How to Launch Your Own Health-Based Business
If you have a passion for helping people be their best selves, you may have considered starting your own business and turning your knowledge and experience into a profitable venture. Whether you want to open your own yoga studio, a health-food store, or an ecommerce business specializing in healthy products, launching your own company is both exciting and intimidating. We’ve gathered some advice to help you get started on your way to entrepreneurship:
Determining Your Business Structure
There are plenty of business structures to choose from. One worth considering for many entrepreneurs is a Wisconsin S corp. You’ll enjoy savings on your self-employment taxes with this entity. Plus, you can choose to file deductions on your company’s financial losses and even opt for pass-through taxation once your company is big enough. You can use a formation service to help you with the process and make sure you’re compliant with your state’s legal requirements.
On the other hand, many solopreneurs and small business owners decide to structure their new company as a Wisconsin LLC because of its tax advantages and flexibility. A limited liability company also involves a lot less paperwork than some other entities, and it’s less expensive as well. When forming a limited liability company, it’s a good idea to name a registered agent that will always be available during business hours to receive legal documents and other important notices on behalf of your company. Even though you can act as your own agent, using a third-party registered agent service will allow you the freedom to step out of the office during the workday and go meet clients, go to the gym, or take a well-deserved vacation once in a while.
Finding Funding and Investors
If you want to attract investors to your budding business, you need to be able to show your financial projections for the next few years. Financial projections should be a part of your business plan: their goal is to demonstrate how your company will grow in the short term and in the long term. Any bank or potential investor you ask for money for your startup will want to see that financial forecast before putting money into your business. To help you put that important information together, find accounting software that works for your company. The platform you choose should be able to help you with all your financial needs, whether you use it for monitoring your expenses and revenue, invoicing clients, or dealing with payroll. The right program will also save you valuable time by letting you easily store and organize receipts as well as automatically update all your information and data.
Marketing Your Business
If you have a limited budget for marketing and advertising, using social media platforms and channels is an inexpensive yet effective way to promote your goods and services. Design a logo that pops and conveys what your business is about. You can create your own online for free and use it on your business website, your social media accounts, and your invoices to increase brand awareness. Make sure your website is optimized for SEO, and regularly create and post content that contains valuable information for your existing and potential customers. Not only will it help you rank higher on search engines, but you’ll also show your target market that you’re an expert in your field. Additionally, ask your clients to leave reviews on online directories, your website, and your social media channels to increase visibility, build trust, and bolster your reputation.
Share your knowledge and expertise by starting your own health-based business. You’ll feel good about helping people and making a real difference in the world. Decide on a business structure and find investors. Start marketing your products or services both online and in your community, gain brand recognition, and see your sales soar!
Join the New Berlin Chamber of Commerce for fantastic resources and partnerships that will help your business boom in our community!Image via Pixabay