DAVE RAMSEY

If you want to start a business, 2022 could be your year

Dec 5, 2021, 5:45 AM
(Pexels Photo)...
(Pexels Photo)
(Pexels Photo)

It’s hard to believe 2021 is almost over, but here we are.

And if you’ve been thinking about starting a small business for a while, then the upcoming year could be the perfect time.

But I totally get that it can be hard to know where to start, so let’s walk through five important tips that will help you make that small business dream a reality in 2022.

1. Define your why

The purpose behind your business will fuel you when times get tough (and they will). So, take plenty of time to get quiet, journal if that’s your thing, and reflect on why this business idea is important to you and how it could help people out there in the marketplace. Trust me, once you have clarity on this, the rest of the steps get a whole lot easier.

2. Make a business plan

Now it’s time to start the planning stage. Here are a few questions you can ask yourself when it comes to the details of your business plan:

• What product or service will you offer? In other words, what problem do you want to solve? Anything you sell or provide should make your customers’ lives better in some way.
• What schedule will you work? The great part about having your own small business is that you get to make your own hours. Just remember to be realistic based on the type of business you want.
• What will your budget be? I would never recommend someone go into debt or make any other risky financial moves to start their business. Make sure you think through all the costs ahead of time. And don’t expect to make a ton of money when you’re first getting off the ground.
• How much will you charge? Doing market research and considering the cost of your materials can help you figure out prices that are fair to both you and your customers.
• What will your policies be? Try to think through all the possible scenarios (like returns, order cancellations, etc.) and come up with some simple but firm rules you can post on your website.

Once you have the business basics planned out, get ready to make it official.

3. Take care of the formal details

You’ll need to get a business license and choose what type of business you want to run (sole proprietorship, partnership, LLC, corporation or S corporation). I know all of that can sound confusing, but if you’re looking to start a small business that you’ll run yourself, a sole proprietorship will most likely be the way to go.

You’ll also want to plan for taxes by understanding what’s expected of you as a small-business owner. The type of business you start and whether or not you have employees will be two huge factors in how and when you do your taxes. Talking to a tax professional can really help you with these not-so-fun details.

4. Create a marketing plan

Think about everything from how you want your brand to look and sound to how you’re going to tell people about your products or services. A few marketing basics that can help spread the word are a website, social media accounts, an email list, and in-person events and promos. Your marketing doesn’t need to be fancy or expensive, it just needs to be authentic and clearly communicate what you want people to know.

5. Go for it

Once you have all the details in place, don’t spend too much time waiting for everything to be just right before you take the first step forward. It’s okay to start small, but you do have to start. And once you start, don’t give up! There will be ups and downs and rough spots along the way, and it won’t always be easy, but I promise it will be worth it to see the vision of your business come to life.

For more practical tips on starting your small business, check out this article. You’ve got this!

Dave Ramsey

(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Remember to be a team when tackling finances after layoffs

A couple getting through double layoffs in the household should focus their finances on day-to-day and hold off paying down debt.
4 days ago
(Pexels Photo)...
Ken Coleman

Is enrolling in college the best choice for you to find success?

More and more people are wondering if they should spend the time and money to attend college when they can get a job without the expense.
6 days ago
(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Pay off $3,000 co-signed loan in arrears if you can

If you have the money, and you can pay off an old debt without putting yourselves in a bind financially, do it. That’s the right thing to do.
11 days ago
(Pexels Photo)...
Kristina Ellis

What you can do this year to work toward being student debt-free

Let’s review what happened with student loans in 2022, look ahead at what’s coming, and talk about what to do to work toward being debt-free.
13 days ago
(Pixabay Photo)...
Dave Ramsey

Dave Ramsey says: Parent should learn to take better care of personal finances

Bailing out a person who is irresponsible with money won't help them. But if you do, make the payment contingent on financial counseling.
18 days ago
(Pexels Photo)...
Rachel Cruze

Tips for 1st-time budgeters to take control of your money in 2023

Getting your finances in order can feel big and overwhelming, but we’re going to break it down in a way that’s simple and manageable.
19 days ago

Sponsored Articles

(Pexels Photo)...

Sports gambling can be fun for adults, but it’s a dangerous game for children

While adults may find that sports gambling is a way to enhance the experience with more than just fandom on the line, it can be a dangerous proposition if children get involved in the activity.
...
Quantum Fiber

How high-speed fiber internet edges out cable for everyday use

In a world where technology drives so much of our daily lives, a lack of high-speed internet can be a major issue.
...
Children’s Cancer Network

Children’s Cancer Network celebrates cancer-fighting superheroes, raises funds during September’s Childhood Cancer Awareness Month

Jace Hyduchak was like most other kids in his kindergarten class: He loved to play basketball, dress up like his favorite superheroes and jump as high as his pint-sized body would take him on his backyard trampoline.
If you want to start a business, 2022 could be your year