Young professionals from Illinois share their stories on starting a business: why, where and how
Are you planning on starting your business in Illinois this year? Or maybe somewhere else in the United States of America? If the answer to one of these two questions is YES, then you need to hear what young professionals from Illinois have to say about their journeys of starting a new business. Among other, more crucial things, they all agreed that it was tough. But
they also said that they would do everything all over again if they had to.
Besides challenges, problems, sleepless nights, costs, and stress, starting a business of your own is rewarding. It makes you your own man or woman, it makes you your own boss, and it makes you stand out from the crowd. So, if this is something you want too, keep on reading. We will share with you some tips and tricks for starting a business you must know.
Conduct Market Research
Conducting market research is one of the most important things you must do before you decide to start a business in Illinois, or anywhere else in the world. Why? Because this kind of research will tell you whether there is a chance to turn your business idea into a real, successful, acknowledged business.
For instance, if you like to launch a successful freelance business, first you need to gather information about your potential customers and consumers, different business locations, and your competition. Once you have this information, you will be able to conduct a competitive analysis. Trust us, it is market research combined with a proper comparative analysis that can make or break your business.
Have a Good Business Plan Ready
It goes without saying that you can not start your business without having a proper business plan – it is the foundation of your business! Your business plan will be your roadmap, it will tell you where to go next, and what to do next. Moreover, your business plan will tell investors why they should work with you, and it will tell all those clients why they should buy your products or why they should use your services.
Having a business plan ready is also important for outlining all other aspects of your business. For instance, it will help you set up a budget. That can either be a budget for buying new equipment, or for moving the old equipment into the new office. Or it can be a budget for hiring commercial moving experts. As you can see, you need to set up a budget plan in advance just like you need to set up your business plan too! When it comes to starting a business, nothing is easy nor cheap, except for moving estimates maybe.
Assess Your Finances
Speaking of budgets, be sure to figure out exactly how much money you will need to turn your business plan into a real business. If you have some savings, great! But if you do not, you will need to borrow it. Luckily, doing that is not as hard as it used to be. Nowadays, you can get a business loan or a business grant, you can ask investors to help you out or you can turn to crowdfunding.
Whatever ‘money’ option you decide to go for, do not rush your decision. Analyze your finances first. Use your business plan for that. Give yourself some time to research how much everything costs as that is the only way to find out exactly how much money you need. For instance, figure out how much money you will need for your equipment, for paperwork, for your own company insurance and all the taxes, etc.
Pick Your Business Location
It does not matter whether you plan on opening a brick-and-mortar business or an online one, the location you choose will affect all aspects of your business. The price of your taxes, the zoning, and regulations, incentives the foot traffic, competition, partners, pricing of your products and services, etc., all depend on your business location. Thus, make sure to do detailed research on each and every area you find suitable for your business. Be sure to consider all the costs, local restrictions, and all the possible benefits, before you sign any papers!
Once you find that perfect location, it gets easier! All that is left is to handle some of your paperwork and to find a commercial moving company that will help you move into your new business space. Commercial movers offer whatever assistance you may need – from disassembling and assembling office furniture and equipment to organizing files and business supplies.
Choose a Business Structure and a Business Name
Last but certainly not least thing you have to do when starting a business is not pack up your office equipment, but is choosing a business structure and a business name. The business structure you chose will affect everything from your everyday operation to the taxes. Thus, be sure to choose a business structure that will balance everything in the best possible way, and one that will have the most benefits and protections for your business. So, here are the business structures you can choose:
- Sole Proprietorship
- Limited Liability Company
If you are not sure which business structure to go for, it would be a good idea to hire an attorney or even an accountant. And, once you figure this out, be sure to choose a good name for your business – something that will make it stand out from the crowd. Without these two you will not be able to register your business nor get federal and state tax IDs and all the necessary licenses and permits