A brand new SaaS (Software like a service) company is sort of a baby that should be nurtured and guarded. Probably the most important task for just about any SaaS founder is performing research in the market before beginning a company. This task can help you see whether you will find an excuse for your products, therefore, just how much potential it’s.
The Crucial First Step: Market Research
When you’re wondering how to build a SaaS business, the first thing you need to do is understand the market. What this means is understanding your audience as well as their needs, in addition to what competition is doing within the space. You should also make certain that there’s room for development in the forex market, meaning searching at historic trends and knowledge on the number of people use similar services or products today.
For instance: If you are designing a brand new social networking platform, one factor you may do is take a look at the number of users other platforms have based on country or age bracket – this helps determine whether there’s interest in another site like yours available!
Defining Your SaaS Niche
Step one in defining your SaaS business idea is always to understand who your target customer is. Your customers are individuals who cover your service, so you must realize what they desire and what they really want from your solution. This can be done by performing general market trends for instance surveys and interviews with potential people that use the product (be it already built).
Included in this method, we advise creating a persona for every kind of user that may need making use of your SaaS application or platform. A persona is just an imaginary representation of the user who represents all of the key characteristics required for success: census (age groups), psychographics (character traits), behavior patterns (the way they behave online), etc.
After you have defined these target markets through personas, you are prepared to define exactly why is up their value proposition – the first benefits supplied by using our software compared against competitors’ choices.
Define the key components of a SaaS business model
While you start your journey within the SaaS industry, you should keep in mind that your opinions need validation. The marketplace research and idea validation phase may take great shape, but it is crucial for success within this space.
SaaS business models are subscription-based software delivery models. Subscriptions provide a recurring revenue stream, meaning you are able to predict how your company will earn later on and plan accordingly. This enables you to definitely scale your company easily and rapidly without getting to fret if there’s enough interest in your products or services.
SaaS companies also provide safety, given that they don’t have to invest any capital upfront; they merely purchase the things they use (e.g., hosting charges). They likewise have high margins because they are selling something intangible instead of physical goods like the majority of companies do. That means there’s less overhead involved when producing or delivering their items Or solutions in contrast to traditional companies that depend heavily on physical assets like land/structures/equipment etc.
Explain how to assess the feasibility of a SaaS business concept
Step one in assessing the functionality from the SaaS business concept is always to know the critical factors from the SaaS enterprise model.
Furthermore to understanding these critical factors, it’s also advisable to perform general market trends and idea validation for that target customers. This will help see whether there is likely to be an opportunity for your service inside their market and the way much demand there might be with this.
After you have completed these tasks, it’ll be simpler to assess whether your idea has enough potential value. It’ll make sense for an additional person (i..einvestors) to speculate money into developing it further.
Competitor Analysis: Learning from Others
Competitor analysis is step one while validating a SaaS business idea. It requires general market trends along with your competitors, to be able to study on their mistakes and successes.
Competitors’ prices, features, audience, as well as other factors can help you define your niche by showing how they change from one another. You may even uncover that prone to untapped opportunity for any new player in this particular space who thinks differently than everyone else!
Data-Driven Decision Making
Data-driven decision-making is an important and powerful tool for entrepreneurs. It allows you to make decisions based on facts, rather than assumptions or wishful thinking. When used correctly, data can help validate your business idea and determine whether it’s worth pursuing further.
You will want to start collecting and analyzing data as quickly as possible after picking out a concept for any new SaaS service or product. However, gathering straight answers about prospective customers can be tough because they are frequently unaware of their very own needs until they experience them firsthand (as well as then, they may not understand how better to describe individuals needs). For instance: if a person hasn’t attempted out shopping online before but is familiar with it from buddies who love Amazon . com Prime 2-day shipping, this person may think he wants such a thing from their own company – what if he discovers later he prefers buying things in your area? Or possibly he just does not like shopping whatsoever! You will not know until after building something with him in your mind – but at that time there might be no going back.
