The Atlanta area is prime for starting a business. Everywhere you look, there are budding entrepreneurs and new businesses popping up in the city and all over its suburbs. But what does it take to actually set up a successful business in such a big city? We’ll take you through a few tips on how to start your successful business in Atlanta.
Tips for starting a business in Atlanta.
1. Create a business plan
Everything that lasts starts with a good plan, and a business is no different. Before you start anywhere else, you need to know the ins and outs of how you’ll operate your business. Start with the general idea of your company and then ask yourself:
- What are my business goals?
- What are my business’s values and mission?
- What are the risks my business will face?
- What kind of customers do I want?
- What kind of objections to my company will I face, and how can I overcome them?
- What kinds of materials will I need?
- What materials and how much do I need to start out?
- What can I compare my business to?
- Who are my competitors?
These are just some of the basic details you’ll have to initially define for your company. Some of them, we’ll help you answer here. If you don’t know how detailed your answers should be, look up “mock business plans” or “sample business plans” on Google. Then, use those models to create your very own plan! This can be helpful for starting a business.
2. Define your Value Proposition
This term may sound scary, but it’s basically a fancy way of saying, “What makes you unique?” There are tons of businesses in Atlanta. So, what makes yours stand out? And how can you describe the difference to others?
If you’re an artist, then your value proposition may be your unique style. If you’re a consultant, it could be a different type of coaching method. If you’re a chef, it could be your signature dishes and the spin you take on traditional foods. In any case, you need to know what you bring to the table and how to properly express it to people in a way that sparks interest.
3. Build a brand
Now that you’ve identified what makes you unique, you need to be able to build a brand around that. Decide on a catchy business name and the type of personality you want your business to put out into the world. Are you a casual or black-tie kind of business? Do you want to be sassy or classic? What kind of voice do you want your business to have? All these are important things to consider when you’re starting a business.
Choose the options that will appeal to the customers you want, and then add a bit of your personal flair. Once you’ve created your brand, make sure that any marketing or company materials are consistent with that vision.
4. Be detail-oriented
While you may have an idea of the “big picture” of your company, there are tons of little details that go into day-to-day operations. What is your budget for everyday supplies? What type of training do your employees need? What is the step by step process of ordering t-shirts? How much will it cost to host your website? What are the safety measures you want to take? Some aspects may not need your attention until later. Until then, go through a typical day in business and pick apart the details of everything that an employee would do.
5. Budget out everything
When you’re starting a business, you’ll need to lay out all the supplies and services you’ll need to keep your business going and how much they cost. Map out how much money you have to start your company and how your start-up expenses fit into that budget. Are there things that you absolutely need right now? Or can something wait until you build up revenue?
Plan out how much you’ll need for behind-the-scenes operations costs like licenses, permits, and insurance. Account for the little things and for emergencies. Have a separate bank account for your business income and expenses so that everything stays organized. It’s important to find an accounting software that works for you, whether it’s an online spreadsheet or the top-of-the-line accounting program.
6. Get the right designations
If you need a certain license to start your business, find out the steps to take to get that designation. Know the legal designation of your business as well – whether it’s a sole proprietorship, an LLC, a corporation, etc. Your personal and business designations could determine how you’re allowed to operate.
Additionally, the legal designation of your company allows you to shift the liability of the business from you as an individual to your company as an entity. So, this step can be vital in making sure your personal finances take less of a hit if any.
7. Know what your tax situation will be
As you’re starting a business, make sure you’ve registered with the correct state and federal tax forms for your company. Allow room in your budget to be able to pay taxes. The best plan for getting your taxes in order is probably to partner with an accounting firm or a business tax professional. That way, you don’t have to worry about overpaying/underpaying your taxes or misunderstanding complicated laws.
8. Build a website
Now, you can start marketing your company using one of the easiest methods of the modern-day: building a website. There are tons of online programs that allow you to design a website or connect to developers to make you a custom site. This is a chance to spread your brand’s message to thousands of people pretty easily. It also presents an opportunity to showcase your work.
These days, most consumers won’t even consider businesses without a website or one with a site that looks slapped together. So, make sure your site looks clean and polished, and that it’s easy to navigate. Optimize your website loading times, and make sure that there’s a mobile-friendly version.
It’s also important to SEO optimize your site so that people can actually find your business in a web search. Don’t randomly insert keywords into your site’s content, though. Google can see right through keyword-stuffing and will knock you out of the top search results. Instead, vary your word choice and make sure that your content flows conversationally. Take an in-depth SEO course online and read up on tips to optimize your site.
9. Choose a location
You need somewhere to meet your customers, right? So, make sure that you choose a prime location for your business. Choose a location that’s convenient and easily seen. Look at locations that are local to your target customers and where the rent fits into your budget.
10. Get the right insurance
At the end of the day, a good business owner hopes for the best but prepares for the worst. Business insurance can be the best way to make sure that you have the tools to rebuild your company if something catastrophic happens. Forming a business means that it’s not just you anymore. So, you shouldn’t have to shoulder the brunt of a business disaster all on your own. Anyways – what we’re trying to say is don’t forget insurance when you’re starting a business.
Depending on the type of business you have, there are tons of different coverages you can get to protect your company. First, you may want to start off with a Business Owner’s Policy or BOP. A BOP is one way to get the basic amount of coverage you’ll need for a business at a better rate than purchasing the policies separately. BOPs usually include coverage for general liability, property damage (for your building), and business interruption insurance.
You may also want to consider coverages that are specific to your business, such as:
- Workers Compensation (this may even be required by law)
- Business Crime insurance
- Flood insurance
- Cyber Liability
- Employee Dishonesty Coverage
- Equipment Breakdown coverage
- Employment Practices Liability
- Errors & Omissions Coverage (E&O)
- Inland Marine coverage
- Liquor Liability
We know that starting a business can be an overwhelming and stressful process. However, our team can put your mind at ease by finding the right coverage for your unique company at the best rate possible. So, make sure you’re not missing out on game-changing coverage for your revolutionary business! Call us today, fill out our online form, or LiveChat with an expert today to start your free Atlanta business insurance quotes.