Starting a small business from
home is a lot like getting in shape.
They both require sweat, hard work,
commitment, and depending on your
business, killer abs.
On this episode, we'll give you a
quick and dirty jog through how
to go from zero to hero and start
a small business in your own home.
Before we start, hit like and subscribe
to see the rest of our series,
Ready, Set, Goals.
And if you're more of a reader, check
out our article, How to Start a Small
Business from Home.
Okay.
As you can see, there are five main
things you need to do before your business
can work out.
We already have a few videos that go more
in depth on these, so this will be
more of an overview on everything
you should do.
As every good personal trainer
knows, you're not going to get anywhere
if you don't have a clear vision.
You should have a good idea of what
kind of business you want to start
before you do any heavy lifting.
If you're interested in starting a
business, but not sure exactly
what kind, have a look around.
Search the internet to identify unmet
needs in your community and think
about what skills you already have.
Now, let's talk research.
There are three muscle groups
you've got to hit.
First, customers.
You need to identify who
you're selling to.
What are they like?
What do they care about?
What do they want and need from
your business?
This is called your target market.
Second, the competition.
Who's out there?
What are you up against?
What are they doing well and where can
you outperform them?
Third, your value proposition.
That's the special thing your
business can do that others can't.
You're not going to get far as a
business if you can't keep track of your
big moolah intake, or BMI, as it's
professionally known.
To monitor yours, make financial
projections by making a list of all
possible expenses against income.
That, or you could just use a simple
accounting software.
If your business needs funding, check
out our video on business loans here.
Finally, once you're making money,
consider putting it in a separate
business account.
That makes bookkeeping much,
much easier.
Now, it's time for the sexiest topic
of all: legal stuff.
Personally, I say leave all the
legal stuff to the legal folks.
AKA find yourself a lawyer to
help you out.
Another recommendation:
work with a CPA or certified
public accountant.
This is kind of like your
personal trainer, but for money.
A good CPA can find the right tax
deductions and save you money overall.
As for legal structure,
everyone needs one.
And just like those trusty
gym shorts, not everyone is perfect.
Find yours by watching our video,
How to Pay Yourself.
Finally, get any business licenses
you might need.
That, and make sure you know your
zoning laws so you're not operating
illegally from your home accidentally.
Oh!
And don't forget business insurance.
Last but not least, it's time to talk
about your actual business plan.
A business plan is kind of like
a workout plan, but with business
stuff, instead of pushup stuff.
To start, reference this video to learn
about crafting an executive summary and
company description.
Next is market analysis.
This can tell you more about the
competition and find areas people are
paying attention to.
After you do your homework, it's time
to put together your marketing and
sales strategy.
Your marketing will depend on what type
of business you're working in, your
target audience, and your resources.
Your strategy could be as simple as
having a Facebook page or as complex as
a Super Bowl TV spot.
Your research will help guide you here.
But generally, smaller businesses
are going to want a smaller, more
nimble approach.
Okay.
I know that was a lot, but that's
pretty much everything you need
to do to get your business in shape.
After all that you deserve a cheat day.
Now go get started.