Conclusion
Hopefully you’ve found this short article useful. It is a big step for just about any entrepreneur, but specifically for individuals who’ve never run their very own business before. We all know it’s not easy to obtain something essential such as researching the market and validation when there are plenty of other activities demanding your attention – but we think that should you take time to do that at this time, it’ll lead to dividends afterwards down the street. So remember: remember the things matter (and just what they mean)!
Running a small business means you have a lot on your plate. You’re likely focused on finances, marketing, and outcomes. But there’s a critical part that you might be overlooking: the mental wellness of your employees.
Why does this matter?
A 2022 survey found that 92% of workers had mental health issues affecting their job. That same survey also queried people about the biggest problem, and the overwhelming answer —78% —was burnout.
So message is clear — if employees are not mentally well, it affects their performance and the overall company’s success. Good mental health means more engaged and productive employees. Ignoring it, however, can lead to bigger productivity problems.
Continue reading to find out more.
Why It’s Important to Address Mental Health in the Workplace
Emotional distress in the workplace isn’t just an individual’s concern; it’s a broader issue that affects the entire organization. When employees experience emotional distress, their ability to perform tasks efficiently, collaborate with colleagues, and contribute positively to the work environment diminishes.
This can lead to mistakes, missed deadlines, and strained team dynamics.
Furthermore, unchecked emotional distress can escalate, resulting in increased absenteeism and higher turnover rates. This not only disrupts the workflow but also incurs additional costs in terms of recruitment and training.
It also matters to the employees. In a recent survey, 8 out of 10 workers told the American Psychological Association that they consider employer support for mental health important when looking at job opportunities.
So in essence, addressing mental health is not just about supporting individual well-being but also about ensuring the overall health and productivity of the business.
The Tangible ROI of Mental Wellness Initiatives
Investing in mental wellness initiatives in the workplace offers clear, measurable returns that can significantly benefit a business. Here are three tangible ways these initiatives provide a return on investment:
Lower turnover rates. Employees who feel mentally supported are more likely to stay with a company. When employees leave, businesses face costs in recruiting, hiring, and training new staff.
Higher productivity. A mentally healthy employee is often a more productive one. When employees are free from excessive stress or emotional distress, they can focus better, make fewer mistakes, and complete tasks more efficiently. This means projects get done faster and to a higher standard, directly benefiting the company’s bottom line.
Reduced absenteeism. Mental health issues are a leading cause of missed workdays. Providing support and resources for mental wellness can help reduce the number of days employees take off due to mental health concerns.
The Intangible ROI of Mental Wellness Initiatives
While the tangible benefits of mental wellness initiatives are clear, there are also several intangible returns that, though harder to measure, are equally crucial for a business’s success. Here are three key intangible benefits:
Positive company culture. When a company prioritizes mental wellness, it fosters an environment of support and understanding. Employees feel valued and cared for, leading to a more positive, collaborative, and motivated workplace. This kind of culture attracts top talent and encourages existing employees to give their best.
Enhanced brand reputation. As mentioned earlier, companies that prioritize employee well-being stand out. Customers, partners, and potential hires often prefer to associate with businesses that have a reputation for caring about their employees. This can lead to increased customer loyalty, better partnership opportunities, and attracting high-quality recruits.
Boosted innovation and creativity. Employees who are mentally well are more likely to think outside the box. As a result, they’ll suggest innovative solutions, and contribute creatively to projects. A mentally supportive environment allows employees to share ideas without fear, driving innovation and setting the company apart from competitors.
Real-World Success Stories
These are the true stories from businesses that have seen positive results by prioritizing employee mental health.
Johnson & Johnson
Johnson & Johnson introduced the Healthy Mind program, which educates employees and their families about mental health. The company regularly checks on employees’ mental health and assesses workplace risks, leading to action plans if needed.
Both management and workers get training on spotting issues and how to handle them, covering topics like stress, bouncing back from challenges, and balancing work and life. There are also support programs for urgent situations. According to the company, the program immediately affected their retention rate in a positive way.
