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How to Start a Small Business in 2020

Looking to start a small business in 2020? Here are some tips and tricks to get you started on the right foot!

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Overview

Decide what business to start

Starting a small business is a big decision. But it’s not one you have to make alone. With the right tools and advice, you can turn your business idea into a successful reality.

The first step is to decide what business to start. To help you narrow down your options, we’ve created a list of the best businesses to start in 2020. We’ve also included advice on how to start each type of business, so you can get started right away.

1. Home-based businesses
2. Online businesses
3. franchises
4. Green businesses
5. Service businesses
6. Retail businesses

Plan your business

The first step in starting any business is to develop a plan. By taking the time to write out your plans, you will be able to develop a clear and concise roadmap for your business. This will help you to determine what your business should do, how it should do it and what resources you will need to get started.

Your business plan should include:
-A description of your business
-Your business goals and objectives
-How you plan on achieving these goals
-A marketing plan
-A financial plan

Once you have developed your plans, it is important to begin putting them into action. Start by researching the market for your product or service. This will give you a better understanding of who your customers are and what they are looking for. You can then begin developing a marketing strategy that will reach these customers. Additionally, start working on developing the infrastructure for your business. This may include renting office space, hiring employees or contracting with vendors.

Get funding for your business

One of the first steps in starting a small business is to get the funding you need. There are a number of ways to do this, but it can be difficult to find the right source of funding for your business.

One option is to use personal savings or take out a personal loan. This can be a good option if you have good credit and a solid business plan.

Another option is to look for investors. This can be a great way to get the funding you need, but it can also be a risk. Make sure you do your research and only work with reputable investors.

You could also consider using government programs or grants. These can be a great source of funding, but they can also be competitive and difficult to get.

Whatever option you choose, make sure you have a solid business plan and good credit before you start trying to get funding for your business.

Find the right location for your business

Choosing the right location for your business is one of the most important decisions you will make. You will need to consider many factors, such as the type of business you are starting, the size of your business, the amount of foot traffic you anticipate, the proximity to parking and public transportation, and more.

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The first step is to identify your target market. Who are your potential customers? What age group are they in? What is their income level? What is their geographic location? Once you have a good understanding of your target market, you can begin to narrow down your search for the perfect location.

You will also need to consider the size of your business. How much space do you need? Will you need an office, retail space, or both? How many employees will you have? These are all important factors to consider when choosing a location for your business.

Once you have a general idea of what type of location you are looking for, you can begin your search. You can start by looking online, in real estate listings, and even driving around town to see what locations are available. When you find a few potential locations that meet your needs, be sure to visit them in person to get a better sense of the area and the property itself.

Choose the right business structure

Before you start your small business, you need to choose the right business structure. This will determine the legal and financial liability of your business, as well as how you file your taxes. The most common business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

Sole proprietorships are the simplest and most common type of business structure. This structure means that you are the only owner and responsible for all aspects of the business, from taxes to liability. If you are a sole proprietor, you can use your own name for the business or create a fictitious name.

Partnerships are similar to sole proprietorships in that they are unincorporated businesses with two or more owners. However, in a partnership each owner is equally responsible for the business, including liabilities. Partnerships can be formalized with a partnership agreement or they can be informal.

Limited liability companies (LLCs) offer protection from personal liability for owners while still allowing them to take advantage of the favorable tax treatment of other types of businesses. LLCs can be either single-member (owned by one person) or multi-member (owned by two or more people). In an LLC, all owners are protected from personal liability for debts and lawsuits against the business. Multi-member LLCs may also elect to be taxed as corporations.

Corporations are separate legal entities from their owners and have many of the same rights and responsibilities as individuals. Corporations can raise capital by selling shares of stock and can be taxed separately from their owners. There are two types of corporations: C corporations and S corporations. C corporations are subject to double taxation (once at the corporate level and again at the shareholder level when dividends are distributed). S corporations avoid double taxation by passing income through to shareholders who report it on their individual tax returns.

Register your business

The first step in starting any business is to register your business with the state in which you will be operating. Each state has different requirements, but in general, you will need to file paperwork with the secretary of state’s office and pay a filing fee. You will also need to choose a legal structure for your business, such as a sole proprietorship, partnership, or corporation. Once you have registered your business, you will need to obtain a business license from the city or county in which you will be operating.

