Be Your Own Boss

7 tips to help you launch a successful business

(Family Features) Entrepreneurship is alive and well, even if the face of small business is evolving with the times. Autonomy in management and making dreams a reality are the reasons most cited by entrepreneurs looking to open a small business.

Nearly half of all respondents in the annual The UPS Store “Inside Small Business Survey” said they’d be optimistic about opening a small business this year. Of respondents who hope to open a small business, top motivators include being their own bosses (38 percent), followed by believing in the power of their own ideas (17 percent) and creating their next career paths (15 percent).

“The American Dream of owning your own business is still very much real, especially when compared to the rest of the developed world,” said Dr. Luke Pittaway, Ohio University College of Business Copeland Professor of Entrepreneurship.

However, how Americans are choosing to open small businesses is where there may be a shift.

“Consumer habits are changing,” Pittaway said. “That’s forcing Americans to consider how they open small businesses, whether it’s focusing more on e-commerce than actual store fronts or focusing on selling to a local community or region instead of a broader national audience.”

Starting Your Own Start-Up
The process of launching a start-up can throw various unexpected obstacles your way, but there are numerous resources available to support a budding business.

“We understand the challenges of small business owners and offer products and services designed specifically to help and support small businesses,” said Tim Davis, president of The UPS Store, Inc. “Small business owners are unparalleled in their passion for their businesses, and understanding that aspiration is critical to running a successful small business.”

This action plan from the experts at The UPS Store can help you get you on your way to launching a successful start-up:

1. Analyze your target audience.
Start by performing extensive market research to understand your customers’ core necessities. Assessing your target demographic gives you a clear perspective on how to serve the people in it.

2. Determine a legal structure.
Selecting the right legal structure ultimately determines how you handle income taxes and all government reporting requirements. Many small businesses fall under a sole proprietorship or limited liability company (LLC) while bigger entities may identify as corporations.

3. Establish your premises.
Choosing the right business setting could be the difference between a cost-effective start-up and a moderately expensive one. Your work space should fall within your monthly budget while still satisfying the needs of your customers.

4. Determine your budget and expenses.
Assessing your available funds enables you to prioritize and assign an appropriate amount to your business assets. This should include necessities for daily operations, as well as secondary expenses, such as traveling and meetings.

5. Develop a business plan.
Think of a business plan as a road map that indicates where your start-up stands and where it is headed. If you need funding, it’s also a great tool to articulate your ideas, philosophies and goals.

6. Set up a marketing plan.
Conduct an analysis of your business’s strengths and weaknesses to devise strategies and tactics that account for challenges and opportunities your business is likely to face. The scale of your marketing plan will likely depend on resources you have available and your target audience, but should feature a variety of tactics. Your plan should include printed materials like direct mailers, business cards, newsletters, flyers, banners and posters, as well as digital to cover things like search and social media.

7. Be competitive.
Examine your competitors to determine the areas in which they thrive and see what makes them successful. Learn from the landscape to improve upon their strengths and gain an upper hand on their weaknesses. For example, implement various pricing models, such as special offers, coupons and rewards, rather than sticking with your initial, low price to remain competitive and profitable.

With a carefully structured action plan, you can turn your start-up idea into a successful business. Find more tips for your small business at TheUPSStore.com.

Pitch your small business like a Pro

When you’re launching a small business, there could be any number of reasons you may need to pitch your idea. You may be courting an investor, recruiting talent or even starting to market your product or service. Brevity is often essential, so learn how to concisely pitch your business like a pro with these tips:

Draw out the essentials. Reduce your pitch to a few digestible bites. Make sure you have an intro that is brief enough to get someone’s undivided attention then elaborate on your points, such as your top competitive advantages, and provide more detail about your business as a whole.

Come to entertain. Add an entertainment factor to make your pitch engaging and memorable. Of course, you need substance to go along with style, but keeping your audience focused and doing something to stand out is essential.

Anticipate questions. Prepare yourself to reassure concerned investors and flesh out subjects you may have kept brief for your presentation. Make sure to practice your answers so you sound confident. Grabbing attention is important, but you need to be able to back up your spiel.

Know your audience. This is the cardinal rule of communication. Make sure you do your homework and know who you are addressing. This shows you value your listener’s time and feedback. Furthermore, insight about his or her philosophy in doing business can be extremely valuable during a pitch.

Practice until it hurts. Take the time to practice your entire pitch, including answers to likely questions, until you know it inside and out. The more comfortable you are, the more likely you are to win someone over in a meeting.

Have the materials to back it up. A written document is your chance to leave a lasting impression and elaborate on your major selling points. It’s also a chance to show your professionalism, so be sure to proofread carefully and package the information for a polished presentation.

