Considering turning your hobby into a small business? You’ve come to the right place! Red Hen loves to turn a good idea into a great small business. If you start building your business with good habits already in place, you’re going to be much better off when it comes to growing your business and handling unforeseen difficulties. Here is a quick checklist for a true small business beginner.
1. Start taking your business seriously; apply for an LLC. The LLC can help you when it comes to getting loans and filing taxes, it is the first step in starting a business recognized by the government.
2. No commingling! Do not mix your personal finances with your business finances. If this means saving receipts, keeping meticulous records, or opening a separate business checking account, find a way to keep the division there. This is important for keeping the IRS happy and will help you understand your profit margins.
3. Consider how to make your business visible. This can be accomplished with a website, storefront, social media campaign or other solution. Find ways to reach out to prospective clients and let them know you are there. Start with the small marketing campaigns that are generally free; you don’t want to spend money on advertising until you are making money with your business.
4. Consider branding options to give your business a professional appearance. This may include a website, business cards, and letterhead to start. Have a common theme or brand that customers can begin to recognize and associate with you and your business. In this case, you want them to see you coming!
5. Don’t be afraid to hire help, and don’t wait until it’s too late. If you’re trying to grow your business while you’re also planning to work at your business for 60 hours a week, realize that may not be a very viable plan. Finding the right help can make your business bigger and better.
Now is the time to start turning your ideas into a real business. If you need any help getting your idea off the ground, give us a call. Red Hen can help you will all of the above and we’d love to be a part of your awesome new endeavor!