5 Modern Considerations That Make Starting Your Own Business Easier

So you want to start a business. Whatever type of business you want to start, from a marketing firm to a bakery, it likely isn’t going to be easy. But you already know that. You wouldn’t be here if you didn’t.

Everything starts with a plan, even businesses. From that plan, you’ll be able to dive into your business structure, location, and figure out funding. You’ll also need to register your business, get both federal and state IDs, and apply for the necessary licenses and permits related to your business. Don’t forget to open up a business bank account! 

 

There are also a number of other things you can do to help your business that aren’t required but can make the whole process easier. Having a business degree is one such thing. Online programs such as the MBA program at Montclair State University teach you major parts of a business curriculum that you can easily apply to owning a business. 

Another important thing to consider starting is social media for your business, even before it officially launches. Apps such as TikTok, Instagram, and Twitter have revolutionized the way small businesses can market themselves and communicate with customers. Consider starting a social media account to get the word out about your business early. 

But what really matters when starting a business? Here are 5 modern considerations that make starting your own business that much easier:

A Good Location

Location, location, location. A business’s location can make or break it. You have to consider how convenient it is for customers. Is there parking? Is parking needed for your business? What about convenience for potential employees? 

Consider a coffee shop in a suburban area that doesn’t have parking nearby and that isn’t nearby any public transit. They may end up suffering due to the difficulty customers would have in stopping there, especially if there is also no drive-thru. 

Another thing to consider when starting a business is the cost of the location. Certain locations, such as downtown in a major city, could drain the funds extremely easily, so always be cautious when choosing a location.

A Strong Network

Having a strong network can be extremely beneficial. You can rely on them to help guide you, especially if they’ve already opened a business nearby or manage one. They’ve gone through a lot of the trials and tribulations that come with opening a business and can offer you advice on companies to partner with. Sometimes, your network could end up being companies you partner with. Look into small business organizations nearby and attend conferences. 

A Business Degree 

A business degree can make starting a business easier. Many choose to earn an undergraduate business degree in entrepreneurship, management, or marketing. These degrees can give you a core business education that can help you when starting your own business.

If you already have your undergraduate degree, not necessarily in business, an online MBA may be a good fit for you. If you want a more broad education through an MBA, consider earning your education through Montclair State University’s online general MBA program. More specific programs from Montclair State University are an MBA in Digital Marketing, an MBA in Product Management, and an MBA in Business Analytics. 

An MBA teaches a wide range of business practices at its core, but further specializations allow for a deeper understanding of a specific part of the business. An MBA offers networking opportunities through alumni events, network building-specific events, conventions, and also a close cohort of diverse students. Practical experience is also built into the programs. So you aren’t just learning about the skills in a broad sense, but you’re actually building them tactically.  

A Remote Option

COVID19 changed the way businesses operate. Many had to utilize a remote option, which they’d never done before. However, businesses found that many of their employees benefited from a better work-life balance, they saved money, and employees felt more independence. 

Employers can benefit from having a remote option by saving money. Because there is no commute, businesses don’t have to compensate employees for their travel time, the overhead costs diminish because fewer employees are in the office, and there is also a positive environmental impact. If companies are looking to be greener, remote work decreases the number of cars on the road, which reduces a person’s carbon footprint. 

Not every company is easily made remote, but there are some fields that are primed for it. They include, but are not limited to, marketing, IT, data analytics, writing, and design. 

A Social Media and Internet Presence

The pandemic amplified TikTok’s influence on the world and heightened the necessity of having a social media or internet presence of some sort. Tiktok made several small businesses go viral overnight, and capitalizing on that impact is important to consider for small businesses. 

Social media, including Facebook, Instagram, Twitter, and Tiktok, can be utilized by small business owners to market their products and services to a crowd that potentially wouldn’t see it otherwise. It also allows businesses to connect with their audience in a way that traditional marketing doesn’t. 

Capitalizing on the trends in the business world and having a well-thought-out plan can help your small business succeed, especially if you follow these tips. 

Schedule a time to speak to an enrollment counselor about your career goals today!