American Airlines
American Airlines, a leading airline service provider, has set up a thorough mental health support program for its employees. This not only helps workers get the support they need but also keeps costs in check for the company.
They review the program monthly and have improved how clinicians report results. This has boosted employee involvement at work, which is essential for pilots and flight attendants, two professions known for their solitude and burnout risk.
Actionable Steps for Small Business Owners
Taking care of your employees’ mental well-being doesn’t have to be complicated or costly. Here are some straightforward steps you can take to make a positive impact:
Introduce Employee Assistance Programs (EAPs). Consider implementing EAPs, which offer counseling and support services for employees facing personal or work-related challenges. These programs can provide your team with the tools and resources they need to cope, leading to a healthier work environment.
Promote mindfulness training. Mindfulness practices, like meditation and deep breathing exercises, can help reduce stress and improve focus. Offer workshops or bring in experts to teach your employees these techniques. Even dedicating a quiet space in the office for short breaks can make a difference.
Implement flexible work arrangements. Recognize that everyone has different needs and circumstances. Studies show that when employees have little control over their work schedules and tasks, they are more likely to experience depression, as well as stress, burnout, and tiredness.
Encourage regular breaks. Encourage your team to take short breaks throughout the day. Stepping away from the desk, even for just a few minutes, can help refresh the mind and reduce mental fatigue.
Open lines of communication. Make sure your employees know they can come to you with their concerns. Regular check-ins or feedback sessions can create an environment where employees feel heard and supported.
Offer good health insurance. Providing quality health insurance helps employees address their mental health needs. Make sure to negotiate a competitive insurance package that allows them access to professionals and treatments without the stress of high costs. In turn, a mentally fit workforce may reduce your liability and thereby decrease your premiums.
How to Implement Mental Wellness Programs
Implementing mental wellness programs in your business is a lengthy process. Here’s a straightforward guide to get you started:
1. Assess how everyone feels and what they need. Instead of introducing programs right away, take stock of the current mental health landscape in your organization. Conduct anonymous surveys or hold focus group discussions to understand the specific needs and concerns of your employees.
2. Set goals. Determine what’s the aim of your mental wellness program. Whether it’s increasing retention, improving productivity, or enhancing overall employee well-being, make sure you know exactly what the collective is moving towards.
3. Collaborate with experts. Consider partnering with mental health professionals or organizations. They can provide valuable insights, resources, and training to ensure your program is effective and tailored to your business’s needs.
4. Design the program. Based on your assessment and objectives, design a program that addresses the specific needs of your employees. This could include workshops, counseling sessions, mindfulness training, or any combination of these and other initiatives.
5. Communicate with employees. Once you’ve designed the program, communicate its details and benefits to your employees. Ensure they understand the resources available to them and how to access them.
6. Leverage technology. Technology can make it easier for you to set up and track mental wellness efforts in your business. With the right software, you can monitor progress, schedule wellness activities, and even provide online counseling. This doesn’t just reduce paperwork but also encourages your team to use these resources. With this tech approach, you’ll have a smoother and more impactful mental wellness plan that’s good for both your team and your business.
7. Monitor and adjust. After implementing the program, regularly monitor its effectiveness. Gather feedback from employees, track participation rates, and measure against your set objectives. Use this data to make necessary adjustments and improvements.
Conclusion
Mental wellness is essential for both employees and the small businesses they work for. When employees feel supported, they work better, and the business grows. As times change, leaders must prioritize their team’s mental health and prevent burnout from occurring. A happy team leads to a successful business.
A content marketing strategy that effectively serves its purpose is one that guides people from awareness to conversion. However, achieving this aim is a multi-step process.
The reason for the high levels of content consumption is that people must go on what is known as the “buyer’s journey.” This is the process wherein an individual moves from becoming aware of a product to ultimately purchasing that item.
Content is the tool that facilitates that journey.
A strong content marketing strategy successfully guides shoppers through the sales funnel and generates sales for eCommerce retailers. Therefore, understanding how to use content in each stage of the funnel is critical to the profitability of a content marketing program.
