Article by: Alyssa Strickland
VQS Advice Blog | Cover Image by pixabay.com
Learn how to start and grow your business today.
- Table of Contents
1. How to Find The Right Niche - 2. Where Do You Start?
- 3. How Soon Can You Start Your Business?
- 4. How Much Money Will You Need?
- 5. Hiring, Outsourcing and Establishing Payroll
If you are thinking about starting a business but have not decided on what type, it may be worth considering a variety of options. Young entrepreneurs with limited experience may find that starting a home-based business offers lower overhead and may be a good way to begin a business career.
Take inventory of your passions and interests,
since these types of jobs will feel less like work.
VQS Studio is a great example of a startup that began as a passion and evolved into a successful business. VQS offers mindset and leadership tools to help guide creators and entrepreneurs toward their goals. With advice that ranges from journaling to how to be a supportive session musician, VQS offers something for musicians and influencers of all types.
As you think about ways to pursue your interests and develop a startup, consider these tips for getting started.
1. How to Find The Right Niche
There are countless options for your startup, but a good rule of thumb is to let your natural skills guide you. Some common, easy businesses to start include blogging, buying and selling online, starting a freelance business, or offering a specialty service such as photography, consulting, or another skill-based profession.
Think about what you care most about and try to build your business around that niche. If you are passionate about sports, for example, you could develop a blog relating to your favorite teams and earn ad revenue.
People who love flowers may decide to start an online gallery of floral photographs for sale and open a floral shop or greenhouse.
134: Getting honest with your Mental Health for creatives – VQS Studio Podcast
2. Where Do You Start?
Starting your new business means developing a plan of action. Ask yourself this simple question:
“What is it that I want to accomplish”?
Once you’ve decided your path, establish your mission statement. This will be your guide throughout the startup process and can help you make decisions that stand by your vision for the company.
As you create your business plan, be sure to add in sections that outline your:
- Funding source
- Marketing strategies
- Projected growth
- Employee hiring plans
Consider filing your business formation when you have a projected startup date in mind, so that you are operating legally and using correct documentation. If your business has inventory needs, consider identifying a dependable supply chain.
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3. How Soon Can You Start?
Your startup could take as little as a few weeks to several months to begin.
It largely depends on the type of company you are developing and the amount of advanced planning it requires to get established.
Businesses that do not require a storefront or inventory can start up relatively fast, whereas companies that rely on raw materials or shipments of goods may experience a lag in getting started.
Allow yourself additional time for:
No matter which business type you have, don’t feel like things are taking too long. Great accomplishments come with time.
4. How Much Money Do You Need to Start?
Consider material costs, space for your production, and any necessary equipment
The amount of money you will need for your startup will vary significantly, depending on your business type. If you are starting a photography business, for example, your startup costs will be far less extensive than a catering business or furniture builder.
Rental costs or lease fees may be another consideration, depending on the type of business you plan to operate.
Licensure fees and permits are another expense, as well as insurance plans and employee-related costs. According to Lending Tree, twenty-one percent of business owners begin their startup with under $5,000. The required startup capital largely depends on the size of the company and the type of business you are starting.
New business owners can raise startup money through a variety of sources, including small business loans, crowdfunding, and seeking investors or business partners.
5. Hiring, Outsourcing and Payroll
If your startup needs contractors or employees, consider starting to build your team as soon as possible.
Sometimes it can be challenging to find your team in certain niches, so the sooner you can put your ads online for help, the better.
Establishing your payout or payroll system is another crucial step in hiring workers and getting your business up and running. There are several bookkeeping apps, but payroll services defined by simplicity, seamless integration with other software, and organization are the ideal choices
Owning a business may feel like a faraway dream right now, but with some planning and strategizing, you can make it happen in a relatively short amount of time. Your hobby or interest could turn into a successful business.
Whether you are passionate about music production and inspiring leadership, like VQS Studio or have another idea in mind, your entrepreneurial future awaits. Read more of our career strategy and mindset articles for inspiration today!
Summary:
- 1. How to Find The Right Niche
- 2. Where Do You Start?
- 3. How Soon Can You Start Your Business?
- 4. How Much Money Will You Need?
- 5. Hiring, Outsourcing and Establishing Payroll
Article by: Alyssa Strickland
VQS ADVICE BLOG | MINDSET TOOLS FOR CREATORS
