Last Updated: February 21, 2023
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These days, becoming a business owner is easier than ever. Due to technological advancements, many businesses can be run from the comfort of your own home. The hardest part might be starting, but Andreas Philip Gross Enterprises LLC can help you find your footing.
Choose Your Industry
The first step is choosing an industry. Assess your current skill set and resources. For example, if you have a computer with current photography software (and have a knack for and enjoy using it), graphic design or digital marketing might be an appropriate fit. Other business ideas include pet sitting, freelance writing, event planning, and handyman services – to name a few examples from a long list of almost endless possibilities.
Perform Market Research
Once you’ve chosen an avenue you think you’d like to explore further, undertaking market research can be the most daunting task, but there are methods to streamline it. The sooner you finish your research, the sooner you can move to the next step. First, identify the target of your research. It can be determining your target audience and figuring out what products or services they need. Then create your client persona, including personal and career details. Multiple research methods are available, but the most successful strategies tend to utilize more than one.
Write Your Business Plan
Creating a business plan is more important than many first-timers to the business world may think, but it definitely doesn’t have to be stressful. Online templates simplify the process. You can choose anything from the tried-and-true traditional format to a more modern, leaner start-up template, or any number of modified versions of these. You could even write your own from scratch without a template. It’s your business and it’s up to you. Whatever format you choose, the plan is meant to be flexible based on your unique business needs. The traditional format is often best if you’re planning to meet with investors, and typically includes the following main sections:
Provides basic information about your business’s leadership team and describes how your company will be successful.
Explains your company’s competitive advantages and what problems it can solve.
Organization and management:
Describes the legal structure of your company while introducing its leaders and their unique qualifications as major assets in your organization.
A place for any supporting documents, such as permits, licenses, product images, patents, and resumes.
These are a few of the sections available in a traditionally-formatted business plan, but use the sections relevant to your business. You can always expand your plan as your business grows.
Benefits of an LLC
There are a handful of entity types, but most companies are either corporations or limited liability companies (LLCs). The former requires complicated paperwork, a board of directors, and shareholders. An LLC is more flexible because it involves less paperwork while you benefit from the tax advantages. Your personal assets are protected in case of legal liability, and in many jurisdictions these days you can be a single-member LLC. As a single-member LLC, you still retain your freedom to function like the sole proprietorship solopreneur establishment you dreamed of creating, but with more legal protections surrounding your business. Check the rules in your state since each has different regulations regarding LLC formation. Or better yet, check ratings and reviews to find a cheap LLC online formation service that can get you set up in minutes (note: there are many out there - do your homework on what will work best for YOU and your unique situation).
The Right Invoicing System
Every business requires the right invoicing process to ensure prompt payment and track your cash flow. Select one that lets you set clear payment terms and due dates, provide prompt invoices, and accept multiple payment methods. Include your logo and brand on an invoice template to create professional-looking invoices customized to your brand. Choose among many premade templates, then customize your invoice by adding your logo, name, brand colors, and any other important details.
Your Next Steps to Success
Starting a new business can be challenging, but if you take advantage of the resources available to you and the ease of access to them in our modern 21st Century world you’ll be set for success.
Andreas Philip Gross Enterprises LLC focuses on two major concepts: attracting success in life and making money. Reach out today to get started!
Article by guest writer Julia Mitchell from Outspiration (www.outspiration.net).
Julia Mitchell has always been driven with a goal and passion. It has made her reach her dream job in a financial services firm, and working with multiple side-income entrepreneurial ventures. She aspires to bring impact to others and inspire them to passionately pursue their dreams as well. She is one of the people behind outspiration.net.
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