However, before diving into how to use content for each stage a consumer will move through, let’s examine those phases a bit closer.
The Sales Funnel Stages
In its most basic form, the sales funnel has three stages: awareness, evaluation and purchase.
Top of Funnel: Awareness
At the awareness stage of the sales funnel, consumers are attempting to meet a need, solve a problem or obtain an answer. Folks achieve this aim through seeking out educational content that will help to point them toward the solution they seek.
At this point, the value of the lead is low, as there is little promise that they will buy from any specific seller. That said, those who find a merchant’s content to help enlightening or enjoyable often find themselves moving on to the middle of the funnel.
Middle of Funnel: Evaluation
When an individual enters the middle of the funnel, it indicates that a retailer has successfully caught their attention. These people now have some understanding of how to resolve their problem or need and are now interested in the best solution possible.
At this point, sellers should begin to educate prospects as to why their solutions are the best option for the consumer. It is here where shoppers are likely to spend most of their time, as merchants will need to invest time in nurturing consumers, establishing trust and building a relationship.
Bottom of Funnel: Purchase
When consumers reach the bottom of the funnel, they are ready to make a decision on their purchase. In most cases, those at this stage will need one final nudge to get them to buy from a seller.
By presenting the right offer, incentive or call-to-action, merchants can successfully drive conversions for their eCommerce store.
With the broad strokes covered, it’s time to establish the various ways that sellers can use content marketing at each stage of the funnel.
Creating Content to Move Shoppers Through the Sales Funnel
Assuming that merchants understand the topics and subject matter that their audience is interested in consuming, here is how merchants can use content at each stage of the funnel.
Top of Funnel Content
Top of the funnel content is geared toward reaching the broadest range of prospective buyers possible.
Some of the best types of content for this stage include:
Blog posts: Many potential customers will turn to Google for answers to their problems. Crafting targeted, intent-based blog posts can be a powerful eCommerce SEO strategy that gets a brand in front of the right audiences at the right time. Moreover, by making these publications shareable, sellers can potentially increase their reach.
Infographics: These images break down a subject in a visually appealing manner, thereby making them easy to understand and highly shareable.
Podcasts: Podcasting is a prevalent form of content as podcasts are essentially the modern version of radio shows. Moreover, podcasts can be transcribed and used to create other types of content, such as blogs and infographics.
While there are other forms of top of the funnel content, these are some of the most popular and effective methods of drawing in potential buyers.
Middle of Funnel Content
Now that retailers have captured the attention of a consumer with some useful information, it is time to begin delivering more in-depth educational pieces that will help move them to the next stage of the funnel.
Here, sellers will want to capture an individual’s contact information so that they can be nurtured and cultivate a sense of trust toward the brand. Therefore, retailers will likely want to deploy a lead magnet as this is a useful tool in achieving the two previously mentioned aims.
Some of the lead magnets that sellers might opt to use include:
Guides or eBooks: These tend to be “how-to” types pieces that help the audience to solve a problem. However, retailers should remember when creating a guide or eBook to go into detail about how their product or service can help to resolve the issue more quickly or efficiently.
Worksheets: This is often a complementary lead magnet to a “how-to” piece that helps to guide and track the progress of an individual as they work through the problem.
Case studies: This is a data-driven form of original research that produces unique insights and showcases how a product or service helped resolve the issue in question.
White papers: This form of content is an authoritative, in-depth report on a specific subject that presents a problem and a solution as a means of educating the audience. A white paper is essentially an advanced problem-solving guide.
When developing lead magnets, the key is to create a piece that is unique, practical and actionable for consumers. These must provide tangible value that individuals can put to use in an immediate way.
Bottom of Funnel Content
As opposed to the broad, general top of the funnel content, this is where things get far more personal. Bottom of the funnel content should serve as the bridge between the free information provided thus far and the paid product sold by the store.
