There have been several big shifts in employment recently. First, job security seemed a thing of the past with companies closing and employees getting laid off. Then, there has been a significant movement towards obtaining work/life balance, whether it be through quiet quitting, side hustles, or entrepreneurship. In fact, right now is a great time to start your own business. These eight tips from the Jerome Chamber of Commerce can help you launch and expand a new business venture to create the work/life balance you’ve wanted.  

1. Look for Inspiration

Identifying and evaluating problems or lifestyle enhancements your business can address is an excellent route to success. Many competing businesses in a particular market represent a high demand for specific products or services. Therefore, researching companies you admire in a broad sector is an excellent way to find inspiration for your business's niche.

2. Add Value 

Offering desirable products and services is not enough to distinguish your business from its competitors. Potential customers need a unique selling proposition (USP) or convincing reason to choose your company. Ideally, your USP will attract significant market share even when competitors outperform in broader areas like price or convenience.  

3. Determine a Funding Source

Entrepreneurs allocate substantial time and resources to pay for daily operations, skill-building, networking memberships, taxes, software programs, emergencies, and other expenses while sacrificing steady paychecks.

It’s important to have a thorough business plan is essential for securing vital funds from venture capitalists, crowdfunding campaign contributors, friends and family, and banks or other lenders. It must include: 

• A mission statement and target audience description.

• Management and employee details.

• Profit and loss projections.

• An operating budget proposal.

• A target audience and marketing strategy.

4. Complete Necessary Registrations

Choose a structure and a legal name for your business, which you must register with the Secretary of State. While there are many options to choose from when it comes to legal entities, an LLC in Idaho is a common choice for many new entrepreneurs, since LLCs protect your personal assets during business litigation proceedings and offer tax benefits. An S Corp filing is a good choice for those wanting pass-through taxation benefits and reduced self-employment taxes. Research the different entities to find the right fit for your company, and then connect with a formation service to file the paperwork.

You may also need a public, fictitious name under which your company operates. This is called a doing business as, or DBA, name, and it’s helpful if you need to legally register your company under a different name than the one you want to run your business under.

Finally, register your domain name with a registration service with the hosting capabilities necessary to create and manage your website. If you aren’t skilled in website creation, start looking around for a freelancer who can build one for you.

5. Acquire an Employer Tax Identification Number

An EIN helps the government collect payroll taxes and facilitates companies' estimated annual and quarterly state and federal tax payments. For example, businesses with EINs receive access to the federal government's Electronic Federal Tax Payment System, which helps track payment deadlines to avoid penalties.

All states recognize federal EINs for tax purposes, but some may require businesses to obtain separate state EINs to track income or sales taxes for items they sell. Although EINs are not necessary for sole proprietors and partnerships, they can also help business owners:

• Avoid business identity theft.

• Open bank accounts and credit lines.

• Gain credibility.

6. Create a Marketing Strategy

A solid marketing strategy conveys your company's story and purpose and includes your logo, which is instrumental for attracting new customers and establishing brand loyalty. Fortunately, logo-making websites can help you create an appealing company logo design on a tight budget without hiring a design service. They allow you to experiment with style, icon, font, color, and layout options before finalizing your selections.

While you can do a lot of your marketing on your own, there will likely be aspects of your campaign that you need to outsource. It’s important that you are able to provide clear feedback to any designers with whom you contract, whether you are face-to-face or working remotely. Check out this PDF editor online as a great option. When, for example, your web designer sends you a mockup of your new website’s home page, you can mark up the PDF using pen and highlighter tools, as well as leave notes and virtual sticky notes. And you will both have copies of this document on hand in case there are ever questions about what was requested during revisions.

7. Seek Assistance

It is impossible to have all the skills and knowledge necessary to ensure growth and success. However, you can turn to a local business resource center for referrals to professional web designers, accountants, attorneys, mentors, and others for invaluable advice and expertise. 

Stay the Course Towards Success

Starting and expanding a new business can be challenging but exhilarating. The dedication, perseverance, foresight, and risk acceptance separating entrepreneurs from traditional business owners are vital for success. Find any tools and resources available to you, and utilize them to get your business running and growing quickly. It takes a lot of effort, but with focus you can make your business a success..  

Join the Jerome Chamber of Commerce to access resources and partnerships that will help you grow your business in our community.