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Bring Your Idea to Life

May 08, 2017 03:34AM ● Published by Family Features

Like any idea, the great ones come when you formulate a plan and turn that idea into action. Starting your own business can be stressful and demanding, but also both personally and professionally fulfilling. Getting a business up and running takes planning, smart financial decision-making and backing, and stacks of paperwork, but these tips can help guide you through the development stage and help you ready your idea for unveiling.

Create a Business Plan
To get started, create a simple overview of the business you intend to start. This plan will be your roadmap moving forward and should include a mission statement, a company executive summary, a list of services and/or products offered and their costs, a target market analysis, an organizational structure, financial projections and expected cost of operations. Remember, this is a fluid process, so keeping it simple at the beginning may be beneficial in the long run.

Finance Your Business
Whether you plan on self-funding your business – be it through savings, credit cards or personal loans – or looking for other sources of start-up income, i.e. grants or venture capitalists, you’re going to need funding to get your idea off the ground. If you don’t have the capital to fund the venture yourself, look for investors who share your passion and that you believe you can work with or aid in the form of research grants or small business loans backed by the government.

Determine the Legal Structure
Decide on which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company, corporation, S corporation, nonprofit or cooperative. Owning your own business comes with federal tax obligations related to the type of business entity you establish. Often, during the infantile stages of your business, it can best serve you to register as a sole proprietor – which comes with less paperwork and upfront expenses. Acting as a sole proprietor does carry personal risks, however, so be sure to consult an attorney prior to finalizing the ownership structure.

Choose a Name and Location
Regardless of whether your business will be brick and mortar or online, deciding on a name that best suits your product or service and appeals to your intended audience is an important step. Once you’ve picked a name, select a location that offers opportunity for growth, proximity to suppliers, accessibility to customers and an acceptable level of competition, then check to see if the domain name is available online and make sure it is usable in your county and state. If it’s available, register it with the county clerk, secure the domain name and register a trademark at both the state and federal levels.

Register for Taxes, Licenses and Permits
When starting your business, you need to account for city licensing, state incorporation, business entity fees and more. Conduct a thorough search beforehand to determine applicable filing fees. In addition to fees, your business will have to pay certain state, local and federal taxes, including income taxes and employment taxes, based on the legal structure of your company. You’ll also need to obtain any licenses or permits, potentially including city or county business permits, liquor licenses or zoning variances.

Find more tips for starting and managing a small business at eLivingToday.com.

Cultivating Connections

How networking can build your business

Business is built on relationships. For many entrepreneurs whose small businesses are thriving, successful networking is one of the most common threads.

Making connections and building relationships are among the most beneficial aspects of networking with other small businesses, according to more than half of the respondents in a survey by The UPS Store. This is especially true among younger business owners, who are more likely than their older counterparts to take advantage of networking opportunities with fellow small business owners.

Not only do they crave these connections, 61 percent of small business owners say they want to establish in-person relationships. Attending networking and meetup events is a great way for entrepreneurs to form new relationships, share experiences and celebrate their hard work. In honor of National Small Business Week, The UPS Store will offer several networking events to facilitate small business connections. The following tips can help small business owners make the most of networking events.

Practice your “elevator pitch.” When introducing yourself, be prepared to give a brief explanation of your business, boiled down to a couple of sentences. Be sure to include your business name, the solution you provide and anything that makes you unique. The key is to deliver enough context that others can engage in meaningful conversation, while keeping it succinct enough that you have plenty of time to listen. If you think your elevator pitch is perfected, submit a 90-second video describing the business or idea to enter The UPS Store national Pitch Off contest at theupsstore.com/pitchoff for a chance to win $10,000.

Embrace the competition. It may feel counterintuitive to forge a relationship with a direct competitor, but there’s some obvious benefit to trading notes with someone who is operating in your market from a similar vantage point. Remember, while neither of you is going to give up proprietary information, a respectful dialogue may get your wheels turning to think about solving a problem in a new way.

Represent your brand well. A networking event is intended to be social, but it shouldn’t be treated casually. You are every bit the face of your business in this setting as you are within your business walls. Dress the part and present yourself as you would to potential customers. Make sure you have updated business cards, as 75 percent of survey respondents said they are the most common marketing tool used to promote their business, and any other printed materials such as brochures or fliers that showcase your business.

Find networking opportunities and more ideas to grow your small business at theupsstore.com/smallbizsalute.

Photos courtesy of Getty Images

Sponsored by eLivingToday.com

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    01:30PM

    Paramount Theatre's rollicking 2017-18 Broadway Series opener is Million Dollar Quartet, the wild...


