5 Tips to Help Entrepreneurs Build a Successful Business

​by Eleanor Wyatt

The pandemic has changed our lives in many ways. Besides its impact on health, it has led to significant job loss. Many people have had to search for new ways to pay their bills, and some are even realizing that now is the perfect time to start a new business.

For those without a business background, becoming an entrepreneur can seem scary. There are a lot of moving parts, and there’s a lot of uncertainty in the beginning. However, proper planning can put you in the driver’s seat of your business in no time.

Below, Copper Moon Media explains how to take steps to launch and build your business.

1. First Things First

Before starting a business, you’ll need to first have an idea of what kind of company you’ll create and then formally register it with local and state authorities.

You may want to create a business around your existing skills, to address problems that you or others experience or to take advantage of a niche. According to the Harvard Business School, most business ideas come from brainstorming.

Ask yourself these questions:

  • Can I improve something?
  • Can I make something more accessible?
  • Can I make something easier?
  • Can I create new ways to solve problems?
  • Can I provide something that lots of people will want?

2. Form a Business Entity

When you register your business, you’ll have to declare how it’s structured. Many new business owners choose to form limited liability companies rather than sole proprietorships. An LLC provides several benefits, including tax advantages, flexibility, limited liability and less paperwork. Although you could hire a lawyer to file your LLC paperwork, it’s cheaper to use a formation service.

You may need:

  • City and county business licenses
  • A state sales tax account
  • A federal employer identification number

3. Find Funding

You may decide to seek investors or a business loan to provide start-up costs for your business. The Small Business Administration can be a great resource here. Networking can also provide possible funding sources. Look into local business meetups, join the chamber of commerce and look for events where you can get to know other business owners in the community or in your industry.

 Networking can also put you in touch with potential vendors, clients, web designers or marketing specialists. You can ask friends if they know people who might be able to help you. Many businesses become successful partially due to personal relationships.

4. Hire Professionals 

Although small business owners often wear many hats, there are some things they might not be qualified to do. Web design, bookkeeping, accounting and marketing are often best handled by others. And ideally, it helps to find an agency that offers a variety of these services. Copper Moon Media, for example, can help create and manage your website and build a solid marketing strategy to get your name out there. They can also provide graphic design services to help with your branding strategy.

5. Prioritize Cybersecurity 

Whether you plan to keep your business completely online, have a hybrid of in-person and online or plan to simply own a brick-and-mortar shop, you are still at risk of a cyberattack. Hackers love to target small businesses, so don’t be fooled into thinking you’ll fly under the radar. To protect your data and your website, and to ensure your customers’ information remains protected, it’s crucial to have an IT security plan. The best solution is to work with a dedicated firm to regularly monitor and manage your security. If this isn’t possible, find an agency that can implement a range of security features and protocols, and that can be on standby in the event of an attack.

Owning a Business is Doable

With the right ideas, preparation and resources, you can grow a healthy business. Don’t be intimidated; instead, find ways to make it work.

Copper Moon Media is a website development and internet marketing agency committed to taking the time to get to know our clients—your industries, your products, your competition and your goals. We will stay with you as long as we are needed. Call 05.328.1066.