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We’re here to help you lay the foundation for a brilliant new business.
Entrepreneurship isn’t for the faint of heart, but it can be one of the most fulfilling careers out there. If you’ve ever wanted to launch a business idea, you know that the entrepreneurial urge to create something isn’t easily silenced. Make this the year that you lean into that feeling and finally start a business of your own.
We’re going to break launching a business into three main categories: ideation and strategy, operational nuts and bolts, and trends and forecasts for businesses in 2024.
The best businesses are born from great ideas, and great ideas can be simple. As you look around your community or wider market needs, keep your eyes peeled for opportunities to put your strengths to use.
Once you have narrowed down your list of ideas, start thinking critically. Evaluate each concept, considering factors such as market demand, feasibility, and your own skill set. Conduct research to identify potential competitors and assess the existing landscape.
Look for opportunities that align with your passion and expertise but also address a genuine need in the market. Being realistic doesn’t have to stifle your creativity, it’s the process of refining your great ideas into viable business plans.
The great thing about the workforce right now is that you can launch a business with very little overhead, depending on the type of business. Remote work has given new strength to freelancers, consultants, and international work opportunities.
Once you’ve gotten your ideas outlined, it’s time to start building the foundation of your business. These elements in particular are best put into place before you start taking clients or making sales, other items outside this list may come as time goes on.
Based on your state or country, laws may differ, but in most places, you need to register yourself as a business entity. This is a place to claim your business name and set yourself up for proper taxation. Getting registered may also be necessary before you move on to other steps like opening a bank account, getting a credit card, etc.
In the US, you’ll likely be choosing between an LLC and Sole Proprietorship. Research each of these to determine the right structure for your business. The good news is that you can change it down the line if you need to.
A business bank account is easy and quick to set up. It is especially important when you are self-employed to keep your personal and business expenses separate. It can be tempting to blur the lines, but set clear boundaries for yourself while things are small.
While not necessary to start a business, having a unique business email address to organize and sign up for everything surrounding your business can make a huge difference. Staying organized is a needed skill for entrepreneurs. You can set up a free account on Gmail, or once you own a domain name, upgrade to a branded email address.
The early stages of your business are the best time to start good habits when it comes to bookkeeping. Find a bookkeeping software that matches your level of business and fits within your budget. Many bookkeeping software includes options for invoicing and popular integrations like Shopify and PayPal.
Clearly, you want to get paid. So choosing how you’ll get paid is a big part of setting up your business. How you collect payments may be based on how you serve your clients.
If you are collecting payments in person, apps like Square are popular and easy to use. If you are primarily working online, you can collect payments with PayPal for Business or other apps that work with your bookkeeping and banking tools.
Once you have these five elements in place you can start bringing in new clients or sales.
Forecasting your business’s success isn’t easy, but can help to look at the overall trends in small business to determine if your business plan is on the right track.
That brings us to our big list of brilliant business ideas that are trending upward for 2024. While these businesses vary, they all need one thing: time and commitment to get them off the ground. So where will 2024 take you?
No matter what you choose, there’s so much satisfaction that comes from starting and running your own business.
Our team of talented bookkeepers helps solopreneurs and small business owners tackle the task of bookkeeping with confidence. Whether you need simplified accounting software or budget-friendly bookkeeping help, we have solutions for you.
Simplifying small business bookkeeping since 2011.
©2011-2023 Less Accounting