Are you looking to start a new business? Well, you've come to the right place. JTBS specializes in the foundational knowledge required to get your business rolling.
Many people have great ideas for new business endeavors, but not all of them find success. Individuals often start a business because they identify a gap or niche in a specific market. Unfortunately, many entrepreneurs fail to take the necessary steps to develop a long-lasting and sustainable plan. Obviously, you're not one of those people, seeing as you found your way here.
First, starting a new business or company is much more than a unique concept or money-making opportunity. Although creativity and market demand are very important, it's crucial to sort out all the details first before registering names and purchasing domains. Consider the following as you begin your entrepreneurial journey.
Name Your Company
Write down characteristics of your service/product as well as your business ethics. Come up with a name that's unique but relatable, so people clearly understand what your company offers. Test your ideas with people who represent your target market, and not just friends and family.
Select a Business Structure
If you're not familiar with business structures and the significance of each option, don't stress! Without a background in accounting or law, it's best to consult with us first before making this decision. We will help you determine your business structure based on specific criteria that outlines how you get paid and how you file your taxes.
Count the Costs
Before your company begins to make a profit, many costs will be incurred. Try your best to think of all the possible expenses it will take to get your business up and running. Consider how your product/service will be developed, what equipment is necessary, and where you will conduct business. Our team of professionals will help you construct a budget based on your capital.
Identify Your Buyer
Knowing your target market is a vital aspect of planning your business. Many new entrepreneurs think mass appeal is the best approach, creating a business that targets everyone. The fact is, no business appeals to everyone. Take into consideration the age, gender, and socio-economic status of who will most likely purchase your product/service. This will help you focus your branding and save you money in the long-run.
Critique Your Ideas
Starting a new business is very exciting. But much of the planning process takes place in the vacuum of an entrepreneurs mind. It's easy to think of things in an ideal situation, but wise to consider other perspectives. Thinking of possible pitfalls or holes in your plan can save you from making costly mistakes in the early stages of your business.