Turning your passion into a money-making endeavour is no easy feat. If you’ve already managed to do so, pat yourself on the back. But if you’ve been dreaming of turning that passion into something more, we’re here to help!
When starting a new business, you want to make sure that you’re doing everything the right way, and that means meeting industry standards. You don’t want to get shut down before you even have your first customer.
Doing something the right way first and foremost ensures that you’re abiding by all regulations. But it also means building sustainable growth, too. While these can seem like simple goals, it can be surprisingly easy to lose track of what’s important and get caught up in sales.
As you work towards opening day, make sure you’re considering what your business really needs with these tips.
Check That You Have All the Licenses and Permits Needed
The first step to starting any business should be having an idea. But the second and often overlooked step is following up on the rules and regulations that govern the kind of work you do and the industry in which you operate.
For many businesses, a license, certificate, or permit may be necessary to run a business. All this is highly specific to your industry. For market vendors, it may be necessary to fill out an application for a permit. For homebuilders, it may mean getting a contractor’s license. Get started now on researching the stipulations for your line of work.
When you find out the requirements to operate a business in your industry, look for resources to help you fulfil those requirements. There are tons of services to help you navigate the complicated worlds of licenses and permit. Plus, by submitting your application through a school or service with resources to guide you, you’ll be able to speed up the process of starting your business. This is especially true for those interested in becoming contractors.
Know Your Branding
- What Branding Is: The other essential step is to consider the branding of your business. But this isn’t as simple as choosing just any name that comes to mind. Branding in its simplest form is taking a product or business and giving it a memorable name, logo, slogan, or symbol. This gives customers a reason to remember your products.
- How to Think About Branding: A key part of branding is the ability to create a feeling from your customers about your business as well. Some common qualities that companies often attempt to establish through branding are “high-quality”, “down-home”, “family-run”, or even “sophisticated”. The persona you want your business to portray depends on the goal of the business.
- How to Market Your Brand: Before you market yourself and choose a name or logo, think about how the brand will appear on various platforms besides your brick-and-mortar storefront. What we’re getting at here is that one of the most important marketable spaces to consider for your branding is the internet.
- Use Social Media: Is your business’s domain name available? How about the Facebook or Instagram handle? Is the business name trademarked in your country? Does it translate to something strange or even rude in another commonly spoken language? These are all things to consider before sticking to a brand. It should be accessible to all.
These concerns can really help a business survive, and thrive in the long run. Before you invest a ton of money and time into what you are doing, make sure you brand well.
At the End of the Day
A successful business can truly only be run by passionate people. If you love what you do, check your bases, think ahead, and brand, you are sure to find success within your first year.