How to start a small business in 2022
Published 11:46 am Friday, April 22, 2022
The past two years we have found ourselves in a whole new way of life. Especially at work. The pandemic left many employees with a cut in salary, an unclear future, or even completely jobless.
But as they say, “When life gives you lemons, make lemonade!” So, if you’ve been sitting at your job for years, dreaming about starting your own small business, but didn’t have enough courage for it — now is the time, and if you do you will be making a major contribution to our local economy as 76% of the businesses registered in Beaufort County have less than 20 employees.
If you’ve ever listened to successful businessmen, you probably know that you don’t have to have a fancy college degree or millions in the bank to have a successful business but rather the drive to succeed, commitment to work hard, and a great idea that will bring some value to your clients,
But before you do anything, ask yourself this, why do you want to start a business, what are your skills and tools, what are you passionate about, what can you afford to spend and how much capital will you need? What kind of lifestyle do you want to live? Are you sure you’re ready to make the commitment to be an entrepreneur?
Remember that a small business will only succeed if it solves a problem(s), fulfills a need, offers something that the market wants, and understands the competition.
You will need a business plan that guides your business from startup to establishment to growth It’s a description of how your business will evolve from start to finish. If you require financial support from an investor or a financial institution then a detailed business plan is crucial
When starting a small business, you might need an initial investment to cover ongoing expenses before you turn a profit. Consider the one-time costs, like licenses and permits, insurance, trademarking, and so on. And add to that the money you will need to keep your business running for a year, such as rent, utilities, production, and so on.
. Whichever business entity you choose has a direct impact on various factors, such as your business name, liability, how you file your taxes, etc. Maybe a sole proprietorship, a partnership, a limited liability company or a corporation. You must register the business name with the state or county clerk. Corporations, LLCs, or limited partnerships usually register the business name when the formation paperwork is filed. Research what licenses and permits will apply to your business during the start-up process.”
An accounting system is vital in creating and managing your budget, setting rates and prices, conducting business, and filing taxes. You can either set the accounting system yourself or hire an accountant, it can be a lot of work especially if you try doing it the “old school” way.
A business location is an important aspect of your setting your business up. Whether it’s a home office, a shared space, or a retail location, location matters.
Consider the location, equipment, and overall setup, so you can ensure your business location works for the business type you are creating.
If you are planning to hire employees, you need to outline which positions are needed to fill and their subsequent responsibilities. From day one, you and your employees and contractors need to know the company vision and goals, and how their job role will affect the company.
Now that your business is officially up and running, it’s time to bring in customers. You can start by creating a unique selling proposition that separates you from the competition and creating a marketing plan that promotes your business most effectively.
Bottom Line on starting your own small business. Only after you complete ALL these steps, will you have all your bases covered so you can focus on the big picture and succeed. But be patient, success doesn’t happen overnight. Consistently work on your business and you will see success.
In Beaufort County you can get help with starting and running your own business by contacting the Pamlico Business Resource Center at PamlicoBRC.com or calling 252-833-0137.
Keith Hudson is CEO of the Pamlico Business Resource Center, a non-profit organization in Washington, N.C. He can be reached at firstname.lastname@example.org.