5 Essential Tips for Launching a Startup in 2019
If you’re more of a leader than a follower, then you may have decided at the end of 2018 to spread your wings and work for yourself. Working for someone else pays the bills, but it often doesn’t give you that freedom, flexibility, and happiness you so desire. Make 2019 your year by launching a startup business and being the boss. However, you should do it properly with these tips for success below.
Get on Top of Cash Flow
You may go into the new year with all guns blazing, ready to set up shop and work for yourself. Of course, to do that, you need money. If you find that finances are tight, you will be pleased to know that you can find quick cash loans online when you need them the most. The best part is, you won’t need to dive into the murky depths of the loan shark world to get the money you need. There are plenty of affordable, above-board lenders with agreeable repayment terms to suit your needs.
Know Your Tax Obligations
Earning money is one thing, but declaring it and knowing what portion of it goes to the government is another. Because you are new in business, you may not be familiar with government departments and allocating funds to pay for tax bills. It’s time to get familiar quickly because ignorance is not a valid defense if you don’t follow the law. Find out if income, employment, excise, property, sales and use, self-employment, or estimated tax applies to you. If it all sounds a bit overwhelming, a good tax accountant is worth their weight in gold and can save you time, stress and, in the long run, money.
Research Your Market
Even if you have made up your mind about launching your startup business in 2019, it’s helpful to know whether it’s not only you that thinks your products, services, and ideas are any good. Your prospective market needs to be onboard with it too. Before you begin, make sure you carry out plenty of market research. Find out who your target market is, how much they would pay for your product or service, and if there’s anything you need to be doing to make it better. The more you know, the more prepared you can be.
Know Your Competition
It’s doubtful that you are going to be launching a startup business that doesn’t have competition elsewhere. Discover as much as you can about your direct competition. Discover what works for them, what you can do better, and how they bring customers in their door. Where possible, pounce on their weak points and discover market gaps. Being aware of who surrounds you in business can only but benefit your new startup.
Consider Digital Marketing
Considering that 89 percent of Americans use the internet, it makes sense to market your business where the masses are. Don’t be one of the 34 percent of small companies that still haven’t caught on to this lucrative marketing avenue. Use the internet to your advantage. Create a Facebook and Instagram account for your business, pay for sponsored adverts, and hire a graphic designer to help build a branding guide and plan that works for you. Start your new year (and business) with a bang.
There are many things to think about when you hand in your notice and go out on your own in business. You have to make sure you have enough money, obey all the laws and are entirely aware of your competition and market. Before you set up shop permanently, lay the groundwork so you can start the year on the right foot and with an enormous smile on your face.