  • NUHS Massage Therapy Info Session

    10/04/2017
    06:00PM — 08:00PM

    Are you wondering whether a career in massage therapy is right for you? Explore our Massage Thera...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • Nature Tykes (for 3 year olds)

    10/05/2017
    09:30AM — 10:30AM

    In this program, for 3-year olds and their parents, grandparents or guardians, we’ll explore the ...


  • Sculpture on the Prairie

    10/05/2017
    10:00AM — 05:00PM

    Fine Line Creative Arts Center is proud to annouce it's first Sculpture on the Prarie exhibit. E...


  • Senior Stroll

    10/05/2017
    10:00AM — 12:00PM

    Seniors are invited to join District naturalists each month on a leisurely stroll through a Kane ...


  • Fabyan Villa Museum & Japanese Garden open

    10/05/2017
    01:00PM — 04:30PM

    The Fabyan Villa Museum and Japanese Garden will return to a public hours schedule starting on Su...


  • Little Naturalists

    10/05/2017
    01:00PM — 02:00PM

    In this hour-long program for 4-5-year olds, children will discover the wonders of nature through...


  • The Holmstad Helping Hearts

    10/05/2017
    01:30PM — 02:30PM

    Findings from an Alzheimer's Association survey released in June 2017 show that while people over...


  • Million Dollar Quartet

    10/05/2017
    01:30PM

    Paramount Theatre's rollicking 2017-18 Broadway Series opener is Million Dollar Quartet, the wild...


  • A cooperative program between the Town and Country Library and the Kane County Genealogical Society.


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • Comedy at Zanies

    10/05/2017
    08:00PM

    See nationally known comics along with some of the country’s hottest new talents for a night full...


  • Breakfast for a Cause

    10/06/2017
    07:30AM — 09:00AM

    Please join us for breakfast, fellowship and our program: Moving Up From Poverty: Three Steps Fo...


  • Moms Connect

    10/06/2017
    09:00AM — 10:15AM

    St. John Lutheran Church at 7214 South Cass Avenue in Darien, IL will sponsor a new Bible-based s...


  • Sculpture on the Prairie

    10/06/2017
    10:00AM — 05:00PM

    Fine Line Creative Arts Center is proud to annouce it's first Sculpture on the Prarie exhibit. E...


  • Story Time at Creek Bend Nature Center

    10/06/2017
    10:30AM — 11:00AM

    Treat your child to Story Times at Creek Bend Nature Center. This popular program series is for c...


  • Million Dollar Quartet

    10/06/2017
    01:30PM

    Paramount Theatre's rollicking 2017-18 Broadway Series opener is Million Dollar Quartet, the wild...


  • FREE Monthly Family Story Time

    10/06/2017
    05:30PM — 06:30AM

    Join us for this month's free Story Time featuring a spring theme. Spots are filling up quickly. ...


  • Dr. Evil and the Basket of Kittens

    10/06/2017
    07:00PM — 09:00PM

    This darkly funny farce pits the eternal battle of pure evil against innocent fuzzy goodness. Dr....


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • I Love A Piano

    10/06/2017
    07:30PM — 09:30PM

    ESO favorites Rich Ridenour, piano and Brandon Ridenour, trumpet, will bring the house down with ...


  • Comedy at Zanies

    10/06/2017
    08:00PM

    See nationally known comics along with some of the country’s hottest new talents for a night full...


  • Live Entertainment: DJ

    10/06/2017
    09:00PM — 11:55PM

    Join us on historic Bourbon Street in Jambalaya at Pheasant Run Resort every Friday for live ente...


  • Women's Fellowship Breakfast

    10/07/2017
    09:00AM — 11:00AM

    St. John Lutheran Church at 7214 South Cass Avenue in Darien, IL will host a Women’s Fellowship B...


  • Sculpture on the Prairie

    10/07/2017
    10:00AM — 05:00PM

    Fine Line Creative Arts Center is proud to annouce it's first Sculpture on the Prarie exhibit. E...


  • Million Dollar Quartet

    10/07/2017
    01:30PM

    Paramount Theatre's rollicking 2017-18 Broadway Series opener is Million Dollar Quartet, the wild...


  • Dr. Evil and the Basket of Kittens

    10/07/2017
    03:00PM — 05:00PM

    This darkly funny farce pits the eternal battle of pure evil against innocent fuzzy goodness. Dr....


  • Dr. Evil and the Basket of Kittens

    10/07/2017
    07:00PM — 09:00PM

    This darkly funny farce pits the eternal battle of pure evil against innocent fuzzy goodness. Dr....


  • DANIEL NAHMOD IN CONCERT

    10/07/2017
    07:00PM — 10:00PM

    Saturday, October 7th, 7pm. Unity of Fox Valley presents award-winning singer/songwriter and prod...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • Comedy at Zanies

    10/07/2017
    07:30PM

    See nationally known comics along with some of the country’s hottest new talents for a night full...


