The business environment of America, and the world, changed dramatically with the invasion of the coronavirus. Many businesses stopped being businesses due to losses suffered in the wake of the pandemic. The manner of commerce changed dramatically as nearly everyone went virtual with their shopping and purchasing.
Then, sometime in 2021, areas reopened for in-person business, while new businesses cropped up to take advantage of the burgeoning world of e-commerce. And you sat there, watching this all happen, thinking “I want to start my own business. I think I could make it work in this new business atmosphere.”
Which is why you need to contact us at CSD Marketing. We were in your position a few years ago, without the benefit of the changing environment for startups. We have succeeded, and we want you to succeed in creating your own business and stamping a new footprint into the American platform.
Help to start your new business
Say what you will about local, state, and federal governments. One area in which those governmental bodies shine is in opportunities they offer for starting a new business. As much as we sometimes feel the government gets in the way, those agencies designed to help entrepreneurs take their tasks seriously, and they build programs to help you on the way.
The Small Business Administration offers this guideline to help you start your own business. It is extensive, but you want it that way, so that you do not miss any key steps to being successful.
There are 10 steps offered, and each step takes a massive investment of time. Each step requires careful consideration, and it is with that in mind that we again suggest a conversation with us at CSD Marketing.
This is not a bull-rush to sell our service; it is a sincere desire to help others succeed as we have. We can ease some of the anxiety that comes from trying to completely change your success in life by starting a new business. We have taken each of these steps ourselves and know the pitfalls and best practices to make these steps work for you.
10 steps to start your new business
We strongly encourage you to consider each of the steps outlined in the SBA document and identify those in which you could use some additional guidance.
The steps are:
- Conduct market research
- Write your business plan
- Fund your business
- Pick your business location
- Choose a business structure
- Choose your business name
- Register your business
- Get federal and state tax ID
- Apply for licenses and permits
- Open a business bank account
We want to offer a few words of advice about one particular step along the way, and that is “Choose a Business Structure”, which includes operating as an LLC (Limited Liability Company) so that you have the proper balance of legal protections and benefits available to startup businesses.
What is an LLC?
An LLC is a legal construct that protects your personal assets from risk in the case of business failures or lawsuits. It effectively separates your business life from your personal life, and your business finances from your personal finances.
Operating as an LLC does not prevent you from passing your business profits to your personal bank accounts. But, operators of an LLC are listed as self-employed for tax purposes and must pay self-employment tax contributions to Medicare and Social Security accounts.
We emphasize LLCs because they are a good choice for a business structure for owners who have sizable personal assets to protect, and want to operate a business that is at a medium to high-risk of being successful. LLC owners also pay a lower tax rate than do corporations.
Your other choices to consider for business structure include Corporation (S Corp or C Corp), Sole Proprietorship and Partnership. Each has benefits and drawbacks depending on the business you are in, the number of employees you intend to host, and the property you will need to operate your business. Consider all your choices when deciding how to start your business.
Final thoughts: Reducing your anxiety
We know that starting your own business can be a frightening undertaking, and we know that the hardest part is getting started. It’s like seeing your destination in the distance, taking that first step off a deck, and being uncertain exactly how the currents will affect your journey.
But when you create your visionary plan and commit to it you’ll find that fear turn into breathless anticipation. You are about to start one of the great adventures of your lifetime. You’re going tot to turn that hobby or side-gig or brilliant idea into a business of your own. And it’s going to be great.
CSD Marketing is a family-owned business that only succeeds if you succeed. We have been where you are right now, and we want your path to success to be cleared due to the benefit of the knowledge we gained when we started. We encourage all first-time entrepreneurs to chase their dream, and we would love to join you on that quest. I leave you with an upbeat tune that could be the rallying cry of every new business owner/entrepreneur: “Ain’t No Stoppin’ Us Now“!