TRUiC’s step-by-step guide to making your dreams into a successful reality
When planning any business there are a number of steps you need to consider – successful businesses are built through careful planning. Before committing a significant amount of money and other resources into your business, critically analyze your idea and create a game plan.
Following TRUiC’s step-by-step guide of all the things you need, will help you to set up a successful business. https://howtostartanllc.com/start-a-business
Choose the right idea
The competition is going to be tough out there. The first step toward business ownership is deciding what kind of business to start. Look for an idea that suits your interests, your personal goals and your natural abilities. This will help you stay motivated and greatly improve your odds of success.
TRUiC’s free Business Ideas Generator will help you identify great businesses that match your interests and lifestyle.
Business Name
This is one of the most important aspects and will demand a lot of time and brainstorming. Giving your business the right name can be as challenging as naming a baby – and the name you give your business is just as important.
You need to consider a brand name that follows your state’s naming rules, resonates with your customers and is available in your state and as a URL.
Naming your company should reflect your company’s specialities but should not be too wordy. It should catch attention but not be too similar to other brands.
There are three important steps to follow here:
- Come up with the best brand name for your business
- Follow the naming rules for your business structure
- Check if your Business Name is available
It is also important to realise that there can be a difference between your legal name and your brand name. Your business’s legal name is the name listed on your formation documents, while the brand name is the one you use to market your company.
An example of this is Hewlett Packard Company (legal name) which is more widely known by the trade name HP
Recommended: Check out TRUiC’s in-depth guide on branding and brainstorming ideas for your business name.
Product Development
What problem does your business solve? What will set your product apart from the competition?
Sales and Marketing
You need to identify who your potential customers are and how you can attract their attention, changing them from browsers to buyers.
People and Partnerships
Who will you need to hire and what professional relationships will you need to ensure that you succeed?
Financial Planning
How many clients or sales do you need to make to break even? How much money will you need as a backing and where will you obtain the funding?
Start Planning
TRUiC’s free online guide offers many links which can put you on the road to success.
These include:
- Our Business Planning Guide which helps you to analyze your business and gives you access to free planning tools. This guide simplifies the planning process and provides access to free tools to get you started.
- Use our Business Name Generator to come up with that all-important name
- We help you to find organizations in your area that can assist you as you go through these all-important planning steps.
- If you are a woman in business – and many women are opting to ‘Go It Alone’ – we help you to find funding, tools and resources while also providing links to all the latest news in our Women in Business series.
And then
What you need to do next:
- Form Your Business
- Register for Taxes
- Set up Accounting
- Obtain the necessary Permits and Licenses
- Obtain Business Insurance quotes, which helps you manage risks and focus on growing your business
- Define your brand
- Establish that all important website presence. Any business is built on a professional website. Also, in these days of instant gratification a social media account such as Facebook, Twitter and Instagram – or indeed all three – is a must.
