Starting A Business From Scratch

A new year beckons.

For some folks it means overeating and watching Queen’s Gambit.

Others, like my friend Suzi, are using this time to monetize their side hustle.

Suzi’s a talented graphic artist who’s spent years volunteering for various non-profits. She’s gotten paid occasionally, but hasn’t ever addressed the issues key to operating a real business.

Questions she’s finally facing focus on her objective, customer profile, vision of success, needed resources, and what differentiates her from the competition.

Suzi’s timing is good, since work’s slow and she’s got extra bandwidth. So while every topic she addresses generates more questions, she’ll soon know how to structure her business, market herself, and build a triumphant future.

COVID has birthed many people like Suzi, looking for a new gig to create or replace a job.

New year’s the perfect time to start this adventure. But before investing too much time or money, consider the basic needs for any venture:

1)     MARKET RESEARCH, exploring if the opportunity’s realistic. You’ll learn about potential customers, competitors, and how to stand out of the crowd.

2)        BUSINESS PLAN, providing a roadmap for building and growing your business. It’ll also outline what resources you need to get started (money, people, alliance partners, etc.)

3)     LOCATION. Will you network in a shared office or operate at your kitchen table to lower overhead?

4)     STRUCTURE. Should you incorporate up-front or be a freelancer? Time to call an accountant and an attorney.

Now consider your marketing needs. A good business name, branding, website, social media presence, and digital advertising are probably called for, as are promotional and drip campaign efforts. Suzi, being a graphic designer, must show materials that look DROP DEAD GORGEOUS. After all, if she can’t market herself, nobody will hire her to market them, right?

Okay, there’s other stuff too. Registering your business name, tax IDs, licenses, permits, blah blah blah. You’ll need to separate business and personal funds, and all the rest that dozens of books, city hall, and the Small Business Administration will tell you.

BOTTOM LINE: If you’re looking for new opportunities, the only one standing in your way is yourself. Find your strengths, do some homework, and get going.

Because as Dr. Seuss reminded us: “Your mountain is waiting…So get on your way!”

With that said, I wish you a week of profitable marketing.

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Happy holidays from everyone @marketbuilding.