This type of content is frequently (though not always) delivered via email after potential buyers have been entered into an email nurture campaign. This type of sequence gradually builds on itself and helps to connect the dots for consumers, leading them from the original problem to the crescendo of the solution. Once this has all been outlined for them, retailers can then deliver:
Product comparison charts: With this piece of content, sellers show customers exactly what they get when they purchase an item and how it stacks up against competitor products. This saves shoppers much of the energy they would invest in their decision-making efforts and lays out the benefits a particular product has over others in a clear and easily consumable format.
User-generated content: This can be anything from Instagram images to product reviews, customer testimonials or other forms of user-generated content that highlight how much other buyers have enjoyed a product and found it to be worthy of their dollars.
Time-sensitive discount offer: Providing potential buyers with a limited-time discount code to use on their first purchase can be the motivating factor that gets the shopper off the fence and into the checkout process.
A strong content marketing strategy successfully guides shoppers through the sales funnel and generates sales for eCommerce retailers.
While retailers who engage the bottom of the funnel consumers with content are likely to earn a sale, it is essential to remember that this is just the beginning of the relationship. Therefore, sellers will have to follow through and continue to deliver content that cultivates loyalty.
Given the sheer amount of content that goes into each stage of the sales funnel and relationship thereafter, sellers might want to consider partnering with an eCommerce content marketing agency to ensure that each phase is handled in an effective and profitable manner.
To effectively move a consumer from awareness to purchase, sellers must approach their content production and promotion differently for each stage of the sales funnel. It is all about getting the right kind of content in front of users at the right time and in the right way.
However, no matter which stage of the funnel a consumer resides in, it is critical to understand whom a retailer is speaking to and providing them with the relevant information for where they are currently.
Utilize the content forms listed above to create a content marketing sales funnel that develops authority, traffic and sales.
Ronald Dod, Guest writer, CMO and co-founder at Visiture
You have a great product or suite of services to offer the world. You’ve made the leap to go into business for yourself … but, the path to starting a small business can be surprisingly complicated. Let us help you navigate the way. You have a fantastic product or service to sell. But beginning a small business is not always easy by giving an ideas on how to have a business start-up checklist.
Even if you’ve settled on your business type, there’s a lot to consider before taking that big step and starting a business. We’re covering topics around:
Investigating demand for your products or services
Marshaling strategic partnerships
Financing your business
Telling your story
Checking off the TO-DOs
More …
Research Your Business Start Up
You’re probably very enthusiastic and optimistic about your business idea. This could be your dream come true. First, though, conduct research about a business start up a checklist so you don’t dive into shallow waters. Ask yourself questions like:
Have I proven there’s a demand for my product or services? You might think that starting a chiropractor’s office is a great idea, but are there dozens of other chiropractors in your locale? Does your town need another hair salon? Is there a need for a video rental store when there’s so many ways to view movies and TV shows at home?
Out of the millions of people who think about starting a business, only a minute fraction actually bring that to life. Of that fraction, 50% will fail with a few years. Take time to do a little market research.
If you serve a limited geographic area >
Google to see how many similar local businesses are out there
Enter keywords related to your offerings in Google Adwords to see if there’s a demand
Engage a market research firm
Do I know my target audience? If you believe your business can serve everyone, then it probably won’t serve anyone. The key to getting customers is knowing who will buy what you produce. How does this audience spend their money? What do they look for or need?
If you want to open a franchise selling tractors, you better be in an area that draws in a large new supply of farmers. If you want to open an online gift shop, you must know who will buy your stock of candles, soaps, and baskets.
Who are your competitors? There’s always competition in any arena of business, so you must know about them to be successful. Why would customers choose you over them? What do they offer? How long have they been in business? What do their customers say about them online?
What is your unique selling proposition? Your USP statement defines what sets your business apart from the competition. You can use it in your slogan, ads, and marketing materials. It expresses your reputation and value to potential clients. It’s the selling point that makes you stand out and that magnetically attracts customers.
Are you selling a brand new or original product?
Do you offer a guarantee that competitors lack?