  • I Love A Piano

    10/07/2017
    07:30PM — 09:30PM

    ESO favorites Rich Ridenour, piano and Brandon Ridenour, trumpet, will bring the house down with ...


  • Live Music

    10/07/2017
    09:00PM — 11:55PM

    Join us on historic Bourbon Street in Jambalaya at Pheasant Run Resort for live bands every Satur...


  • Comedy at Zanies

    10/07/2017
    09:45PM

    See nationally known comics along with some of the country’s hottest new talents for a night full...


  • Bourbon Street Brunch

    10/08/2017
    09:00AM — 01:00PM

    Join us on historic Boubon Street every Sunday for a unique brunch buffet! Enjoy all your favorit...


  • Fabyan Villa Museum & Japanese Garden open

    10/08/2017
    01:00PM — 04:30PM

    The Fabyan Villa Museum and Japanese Garden will return to a public hours schedule starting on Su...


  • Million Dollar Quartet

    10/08/2017
    01:30PM

    Paramount Theatre's rollicking 2017-18 Broadway Series opener is Million Dollar Quartet, the wild...


  • I Love A Piano

    10/08/2017
    02:30PM — 04:30PM

    ESO favorites Rich Ridenour, piano and Brandon Ridenour, trumpet, will bring the house down with ...


  • Dr. Evil and the Basket of Kittens

    10/08/2017
    03:00PM — 05:00PM

    This darkly funny farce pits the eternal battle of pure evil against innocent fuzzy goodness. Dr....


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • Sculpture on the Prairie

    10/09/2017
    10:00AM — 05:00PM

    Fine Line Creative Arts Center is proud to annouce it's first Sculpture on the Prarie exhibit. E...


  • Help an adult learn English

    10/09/2017
    06:30PM — 09:00PM

    Literacy Volunteers Fox Valley is hosting a tutor training workshop at the St. Charles Public Lib...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • Tri-Cities Exchange Club Breakfast

    10/10/2017
    07:00AM — 08:00AM

    Every Tuesday morning, 7-8am, men and women meet for breakfast at Colonial Cafe on Randall Road, ...


  • Sculpture on the Prairie

    10/10/2017
    10:00AM — 05:00PM

    Fine Line Creative Arts Center is proud to annouce it's first Sculpture on the Prarie exhibit. E...


  • Family Talk

    10/10/2017
    07:00PM — 09:30PM

    Finding an ancestor's town of origin can be exciting. Once this piece of information is found, on...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • Wednesday Walking Club

    10/11/2017
    08:00AM — 09:00AM

    Wednesdays, April 5–October 25, 8–9 AM Free drop-in program for all ages Get fit the old-fashio...


  • Wednesday Walking Club

    10/11/2017
    08:00AM — 09:00AM

    Wednesdays, April 5–October 25, 8–9 AM Free drop-in program for all ages Get fit the old-fashio...


  • Sculpture on the Prairie

    10/11/2017
    10:00AM — 05:00PM

    Fine Line Creative Arts Center is proud to annouce it's first Sculpture on the Prarie exhibit. E...


  • Fabyan Villa Museum & Japanese Garden open

    10/11/2017
    01:00PM — 04:30PM

    The Fabyan Villa Museum and Japanese Garden will return to a public hours schedule starting on Su...


  • Million Dollar Quartet

    10/11/2017
    01:30PM

    Paramount Theatre's rollicking 2017-18 Broadway Series opener is Million Dollar Quartet, the wild...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • Nature Tykes (for 3 year olds)

    10/12/2017
    09:30AM — 10:30AM

    In this program, for 3-year olds and their parents, grandparents or guardians, we’ll explore the ...


  • Sculpture on the Prairie

    10/12/2017
    10:00AM — 05:00PM

    Fine Line Creative Arts Center is proud to annouce it's first Sculpture on the Prarie exhibit. E...


  • Little Naturalists

    10/12/2017
    01:00PM — 02:00PM

    In this hour-long program for 4-5-year olds, children will discover the wonders of nature through...


  • Million Dollar Quartet

    10/12/2017
    01:30PM

    Paramount Theatre's rollicking 2017-18 Broadway Series opener is Million Dollar Quartet, the wild...


  • NUHS Student for a Day (AOM/BS)

    10/12/2017
    03:00PM — 07:00PM

    The Student for a Day program provides an opportunity to understand student life at National Univ...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • First Folio Theatre (Mayslake Peabody Estate, 31st St. & Rt. 83.) is thrilled to present the Worl...


  • Comedy at Zanies

    10/12/2017
    08:00PM

    See nationally known comics along with some of the country’s hottest new talents for a night full...


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