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For many people, starting their own business and being their own boss is a goal they’re willing to work their whole life to accomplish. However, when it comes right down to it, a lot of these same people don’t quite know what exactly it takes to be able to start their own business. So to help ensure that you’re able to reach this goal if it’s something you’ve aspired to, here are three things you’re going to need if you plan to start a new business of your own.
An Employer Identification Number
While you might be most concerned with getting a great idea or product that will propel your business into every household across the country, there are quite a few administrative tasks that you need to take care of so you can be an actual and efficient business. According to Jeff Haden, a contributor to Inc.com, one of these things is an EIN, or Employer Identification number. Especially if you plan to hire employees, you’re going to need this number to get all the legalities of your business taken care of. But even if you’re just going to have your business be a one-man show, it might be a good idea to get an EIN rather than using your Social Security number, especially considering that filing for an EIN is free.
A Business Plan
Regardless of whether or not you’re going to be looking for outside funding for your business, it’s always a good idea to have a solid business plan in place. This is a great way to gather all your thoughts about your business and make sure you have all your bases covered. And while you might think that this needs to be a huge document, Matthew Toren, a contributor to Entrepreneur.com, shares that a one-page business plan is all a lot of startups need to flesh out the ideas for their vision, mission, and objective for their organization.
A Marketing Strategy
To have a business, you have to have something that you’re going to be selling to people. And in order to get people to buy what you’re selling, they have to know that you’re selling it. This is where marketing comes in. For small startups, you don’t have to have a huge marketing budget or a complicated plan for how to make your marketing work. According to Andreas Rivera, a contributor to Business News Daily, all you need to do is think toward the future and create quality content or campaigns that will be able to last you for an extended period of time and help create your brand image. This can be as simple as a slogan and one piece of viral content.
If you’ve been thinking about starting a new business, consider using the tips mentioned above to help you do just that.