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Things to Consider When Starting a Small Business

by Olufisayo
Starting a Small Business

Alliance Virtual Offices demonstrates the ease of setting up a business structure. You can be in one country or state and run a business remotely and effectively in another country or state. And you do not require a capital outlay of $100,000 to get a startup operational. With as little as $150+, you can get a functional business entity up and running.

With these facts in mind, it is essential to consider some important factors involved in starting a new small business.

Identify products and services

Every business exists to provide goods and services. As an entrepreneur, one of the major things to consider when starting a business is creating goods and services that meet targeted needs.

Find a suitable business location

Gone are the days when you needed to construct or rent a business facility for commercial purposes. Today, a virtual office is all you need for a successful business takeoff. A virtual office is a physical building address with personnel or staff that cater to some of your business’s most common needs, should you need them to. Without the need for your physical presence, a virtual office can serve as a suitable business location that processes your mail, phone calls, and business meetings – all for a low monthly or annual fee.

Build credibility

The success of a small business depends on how well potential customers believe in its operations. One of the first things an entrepreneur must consider before launching a business is credibility. If a potential business does not appear believable or trustworthy right from inception, then it is headed for failure. In fact, more established companies spend millions yearly on public relations to build and promote their credibility. You must get it right the first time.

To merit belief and public acceptance, a potential business entity must consider credibility in the following areas:

  • Branded marketing materials – websites, emails, letterhead, business cards, etc.

When you have these items in place, your business will gain instant credibility. This will enable you to project professionalism in your operations.

Protect your home from the public

Although work-at-home business opportunities are on the rise, it is not enough to scale a startup. You don’t want your home to be bombarded with junk mail, and it doesn’t make sense to hold business conferences in your home. For the sake of professionalism and the security of both your business and your family, it is best to keep your home and business addresses separate.

The easiest and cheapest way to do this is with a virtual business address. A virtual office subscription service gives you a professional business address as well as access to a real office facility for business operations and private meetings. It may also include mail sorting, cloud-based phone service, live receptionists, and services to help with day-to-day operations. This dedicated business environment will be more professional and promote the credibility of your business while also protecting your home from the public.

Lower cost of business operations

Business overhead should be considered and thoroughly analyzed before launching any startup. A detailed business plan should take care of this to a significant extent, but other unanticipated expenses often emerge in the course of running a functional business. The overhead, or cost of running a business, includes the expense of maintaining the property, taxes, utilities, insurance, security, and other business expenses.

A major way to avoid most of these overhead costs is by using a virtual office. With an affordable subscription, this virtual business address will save you tons of dollars in rent, staffing, security, utilities, office space, and mail handling. When starting a business, it might be best to consider using a virtual business address to save costs instead of renting or constructing a space. In addition, you can also save time and money by streamlining your team’s time-off management process by replacing outdated spreadsheets, emails, and shared vacation calendar with a leave management software

Start your business in any city or country

If your targeted customers are populated in one state while you are resident in another, you can still service their needs in their own state or country without leaving your own location. In fact, you may have a fully staffed and operational office in Miami while being a full-time resident in NYC. A virtual office makes this possible.

With a virtual address, distance is no longer a barrier to operating a successful business in any desired location in Europe and North America. And if you are resident in the United States, having a business address in well-known cities like NYC, Las Vegas, Washington DC, and Orlando could add value to your company. When starting out on a new business, you might want to consider any virtual location you desire with ease for your takeoff.

Get access to quick loans

A loan might come in handy and be invaluable over the course of running a new small business. You stand a better chance of getting bank loans if your business is registered as an LLC and if you have a Federal Tax Identification Number (FEIN) with the IRS. But you have the greatest chance of securing a loan if you have a verifiable business address in addition to your FEIN and LLC registration.

All of this can be possible if you register your LLC with a virtual business address where IRS officials can also visit. Depending on your industry, it might be necessary to have a registered agent who will help with your LLC and FEIN registrations, but such agents will need to have a registered office address (real or virtual) to facilitate the discharge of their service. That is why it is essential that you consider these things carefully before launching a business startup in your city or state.

Photo by Anna Shvets from Pexels

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