Are you open 24/7?
Does your team have certifications or training that set your business apart?
Make sure your USP is clear and memorable. Avoid making it too long or technical.
Who will you recruit to be on your advisory team? You will need an accountant, attorney, business coach, financial planner. Meet with these professionals to decide who will be a good fit for you and your business. Eventually, this will give you an idea of what is great for your business start up checklist.
Consider Business Partnerships and Investors
No business owner can do it all. You can be a whiz on developing new products or services. You may be a charmer at networking events. You may make great videos. But are you aware of the necessary tasks which are not your strengths?
There’s a bundle of skills every business owner needs which might not be their strong suit – maybe they’re weak in accounting, marketing, social media, writing, or graphics. In this case, it’s best to make partnerships with folks who do have those strengths.
Such a partner can also make a financial investment in your business. How much money are they willing to invest into the business? Will it be a one-time investment or made over a period of time? How will profits be divided, and how often?
Choosing a business partner is not that different than choosing who you’ll marry. You’ll be spending a lot of time with them and making a lot of serious choices together. Surprisingly, many business partnerships are formed by just an encounter or two at a networking event.
Get to know them. Pick a partner who’s going to help you to be successful, not create roadblocks and drama. Pay attention to their personality, traits, and business philosophy >
What proof of their actual experience do you have? Can they provide a resume and references?
How do they handle stress or react to difficult moments?
Do they have personal issues that could impact their commitment?
What are their honest thoughts and expectations about being self-employed, your business offerings, and financial gain?
How would this person handle staff problems like tardiness, bad attitude, or not complying with safety rules?
Capitalizing Your Business
Do you have the financial resources or backing for your venture? If not, what are the options for raising the needed capital:
Business costs: licenses, registration, legal services
Memberships: fees for networking groups, meetups, associations, or clubs
Part of this research will involve pinpointing current, realistic costs.
Tell Your Business Story- Again and Again!
Everybody has a story … and everybody loves hearing that story.
Build your general story with these basic ingredients:
A common situation that piques interest. Identify a condition or pain point with which your ideal customer can identify, such as poor health.
A problem or dilemma that arouses curiosity. Cite a health problem with which many suffer.
A resolution that brings satisfaction. Reveal a product you offer that’s proven to help with a particular medical condition.
There are many facets of your journey to business ownership.
How did you come to this decision?
Maybe you worked in a gray cube for a large corporation for decades, saw younger employees get all the promotions, and decided to live out your dream of being self-employed. Maybe a major life change (like divorce, medical problems, or the loss of a loved one) created a desire to do something that gave you more satisfaction and happiness.
What are your unique vision, values, and mission?
Your vision and values should answer the question: What words, phrases, or statements do you want to reflect the philosophy, culture, and mission of your company?
Draft a business start up checklist of the defining qualities and characteristics that you want your business to be known for … to take pride in … to live by. Examples are:
Ecologically responsible
Gets results
On-time delivery
Creative solutions
Exceptional quality
Pioneering products
Do you offer something of positive value?
Include in your story how you will make a positive impact on your community or on the clients you intend to serve. Your business might benefit college students through life coaching to prepare them for their life journey. Maybe you want to provide organic produce for local restaurants and grocery stores.
Spin your own story, and share it when the opportunity arises. Embed it in your pitch. Blend it into your marketing. Make it a part of your brand.
Wait … there’s more
The work continues. This part may require the engagement of a part-time consultant or a professional with a specialized skill.
Develop a Marketing Plan
Create a strategic marketing plan. Use these suggestions as a launching pad.
Apply your USP and guarantee
Focus in on different objectives of marketing: to raise brand awareness, to get website visitors, to make sales
Keep your target client in mind
Consider an education-based marketing approach (articles, videos, etc.)