Find more resources to help get your small business off the ground at theupsstore.com/smallbiz.

Photos courtesy of Getty Images

SOURCE:
The UPS Store

Bring Your Idea to Life

5 tips for starting your own business

(Family Features) Like any idea, the great ones come when you formulate a plan and turn that idea into action. Starting your own business can be stressful and demanding, but also both personally and professionally fulfilling. Getting a business up and running takes planning, smart financial decision-making and backing, and stacks of paperwork, but these tips can help guide you through the development stage and help you ready your idea for unveiling.

Create a Business Plan
To get started, create a simple overview of the business you intend to start. This plan will be your roadmap moving forward and should include a mission statement, a company executive summary, a list of services and/or products offered and their costs, a target market analysis, an organizational structure, financial projections and expected cost of operations. Remember, this is a fluid process, so keeping it simple at the beginning may be beneficial in the long run.

Finance Your Business
Whether you plan on self-funding your business – be it through savings, credit cards or personal loans – or looking for other sources of start-up income, i.e. grants or venture capitalists, you’re going to need funding to get your idea off the ground. If you don’t have the capital to fund the venture yourself, look for investors who share your passion and that you believe you can work with or aid in the form of research grants or small business loans backed by the government.

Determine the Legal Structure
Decide on which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company, corporation, S corporation, nonprofit or cooperative. Owning your own business comes with federal tax obligations related to the type of business entity you establish. Often, during the infantile stages of your business, it can best serve you to register as a sole proprietor – which comes with less paperwork and upfront expenses. Acting as a sole proprietor does carry personal risks, however, so be sure to consult an attorney prior to finalizing the ownership structure.

Choose a Name and Location
Regardless of whether your business will be brick and mortar or online, deciding on a name that best suits your product or service and appeals to your intended audience is an important step. Once you’ve picked a name, select a location that offers opportunity for growth, proximity to suppliers, accessibility to customers and an acceptable level of competition, then check to see if the domain name is available online and make sure it is usable in your county and state. If it’s available, register it with the county clerk, secure the domain name and register a trademark at both the state and federal levels.

Register for Taxes, Licenses and Permits
When starting your business, you need to account for city licensing, state incorporation, business entity fees and more. Conduct a thorough search beforehand to determine applicable filing fees. In addition to fees, your business will have to pay certain state, local and federal taxes, including income taxes and employment taxes, based on the legal structure of your company. You’ll also need to obtain any licenses or permits, potentially including city or county business permits, liquor licenses or zoning variances.

Find more tips for starting and managing a small business at eLivingToday.com.

Cultivating Connections

How networking can build your business

Business is built on relationships. For many entrepreneurs whose small businesses are thriving, successful networking is one of the most common threads.

Making connections and building relationships are among the most beneficial aspects of networking with other small businesses, according to more than half of the respondents in a survey by The UPS Store. This is especially true among younger business owners, who are more likely than their older counterparts to take advantage of networking opportunities with fellow small business owners.

Not only do they crave these connections, 61 percent of small business owners say they want to establish in-person relationships. Attending networking and meetup events is a great way for entrepreneurs to form new relationships, share experiences and celebrate their hard work. In honor of National Small Business Week, The UPS Store will offer several networking events to facilitate small business connections. The following tips can help small business owners make the most of networking events.

Practice your “elevator pitch.” When introducing yourself, be prepared to give a brief explanation of your business, boiled down to a couple of sentences. Be sure to include your business name, the solution you provide and anything that makes you unique. The key is to deliver enough context that others can engage in meaningful conversation, while keeping it succinct enough that you have plenty of time to listen. If you think your elevator pitch is perfected, submit a 90-second video describing the business or idea to enter The UPS Store national Pitch Off contest at theupsstore.com/pitchoff for a chance to win $10,000.

Embrace the competition. It may feel counterintuitive to forge a relationship with a direct competitor, but there’s some obvious benefit to trading notes with someone who is operating in your market from a similar vantage point. Remember, while neither of you is going to give up proprietary information, a respectful dialogue may get your wheels turning to think about solving a problem in a new way.

Represent your brand well. A networking event is intended to be social, but it shouldn’t be treated casually. You are every bit the face of your business in this setting as you are within your business walls. Dress the part and present yourself as you would to potential customers. Make sure you have updated business cards, as 75 percent of survey respondents said they are the most common marketing tool used to promote their business, and any other printed materials such as brochures or fliers that showcase your business.

Find networking opportunities and more ideas to grow your small business at theupsstore.com/smallbizsalute.

Photos courtesy of Getty Images

SOURCE:
eLivingToday.com