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How to Start a Small Business

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There are many great reasons to start a small business, especially if you have the necessary experience and skillset to market your services and products. At Towne Storage, we know what it takes to get your business started and growing, as well as the importance that small businesses make on the community. Here are some tips to help you get started.

 

Conduct Market Research

One of the first steps is to do you research. While this might sound boring, it is essential to making your business stand out. Asking the following questions will be useful in understanding your competition and marketing what makes your business unique.

Who is your competition?

What are they offering customers?

Who is purchasing their product/service? (Also called audience research)

What are they charging for their product/service?

Are there reviews for their product/service? If so, what do the positive ones say they excel at, and the negative ones say needs improvement?

Can you niche down to thin out the competition? (Niching down means to make a product or service specialized. For example, instead of selling “water bottles,” you could market them as “hiking water bottles.”)

 

Local, State, and Federal Requirements

Laws relating to businesses vary by city, state, and nationally, so it is important to do some research on what’s required in your area, even if you are running an online business from home. You may need permits or licenses, special zoning, or to register your business name both locally and through the state. For example, the Federal government requires each business to have an EIN (Employer Identification Number) even if you are the only employee of your company. States require businesses to have a sales tax number, and your city may require a variety of permits, licenses, etc.

Overwhelmed? Don’t worry. A lot of people can find it difficult to navigate. Remember to do one step at a time, and if needed, you can always get help from the SBA (U.S. Small Business Administration), which specializes in helping new business owners find resources to get started.

 

Branding and Marketing

Building a recognizable brand is vital to starting and growing your business. Spend some time creating your logo, website, social media icons, and packaging to reflect what your company does best. YouTube has some great tutorials on how to market your product/service. If you are looking for something more in depth, consider taking classes on business at your local college.

 

Finances and Inventory

Once you have gotten started, it’s important to keep your personal and business finances separate. This includes, but is not limited to separate bank accounts, budget books, cash assets, etc. Sales tax should be kept in a different account from your payroll (even if you are only paying yourself). Keep all receipts and mileage records for business expenses.

Space for inventory can be a problem for any business. If you lack enough room to store your products, consider a storage unit from Towne Storage. W