Make your marketing compelling (with a bonus, giveaway, call-to-action)
Email marketing, social media, local mailings, in-person events
Next, build a tactical marketing plan that measures ROI (return on investment) from marketing tactics. Refer to these case studies pertaining to specific industries:
Start with a unique though easy-to-remember domain name
Make it mobile-friendly (50% of users search using their cell phones)
Research the keywords that prospects search to find your business – try Google Adwords. Insert these words and phrases into your pages, content, and blog
Include contact information – numbers, email address, location, hours of business, directions
Second most visited page is the ABOUT tab – use this space to establish a connection with your ideal client and detail who you are and why you do what you do
Add icons linking to your social media pages
Include your logo and use branding colors, fonts, and imagery
Create the best content possible on your products and services
Testimonials – a must-have
For your social media presence, be sure to post content that is relevant, compelling, and worthwhile for your target customers.
Get Referrals
Word-of-mouth has always been a powerful way to get new customers. Here are some suggestions for spreading the good word about your business.
At networking or other business events, share what you offer with other business owners and ask if they know anyone who could use your services.
Connect with strategic partners who will refer you to potential clients. For example, if you’re an artist who specializes in portraits and know another artist who does only landscapes, you can cross-refer clients to each other.
Ask customers for referrals – offer future discounts or other incentives for resulting new clients.
Ask for referrals from personal contacts: friends, family, neighbors, et al.
Be generous. Giving referrals will get you referrals!
Key Documents for Your Business
A business builds its foundation on documents outlining its structure, strategy, rules, and agreements. Documents can protect, inform, guide, limit, and control the facets of day-to-day business. While having this on your business start up checklist is not all inclusive, it’s a good beginning.
Business plan. Though not a legal document, a business plan will be needed to seek investors, lenders, and partners. It should provide an insight into your business goals and your blueprint for achieving them. List your products and services, risks, assumptions, and other critical start-up needs.
Employee handbook. Outlines the contract between your company and employees. It could contain information like conditions of employment, safety guidelines, company profile and history, organizational charts, phone lists, and procedures.
Confidentiality agreement. Every business needs to protect their privately held information like designs, inventions, and employee/vendor/client data. Ensures all contractors, employees, and other business partners with access to confidential information are legally bound to not disclose such information.
Policies and standards. Policies are high-level strategic statements covering a variety of workplace topics like data management, customer service, security, application management, attendance, and recruiting. Standards are more detailed guidelines about how to implement the company policies.
Partnership agreements. Outline roles, rights, responsibilities, and expected contributions (such as labor, management, finances, and decision-making as well as equipment, property, and materials). Can include other agreements regarding topics like distribution of revenue, the individual impact of losses, voting, and limitations of partnership.
Legal Requirements for Your Business Start-up Checklist
Do you know what the federal, state, and local legal obligations may apply to small businesses?
Federal
State
Local
Permits if you sell alcohol or firearms
Registration with state business office
License for food or liquor sales
EIN (Employer Identification Number)
Licenses for services or products
Registration with city or county treasurer for tax purposes
Awareness of employment laws (record keeping, regulations, reporting requirements)
Assigning a DBA (Doing Business As) name
Registration with county or city clerk’s office
Familiarity with American with Disabilities Act, Family and Medical Leave Act, Uniformed Services Employment & Reemployment Rights Act
Checking with the state Environmental Protection Agency for applicable environmental regulations
Special permits or professional licenses
Checking with the U.S. Environmental Protection Agency for applicable environmental regulations
Free resources are available on www.sba.gov, Small Business Development Centers (SBDCs), SCORE, Women’s Business Centers (WBCs), Veterans Business Outreach Programs, and SBA district and branch centers throughout the U.S.
Business Start-Up Checklist
Business name: ___________________________________
Physical: Street address ______________________________________________________
Online: Web address ______________________________________________________
Business structure: Sole proprietor, partnership, limited liability company, S Corp: _______________
Insurance or Bonding: ___ Y ___ N
Mission statement(What You Do Every Day): __________________________________________________________________________________________________________________________________________________
Vision(What Your Business Will Look Like in Five Years): __________________________________________________________________________________________________________________________________________________
Values(How You Treat Others): __________________________________________________________________________________________________________________________________________________
Bank Accounts: __ Checking __ Savings
Business Partners: (investors or sharing skills/products/services) _________________ _________________ ___________________ ___________________
As you have seen, there is a lot to consider when starting a business. But don’t be discouraged. How do you eat an elephant? One bite at a time! Use this information to create your elephant and then take a bite every day until you have eaten the whole thing.
