13 Most Commonly Asked Questions About Starting A Business
If you’ve got a great idea for a business, you’re halfway there to starting your own business.
Starting a successful business doesn’t have to be hard. If you’ve got the right people around you and a game-changing idea, you should be able to get it off the ground relatively quickly. That doesn’t mean you aren’t going to have a few questions along the way, though.
In this post, we’re going to answer 13 of the most common questions people ask when they’re starting a business. You don’t have to do the whole thing alone. Let us help you accomplish the steps to starting a business and you’ll be ready to begin running a prosperous business in no time.
1. What Kind of Business Should I Start?
Don’t get too cute with trying to find a niche market and customers. While it’s important that you’ve got a base of viable customers, you should focus on something that you’re passionate about.
Ideally, you’ll want to invest in something that has promise, that isn’t too expensive to get off the ground, and that you have personal experience with. Too many entrepreneurs get involved in something they think should be a big moneymaker, only to find out that they hate it and there’s not as much money as initially thought.
2. What Should It Be Called?
Naming your business is always harder than it might seem. Choosing a name that you’ll want to stick with forever is near impossible, but you have to pick something. Start by creating a huge list of names and looking them up to see what’s already taken.
Start eliminating the ones you don’t like until you’re left with a select few that represent what you do and are easy to read and remember. Sometimes it’s good to picture what your logo might look like at the same time.
3. Where Do I Start?
Try starting with a business plan. If you can coherently write out your thoughts and plans on a page, you can use it as a guide for future decisions. There are lots of business plan templates online that show you different things to think about.
4. What Mistakes Do Other Entrepreneurs Make?
There are many challenges to starting a business and most entrepreneurs fail to get off the ground because of an extremely solvable issue. Here are a few:
- Not having a business plan or a great product
- Not having enough startup capital
- A failure to understand how many hours you need to put in
- Not being persistent enough
- Being unwilling to learn new skills/wear many hats
- Not having good enough time management
5. Do I Need a Lawyer?
No, you don’t need a lawyer to incorporate or file permits and licenses. However, it does help to have a lawyer that you trust on hand to answer some questions. Make sure to hire one that specializes in business, so you know they have experience in working with startups.
6. How Do I Build a Brand?
Brand-building is one of the more difficult things to do, despite being one of the simplest concepts in business. Everyone knows a great brand when they see one, but almost no one can figure out how to create one out of thin air.
Work on your online presence to start. Build a great website, work on your SEO, put out great written and video content, and register your business on all relevant social media platforms. Then, find your audience and give them a regular stream of content.
7. Where Do I Find Startup Capital?
Startup capital can come from essentially anywhere. Maybe you’ve got a substantial sum of money to invest in the business from the start or maybe you need to look at bank loans, venture capitalists, or a service like Your FundingTree.
Your FundingTree matches entrepreneurs in need of funding with lenders that have a special interest in your business. We’ll give you a list of interested lenders and you choose the one that has the best terms for you. Then, you’ll be off and running.
8. Do I Need Permits or Licenses?
You’ll need to incorporate and register your business at the outset. Additional things like permits for regulated businesses (like agriculture), sales tax permits, city and county permits, employer IDs, and zoning permits will have to be obtained on an as-needed basis.
9. How Do You Hire Good Employees?
Hiring the right employees will start with you understanding what you’re looking for. Most young companies find themselves in hiring trouble when they get desperate and settle for an employee that might not fit the ideal description.
Make sure your employment requirements are very detailed and be very thorough in the interview process.
10. How Do Payroll/Taxes Work?
When you start to hire employees, you’ll have to figure out how to process payroll and taxes. It’s almost always a better (and cheaper) idea to hire a service to handle this for you. Our payroll processing and reporting are among the very best in the industry and we’ll take special care to give you the right service for your business.
11. Venture Capitalist?
Looking for venture capital investment is often how businesses reach a new level, but they’re hard to get. It’s almost not worth looking into until you’ve gotten substantial traction in your field and are staring at big market potential.
12. Do I Need a Website?
Of course you need a website. More business is done online than ever before and we’re not expecting that to change anytime soon. You might not be able to get the domain name that you want, so make sure to have some catchy alternatives in your back pocket.
You can either hire a web developer to help make your site or use a site builder and do it yourself. There are many guides online to help you build a great business website.
13. How Employee Benefits Work
Getting your employees set up with benefits is a long and complicated process, but one that you need to do if you’re going to be a desirable employer. You’ll have to look at group health insurance solutions and mandated employee benefits like tax withholdings, which you’ll have to match.
Starting a Business the Right Way
Starting a successful business the right way comes from asking a lot of questions and getting help from people that know more than you.
Your FundingTree can not only help you get funding for your business, but we can also help you with the day to day operations that you might not have a grasp on yet, like payroll, benefits, and web services. Discover our site today to find out how we can help.