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

(Pixabay Photo)...
Dave Ramsey

Dave Ramsey says: Ratio of land costs vs. house depends on owners

Having a big house and a lot of land is cool - if you can afford it. Otherwise, it’s not worth it if it’s financially stressful.
20 hours ago
(Unsplash Photo)...
Dave Ramsey

Dave Ramsey says: Feed young teen’s desire for investing

There are lots of good lessons for a 13-year-old to learn in reconciling a bank statement, and the value of spending, saving and giving.
8 days ago
(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Make a budget line for fun money

Putting fun money in your budget isn’t a green light to forget your money goals, or go on a spending free-for-all. It’s actually part of sticking to your budget.
15 days ago
(Pexels Photo)...
Rachel Cruze

5 ways you can cut household costs in 2022

The new year is here. There’s no better time (after all that crazy Christmas spending) to get serious about saving money.
17 days ago
(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Contribute to ‘sinking fund’ for emergency use

All cars have one thing in common — they’ll need repairs at some point. Fixing your car is just a basic part of car ownership, and something every car owner should be prepared for.
22 days ago
(Unsplash Photo)...
Dave Ramsey

Dave Ramsey says: There’s going to be sacrifice to get family finances straight

When you're struggling to make ends meet, it's time to sit down and decide what's worth giving up and what isn't.
24 days ago

Sponsored Articles

GLENDALE, AZ - DECEMBER 27: Wide receivers John Brown #12 and Larry Fitzgerald #11 of the Arizona C...
Arizona Department of Gaming

The most memorable games in Arizona sports history every fan needs to know

Sports teams in Arizona have seen their fair share of instant classic games, but there's a few that every fan needs to know.
...
Sanderson Ford

Sanderson Ford offers cars and deals for all this holiday season

Sanderson Ford’s No! Vember Black Friday sale is giving an opportunity to purchase a new 2021 vehicle just in time for the holiday season.
...
PNC BANK

How your family can explore the Musical Instrument Museum

Whether you want to spend a day with family, do crafts with kids at home, or have an adult night out, the Musical Instrument Museum in Phoenix has options. As the world’s only global musical instrument museum, MIM offers interactive and immersive exhibits to foster an appreciation of different cultures and their instruments. “A visit […]
If you want to start a business, 2022 could be your year