketing plan that shows the various strategies.
- Sales & marketing section.
- Profit/loss forecasts for a minimum of 5 years.
Your business plan is your guideline to success and it should incorporate every aspect of the operation. When you feel the plan is complete, ask a business guru to look it over and if they give you a thumbs up, you know you are good to go.
Digital Marketing
Every business needs digital marketing and wherever you are located in the US, contact King Kong, the number one agency that delivers every single time. They offer a wide range of services that include the following:
- Search engine optimization.
- Social media marketing.
- Pay per click advertising.
- Email marketing.
- Content marketing.
- Web design.
When you hire a digital marketing agency, they create a plan that is tailored to suit the business and this should see the company enjoy sustained growth. Don’t make the mistake of thinking digital marketing is an optional extra; it is a must for any organization that wants to enjoy long-term success.
Business Registration
When you are ready, you can register your business with the US government and this can be done online, providing you have all the documentation you need. The days of illegal businesses is well and truly over and let’s not forget that the federal government offers small businesses financial support, which you might qualify for.
Minimize Risks
As the business owner, it is your responsibility to minimize the risks to the business and this can be done with certain insurance policies that cover you in the event of a 3rd party lawsuit, fire, theft and other aspects. Talk to an independent insurance broker at the very outset and let the finance professional tailor the cover to protect the business.
Funding
Of course, a new business needs adequate funding, not just for the startup but also to keep the business afloat during the first 6-12 months. If you do not have enough money for the business, you can apply to an online lender for a business startup loan, which is typically approved within hours rather than days. Lack of funds is the number one reason for a small business failure, so do make sure you have what it takes to keep the business afloat. Most entrepreneurs have an emergency fund that can be used when cash flow is low, which is an excellent strategy.
Hiring Staff
Of course, employing people is a big thing; we feel that mindset and attitude is more important than experience; people are trainable and young employees usually have a lot of energy and ambition. It might be a good move to use a recruitment agency, as they screen all applicants, leaving you with a shortlist for interviews. With a good team, everything is possible and you do need to be a good leader, motivating staff when the going gets tough, as it invariably does from time to time.
Bookkeeping & Accounting
Of course, records need to be kept right from the outset and we recommend hiring a local company that services small businesses; give them access to your cloud and they can work remotely, which definitely saves you money. It is important that your tax returns are filed on time and hiring a 3rd party accountant ensures compliance. Don’t make the mistake of thinking that bookkeeping can wait until things get busy, you need to be on the case from day one.
To conclude, setting up a business demands a great deal of planning; write a comprehensive business plan and be positive in the way you manage your business. Strong direction is important and with a dynamic digital marketing plan, you have structured development; plans can be changed, should circumstances dictate it. Hiring a top marketing agency is definitely important; make sure you have a monthly marketing budget that focuses on SEO and social media, which are both essential aspects of good digital marketing.
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