First Steps in Business Development for New Small Businesses and Startups?

My Motto – “You have to start somewhere to get somewhere” In other words, Business Development has a starting point, especially for new start-ups and small businesses just beginning their quest into the business arena. So let’s get started on discussing some of the first things new startups and small businesses should do when developing their business.

Company Formation

Company Formation plays an important role in your business success and development. Getting your company registered is the first step towards establishing your business, and one of the most important ones. One of the main components of business registration is naming your business. Write down a list of potential names that you would like to use to identify your business. Choosing a name that coincides with your product or services will help build the reputation of your business and promote your brand image. Check to see which names you have chosen are available and proceed with your state business registration to ensure that you are now a legal entity. Next, begin making the importation decision to incorporate or not to incorporate. There are four basic structures to operate under – sole proprietorship, partnership, LLC or a corporation. Research the advantages and disadvantages of each and choose which one is the best fit for your business.

Business Plans or Fact Sheets

Business Plans or Fact Sheets can help promote the success of any business, especially a new venture. It describes your purpose and details the elements that will make your business a success. If you are anticipating starting a business, you’ll want to have a business plan or fact sheet. Why? There are at least three reasons. First, it will help you clarify and focus on what your business is about, your strategy for execution and potential roadblocks. Second, it’s an essential communication tool. It provides a consistent explanation of what your business is about to your stakeholders. Third, almost all lenders and investors are likely to want to review your plan before they lend money or invest in your firm.

Website

Web presence and having a website has changed business today at an unprecedented rate. It has created new products and services and facilitates communication and control beyond our imagination. It has without a doubt changed the way businesses operate. So for a new startup or business to not have a website is without question poor business development. Web presence has fundamentally changed customers’ expectations about convenience, speed, comparability, price and service. It’s the dot com and dot org world we live in today to expand into new markets and make our products and services more readily available to a wider set of consumers.

Business cards

Business cards are still widely used today as a mechanism to reach your target market. Certainly at face to face meetings, Trade Shows and networking events a business card is still necessary. It helps people remember who you are and where they met you. In spite of all the electronic devices, a business card can communicate a great deal of information in a split second; it communicates your websites, email addresses and slogans. When someone asks, “What do you do?” you should be able to present them with a card that answers their question at a glance.