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Get a business license

Depending on the type of business you want to start, you may need to get a federal, state, or local business license. You can find out which licenses you need and how to apply for them at the U.S. Small Business Administration website.

You may also need to get other permits and approvals from your state or local government, such as a sales tax permit if you plan to sell products, or a food handler’s permit if you plan to sell food products.

Create a marketing plan

Your marketing plan is the foundation of your small business. It will guide your decisions about what products or services to sell, how to reach your target market, and how to grow your business over time.

Creating a marketing plan can seem like a daunting task, but it doesn’t have to be. Use this simple guide to create a plan that will help you take your small business to the next level.

1. Know your audience.
Before you can market effectively to your target customers, you need to understand who they are. What are their demographics? What are their buying habits? What motivates them to make a purchase? When you know the answer to these questions, you can start developing marketing strategies that are tailored to your specific audience.

2. Set your objectives.
Every marketing plan should have clear objectives. What do you want to achieve with your marketing efforts? Do you want to increase brand awareness? Drive more traffic to your website? Generate more leads? Whatever your goals may be, make sure they are specific, measurable, attainable, relevant, and time-bound (SMART).

3. Develop strategies and tactics.
Now it’s time to start putting together some concrete strategies and tactics for achieving your objectives. This is where you’ll need to get creative and think outside the box. There are endless possibilities when it comes to marketing, so it’s important to choose the tactics that will work best for your business and budget. Some ideas include content marketing, search engine optimization (SEO), pay-per-click (PPC) advertising, social media marketing, email marketing, and traditional advertising methods like print or radio ads.

4. Create a budget.
Once you have an idea of what strategies and tactics you want to use, it’s time to start planning for how much they will cost. Marketing activities can quickly become expensive if you’re not careful, so it’s important to create a budget and stick to it as much as possible. When making your budget, be sure to account for both fixed costs (like salaries or office space) and variable costs (like travel or event fees).

5 . Implement & track progress . After all of your hard work in developing a comprehensive marketing plan , it ’s finally time to put it into action ! Begin implementing the strategies and tactics you selected , and track progress along the way . This will help you determine what ’ s working , what ’ s not , and whether or not you ’ re on track to achieve your objectives . Regularly monitor key metrics like website traffic , leads , sales , etc . , and adjust your plan accordingly .

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Hire employees

Hiring your first employee is a big step for any small business. Not only does it signify growth for your company, but it also comes with a whole new set of challenges.

The process of hiring an employee can be daunting, but it doesn’t have to be. By following these simple steps, you can find the right person for the job and get them onboard in no time.

1. Define the role you’re looking to fill
The first step in hiring an employee is to clearly define the role you need to fill. What skills and experience is the ideal candidate supposed to have? What will their day-to-day tasks be? Answering these questions will help you create a detailed job description, which will in turn attract more qualified candidates.

2. Write a strong job ad
Once you know what you’re looking for, it’s time to write a strong job ad that will attract the right candidates. In your ad, be sure to include:
– The title of the position you’re looking to fill
– A brief description of your company and its values
– A list of the key responsibilities and duties of the role
– The required qualifications and skills
– Information on how to apply (include an email address or link to an online application form)
3. Promote your job ad
Once your job ad is ready, it’s time to start promoting it! There are a number of ways to do this, including:
– Posting it on your company website or blog
– Sharing it on social media channels like LinkedIn, Facebook, or Twitter
– Posting it on online job boards or classifieds websites like Indeed or Craigslist 4. Review applications and resumes

After you start receiving applications, take some time to review each one carefully. Pay attention not only to the candidate’s qualifications and experience but also to their writing style and overall tone. If possible, conduct a phone screen or video interview with each qualified applicant before inviting them in for an in-person interview. 5. Conduct in-person interviews Now that you’ve narrowed down your applicant pool, it’s time to conduct in-person interviews with each candidate. During the interview, be sure to ask behavioral questions that will give you insights into how the candidate would handle real-world situations they may encounter in the role. 6. Make an offer Congratulations! You’ve found your ideal candidate and they’ve accepted your offer. Now all that’s left to do is formalize things with a written contract outlining the terms of their employment. Once that’s done, they officially become part of your team!

Here's How To Create An LLC in Just Minutes!

*This applies to Virginia residents too!

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