Whether you’re starting a business for the first time or you’re a serial entrepreneur like many of us, there are a handful of tips to remember. You have local regulations to follow, you need to have an online presence and so much more.
Here are the top 5 tips we’ve gathered from our clients to consider if you’re starting up a new business in 2021.
1. Decide Your Legal Entity
As any business lawyer will tell you the first thing to do when starting a business is to decide your legal entity. This involves you deciding if you are a sole proprietorship, a limited liability company (LLC), s-corp or c-corp. The right kind of legal entity will make you official and can have tax benefits as well. We set up most of our clients with Scheid Cleveland, LLC, a small business lawyer from Colorado who we work with. Give them a call to find out how you should be set up.
2. Work from An Office or Work From Home?
Looking ahead to 2021, you’ll need to decide if your business will operate in an office or if you are comfortable working from home. The world changed in 2020 to working from home and numerous studies proved it doesn’t hinder productivity among employees. Nonetheless, you still may wish to work from an actual office. Consider the costs of either option and move forward.
3. Get a Domain Name for Your Business
Next you’ll want to establish your brand. Start this by purchasing a domain name with your favorite domain name registrar like GoDaddy or Name.com. Any SEO professional will advise you to purchase a .com, .net or .org as it will show up in Google the best. However, if your business name is taken with any of these extensions, you’ll just want to get creative.
4. Develop An Online Presence
Even if you operate a brick-and-mortar business, you still need to have an online presence. This starts with having a website developed, building out social media profiles on Facebook and Instagram, and claiming your Google My Business location. Spend some time developing a budget for a website or consider hiring a freelance coder who attended a college like Bay Valley Tech. You’ll get a great design from someone just looking to build their portfolio. As for social media profiles, just make sure you are consistent in any profile you create.
5. Start A Mailing Program
One of the best ways to announce a new business is to announce it to people in your community. You can buy mailing lists to deliver postcards to and build your customer list. This can be especially useful if you operate a brick-and-mortar location where you’re trying to get foot traffic.
Alternative to a traditional mailing campaign, you may also want to start an email campaign. You can find easy ways to send email from a platform like Mailchimp or Constant Contact.
If you’ve recently started a new business, what would you recommend? We would love to know in the comments!