Now that we are seeing a light at the end of the tunnel that is the COVID-19 pandemic, it is time to start getting back into the real world to face the next stage of our lives. For many, the dream is to start their own business, and though some things may be uncertain, this is actually a great time to become an entrepreneur and make that goal a reality. Here are some great tips for how to build a business from the ground up.
Use What You Know
If you want to start a business but you are clueless as to the product or service that you can produce and sell, then you just need to look at yourself and the things you like to do the most. If you are good with the written word, then you can become a freelance writer, or if you make crafts on the side, you can try to sell those online.
Also, think about your skills. Do you consider yourself a people person? If so, then you might be good at sales, or if you love analytical details, then you could be a computer programmer. Whatever you decide, it is important that you create a business plan when you’re ready to start a new company that details what you plan to sell, who you intend to sell it to, and how you will finance your idea, market it, etc. Create a plan and follow it step-by-step.
Make Your Life Easier With an LLC
These days, there are many options for how you can set up your Michigan business and each of them has its own perks. However, as a new entrepreneur, you might be wise to start a limited liability corporation (LLC) or an S corp. An LLC in Michigan brings many advantages to the new business owner, including less paperwork to complete, great advantages come tax time, and more flexibility so you can start your business your way. On the other hand, an S corp in Michigan offers self-employment tax savings as well as the ability to claim your business losses as tax deductions.
Whichever business structure you choose, it’s important to make sure the paperwork is filed correctly. It’s a good idea to procure the services of a formation service so you know that your company is compliant.
Bring in Help If You Need It
If this is your first time starting a business then you may want to team up with some other professionals so you can share the work and use their expertise. If you need a lot of help up front, then you can find a mentor on LinkedIn and ask them for guidance along the way. Other professionals you may need might include accountants, bookkeepers, and patent experts.
When you are working with multiple individuals, especially graphic and web designers, then you will likely need to exchange paperwork and share images. Graphics are small in size but they can add up quickly, so consider using a free PDF editor that will allow you to compile everything and add notes, highlights, and drawings that will make it easier to collaborate and make a beautiful final product.
How to Find Funding
You have many options when it comes to funding your first business. If you have a good relationship with your bank then you can probably drum up a loan there. Not all institutions will be so eager to loan money to an untested entrepreneur, but there is hope. You can go to the Small Business Administration and find a loan there. They are happy to offer financial funding and helpful resources. Of course, if that doesn’t work either, then you can ask family or friends or start a crowdfunding campaign.
As you can see, with smart planning and a good idea, you can make a strong business even after the COVID-19 pandemic. Create a plan now and see where it takes you.
Help your business reach new heights by joining the Higgins Lake-Roscommon Chamber of Commerce!
Photo source - Unsplash