Starting a New Business after the Pandemic

May 25, 2021

For many people the jobs they had before the pandemic is not the same job they are doing today. In fact, many people have gone from employee to employer. For those new employers or those who are starting to consider the notion of starting their own business this article identifies key steps to take when setting out on the path to becoming a business owner.

  1. Research, Research, Research:  The main objective is to identify the varying aspects of your planned business as well as develop a competitive edge.  Thanks to the prevalence of the internet, doing research on your business (idea or actuality) is only a few clicks away.  Have a method to keep track of the key information identified. Feel free to write down your findings with pen and pad, place your findings in an Excel spreadsheet, or decide to do some combination of data capture techniques.
    • Identify which sector your business is in. There are 11 sectors to choose from:  healthcare, financial services, technology, industrials, consumer cyclicals, energy, real estate, consumer defensive, communication services, basic materials, and utilities
    • Identify which industry your business is in. There are numerous industry classifications known as NAICS (North American Industry Classification System) produced by the Bureau of Labor and Statistics https://bls.gov
    • The gross revenue generated in the last 5 years, or longer.  There are a few government websites that are good for this type of information
    • Bureau of Labor and Statistics https://bls.gov
    • Census Bureau https://census.gov
    • US Department of Labor  https://dol.gov
    • Number of competitors in your state (or a state of interest).  Take a look at your state’s website on businesses.
    • Identify big leaders in the industry.  A good online search would be helpful.
    • Identify largest leaders within your anticipated location
    • Your state’s main website including their Department of Labor and/or Business Affairs may prove helpful
    • Evaluate international opportunities
    • An online search of the country or countries of interest is a great place to start
  2. Write your Business Plan:  now that you have detailed information on your business now you can create the roadmap.  The business plan layouts major details of the business so it can be erected and sustained.  The following key information is found in most business plans:
    1. Number Owners
    2. Location
    3. Number of Employees
    4. Amount of Assets
      • Cash, Real Estate, Equipment, Inventory
    5. Projected Revenue over next 5-10 years
    6. Projected Expenses and Costs
    7. Required Funding
    8. Marketing plan to get and retain clients/customers
  3. Select a Name for your Business:  I think this is the fun part. Think of something that fits you and what you wish to convey to others about your business. Brainstorm and run wild until it feels right.
  4. Finance your Business:  Funding your business can come from family, friends, your own assets, or possibly a loan form a bank. Evaluate all your options carefully.
  5. Identify where your Business will be located:  If you are restaurant owner working from home usually isn’t an option; thus, pick a place where you feel your business can succeed.
  6. Choose a Business Structure:  Whether you are a sole-proprietor, partnership, Limited Liability Company (LLC), Limited Liability Partnership (LLP), S-Corporation, or Corporation you need to make a selection and file the appropriate paperwork to make it official.
  7. Register your Business (Federal and State):  Along with the business structure selected (above) and all the other information collected you can formally register your business.  The paperwork can be done by an attorney or you can utilize the various online options, such as https://nolo.com  
  8. Get Federal and State Business IDs:  Getting an EIN (Employer Identification Number) is free and provided by the IRS https://irs.gov and see your state’s website to determine how to receive a state business ID number.
  9. Apply for Licenses and Permits:  Depending on your business type your may, or may not, require specific licenses and permits.  For instance, restaurants require a liquor license if they decide to sell cocktails to customers.
  10. Open a Bank Account:  Once you have registered your business (through your attorney or online) and obtained the Federal and State EIN’s you can take this information to your bank and open a business checking and savings accounts. 
  11. Go Online:  Either set up your business on a social media site and/or get your own website.
    1. Social Media options could be Facebook, Twitter, LinkedIn, or Instagram, to name a few
    2. Get your own website:  find a web hosting company (such as InMotion Hosting, GoDaddy, or search online for a good deal) and pick a domain name for your site. WordPress makes putting up a website easier than starting totally from scratch but if you are not technically inclined consider hiring a great web design company Bolder Business https://bolderbusiness.com
  12. Work your Business Plan:  If you have made it this far there is no turning back now!  It is time to put all that hard work and planning together to attain your goals. You know what to do, now get to it! Good Luck and enjoy the journey.

For additional information please visit https://sba.gov

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