It’s 2023, How Do I Start A Small Business?
You want to join the great American “I Quit” movement and start your own thing. (Or you did this and ended up in “Now What?-land”.) Starting a small business is hard. There should be no question about it. Our own “imposter syndrome” can put limits on us that aren’t real. Leonard Cohen said, “Act the way you’d like to be and soon, you’ll be the way you act.”
Once, you feel comfortable in your own skin, then you need a plan. We are going to assume you have 1) a product or service 2) a basic plan of how to fulfill that product or service 3) have done your market research and determined a need that you can fill.
You have some primary considerations:
- Finances – Do you have enough operating cash to get through 3-6 months of hard times? A) Set up a business bank account. You will need this for whether you need to write checks or process transactions on your website (this will be a separate transactor.)
- Federal Taxes – A sole proprietor may operate off of their own social security number. An LLC will need to set up their corporation and apply for a TIN – a Tax ID Number. At a minimum, you should withhold 10% of your profits to be paid as Quarterly Estimated Tax payments. You will file a Schedule C to report your business’s profits and losses.
- State of New Mexico – You must set up a business tax account with the state and file monthly Gross Receipts Taxes on all of your receivables physical, virtual or service. If you send a bill from Albuquerque, that bill gets 0.07875% taken on every gross receipt except produce and meat. (You also need a business license for the city you do business in.)
- Marketing – In 2022, you have a lot of options to promote your small business. There are opportunities for every budget, and it is always good to commit a budget to marketing. It is imperative if you need to attract and close customers but have limited access to the market.
“I’m technologically tired.” A client said to me once. And as small business owners we are. There are so many points of contact that we have to stay on top of. If you can afford it or budget for it, a good internet person is invaluable. You are trying to run your business, so it becomes their job to work on it for you.
All The Tools You Need To Build A Successful Online Business
Top 5 Internet Objectives Every SBO Need Heed:
- Claim your Google MyBusiness location and manage reviews and make posts on their platform.
- Decide which Social Media Platforms are important to you and be consistent. Use social media to always link back to your website in your posts. Use a blog on your website to support content for social media and vice versa.
- Make sure your website clearly identifies who, what, where, when and how. Who are you? What do you sell? Where are you located? When are you available? How do I get the goods? Your website should open with your three primary conversion points which are most often a) SHOP NOW b) CONTACT c) ABOUT
- Use Email Marketing – Collect everyone’s email and let them know they are automatically opted-in to your email list. Email still holds one of the highest conversion rates for digital marketing. The more targeted your email sub-group marketing the higher the conversion rate.
- Don’t be afraid to spend on digital advertising, but seek advice from peers, a digital marketer or the support team from the media you buy. The rule of thumb is start with the bigger properties first and apply budget down from there. If you are looking to be found in searches then buy Google Ads (and Bing if you have more budget). Think of this as PULL Advertising. Someone is actively pulling information about a product or service you offer. Facebook first for social media spending. They offer easy to use advertising tools and targeting. Think of social media as PUSH advertising. Like a billboard or TV commercial – social media ads remind people that you exist and that they love your product.
