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Starting Your Small Business

Tips for Planning Your Small Business

Joanne Pele

October 28, 2007

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One of the biggest benefits of being an entrepreneur is the freedom to set your own hours and cultivate your own work style. You won’t have to battle commuter traffic to make it to the office at 8 every morning, and your work attire may become flannel pajama pants and a tank top. Keep in mind that working for yourself requires possessing the self-discipline to work a full day without supervision. Starting your own business involves hard work, and you’ll probably be working far more than 40 hours a week.

The first step in starting your own business is developing a business plan.  Your business plan is a great tool to keep you on track with your goal, and you will need it to get financing. A good business plan will help you clearly define your mission statement, determine exactly what your business will accomplish, your competitors, and your target clientele. Writing a business plan will also help you figure out what your operating costs will be, including equipment, supplies, payroll, insurance and marketing.

Marketing your business is crucial.  You can’t expect to attract a clientele by simply opening for business.  The “Field of Dreams” approach will definitely not work here.  Below are a few suggestions to begin promoting your business affordably.  As your business grows, you can branch out into pricier marketing options such as television or magazine advertising. 

Website - Fortunately, the evolution of the Internet has enabled many start-ups to project a professional image and to market themselves for relatively little money. Once you have your website designed, research hosting options and purchase the domain name of your choice.  Your domain name should reflect your business name and nature of your product or service.  Post your business on as many free online business directories and social/business networking sites as you can.  Remember, you don’t want to tell your whole story in an online listing, just compel people to visit your website so they can browse at their leisure.

Logo - A logo visually reflects your company’s identity and creates brand recognition. With a logo, clean and simple is usually the best way to go, as it may end up being reproduced in various sizes and in black and white as well as in color.  You can opt to design your logo yourself, or hire a professional designer.  If you hire a designer, make sure you have versions of your logo formatted for web as well as print. 

Business cards and Stationery - Consistently designed business cards, letterhead, and envelopes create a cohesive image for your organization.  You will probably need to research graphic designers to create the logo, and printers to produce your finished pieces.

Press Releases & Networking - Get the word out!  Write a press release with your latest news.  Submit it to local newspapers, and online via several press release distribution sites.  Take advantage of local networking resources, such as joining chambers of commerce, attending business fairs, and volunteering for community events.

Whatever marketing efforts you decide on, remember that consistency is key. The goal is to plant your company name into the minds of your prospective customers. This takes place over time, so plan ahead, be patient, and be creative and have fun with your marketing!

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I would recommend that any entrepreneur, especially those of us who are not planning inclined - or gifted, try QuickPlanner Plus. The new strategic, business or other planning software designed to help guide the individual from concept to a fully defined objective, mission, strategy, program, vision, etc.