Starting a business is usually difficult under the best of circumstances; if you're a first-time entrepreneur, it can be downright bewildering. While the intricacies of starting your own business will vary depending on your industry, location, and circumstances, the basics look the same for most (if not all) business owners. Here, we'll walk you through some of the first steps in how to start your own business, as well as some helpful tips for first-time entrepreneurs.
Do Your Research
Unfortunately, not all business ideas are created equal. Moreover, the fate of many businesses comes down to timing, location, and market. Starting a surfboard rental company might be an excellent idea in California—in Alaska, not so much. Before you commit to an idea, make sure you've done your market research to ensure that the idea is viable. You'll want to think about things like your target audience, local competition, and market trends.
2. Create a Business Plan and Budget
Business plans effectively serve as maps for entrepreneurs, and they're an indispensable part of the entrepreneurial process. Creating a business plan will help you refine your idea and get specific about how you plan to get your business off the ground. You'll also want to get an idea of how much the startup process will cost so that you can look into financing options.
3. Do the Paperwork
The first thing you'll want to do is choose the structure for your business. Do some research on LLCs, sole proprietorships, and corporations to see which one is the best fit for you. Depending on which one you select and whether you plan to hire employees, you may also need a federal employer identification number (EIN) for tax purposes.
Finally, look up licensing requirements for your state, county, and local governments, and make sure you submit everything you need to be in compliance.
4. Create a Web Presence
In the modern digital age, having an internet presence is indispensable for businesses. What's more, tools like social media and Google Maps effectively amount to free online marketing, if you know how to use them. Visibility is key for new businesses, and the internet is a key tool in that regard.
Ready to make the leap on your small business idea? We can help! Business & Leadership is one of YWCA Oahu’s Key Mission Areas. We offer a variety of support and resources for women businessowners through programs like the Patsy T. Mink Center for Business and Leadership (MCBL) and the MBDA Enterprising Women of Color Center (EWOC).
YWCA O'ahu is on a mission to empower women, promote peace, and eliminate racism. As one of over 300 nationwide communities, YWCA O'ahu is committed to creating opportunities for women and girls.