Small Business Primer - Part 1: What Business Are You In?

You’ve got the idea, you’ve got the passion, and heck, you’ve even got the shoes. You’re well on your way to starting your own killer small business (though hopefully not in the literal sense)... but how will you actually do it? What needs to be planned? Who do you need to talk to? Where do you start? There’s a simple one-word answer to all of the questions above... here!

Welcome to this comprehensive six-piece series on starting your own small business. Expect to see an article each week for the next two months!

What Are You?

This may seem basic, but one of the first steps in setting up any business is to ensure that you know exactly what you are. What is your business trying to accomplish? How do you plan on achieving those goals? Who will your customers and clients be? We’ll show you how to define your business model and basic principles, plus you’ll learn how to establish your target market and clients.

Who Are You?

One of the most confusing aspects of setting up a business is the legalities involved. Will you be an Inc, an LLC, or maybe part of the mafia? This is an important decision that can have a huge impact on the future of your business. We’ll walk you through the registration process, explain the difference between incorporation and sole-proprietorships, and alert you of some simple daily activities that can help with your company brand recognition.

Who Are They?

Perhaps the single most embarrassing situation you can ever find yourself in is to have one of your present or past clients call you, when you don’t have a clue who they are, what they wanted, or how much they owe you. We’ll cover effective client management techniques, including reviews of helpful software titles, and we’ll outline some basic client management techniques. After all, the chances of closing a sale when you don’t even know who you’re talking to are less then the chances of you winning the lottery – without buying a ticket.

Who? Huh? Wha..?

There are times when all of us are clueless, and there are times when all of us need a little bit of help. We’ll show you how to find the right accountant and a dependable lawyer to help you through sticky situations.

A Lasting Impression

You’re walking down the street on a gloomy day and suddenly you feel the dampness of water being splashed all over the legs of your pants. As you glance up with disgust, you see a brand new Mercedes-Benz pulling over to the side of the road. That’s right, he stops, walks over to you, expresses his apologies, and asks if there is anything that he can do for you.

Of course there are two typical responses, of which only one is appropriate: you hand out your business card and ask him to pay the dry cleaning bill. Not only is free dry cleaning really cool, but it also gives you the opportunity to promote your business. As you might have guessed by now, we’ll also cover marketing, branding, and several other ways to build on the free dry cleaning theory.

A Long, Long, Long Time From Now...

...where will your company be? Will you survive the bitter conditions of the current economic downturn? Or will you just be another depressing statistic in The Wall Street Journal? We’ll show you how to retain your success over the long run and plan for the inevitable.

That’s it. Are you ready to turn your brilliant idea into a profitable business? Let’s go!