Congratulations on starting your small business! This will be one of the most exciting, rewarding journeys in your life!
Margaret Collier is an entrepreneur who combined her love of art and framing with her business acumen to create a successful business. An artist herself, Margaret accepted a position in a local frame shop in Easley, SC. The owner personally trained Margaret, and she worked as manager of the shop for 3 years.
Margaret Buys a Frame Shop
When the owner passed away in 1991, Margaret purchased the business from the estate and opened Collier’s Framery in February 1992.
As a result of her hard work as an entrepreneur and good relationships with customers, Margaret was able to retain many of the former customers and then began to grow the business by attracting new clients. “We were located in a small white 3 room house on a shady street in Easley, SC. Before long the business outgrew the space” recalls Margaret.
Expansion and Investment of Margaret’s Frame Shop
In 1994, she and her husband Jerry purchased the building in which the business presently operates in Easley. The building consists of a 1200 square foot gallery, along with a 480 square foot workroom and basement for doing heavier woodwork. The building had formerly been the local bus station. Margaret fondly remembers, “It was a wonderful corner location on busy East Main Street; we had great parking and visibility.”
The move proved to be a wise decision. The business has consistently thrived since relocating. Next, they set about the task of updating their equipment in order to deliver the best possible service and to improve efficiency. Nearly every piece of equipment was replaced.
The Keys to Success of Margaret’s Frame Shop
According to Margaret, success all boiled down to service, quality, and relationships. “Our key to success has always been personal friendly service along with the highest quality possible. Our goal was for the custom framing experience to be a good and positive one for each customer – beginning at the design table and ending when the order is picked up. Being in a small southern town, we became friends with most of our clientele.”
The business grew by word of mouth and customer loyalty. “”Regular or repeat customers accounted for 80% of our business. Collier’s Framery has always been a family-operated business” said Margaret.
Margaret’s Decision to Sell Her Frame Shop
Many businesses are sold due to owner health issues, retirement, and quality of life decisions. Margaret made the decision to sell for all these reasons. “In 1998, my husband was diagnosed with multiple sclerosis. Over the following years, his health and vision have deteriorated and he was forced to retire. With the children married and no longer involved in the framing business, it became necessary for me to sell. I felt a great responsibility to my customers and the community.””
Selecting a Business Broker For Margaret’s Frame Shop
Margaret initially met with frustration in finding a business broker to help her sell her business. She recalled, “I became frustrated in talking to cold, impersonal business brokers. However, from my first conversation with Alan Melton of Empire Business Brokers, I felt at ease. As a Christian, I had asked for God’s guidance. I always knew God was guiding my business and I knew God had sent Empire Business Brokers to sell my business. Alan Melton and Craig Reimer are informative, trustworthy and professional. They have integrity. My business was sold in five months to a husband and wife team (Alan and Vasilka), who plan to maintain the same level of quality and service we have enjoyed for almost 16 yrs. They are fine people and have also become good friends. I highly recommend Empire Business Brokers to anyone desiring to buy or sell a business.”
Letting Go of Her Frame Shop
There are some things in life that transcend the reasons to own your own business. Sometimes it may be a different calling or a season that requires your focus on another responsibility. Many set their priorities in the order of God first, family second, and business third. Margaret was concerned about her customers; she wanted to make sure that they would be well cared for. Jerry’s health concerns helped her to realize that he needed her care. But ultimately she listened to God, and He gave her the answer she needed. Margaret let go of her business with care, grace, and dignity.
Conclusion
Today Collier’s Framery continues to thrive as a result of her letting it go into the capable hands of Alan and Vasilka.
