Starting a small business is a dream for many people. Controlling your own schedule, growth, and passion are all reasons why people may want to break free from a traditional workplace and start their own business.
Currently, there are around 32.5 million small businesses in the United States. Whether you aspire to start an online business or a brick-and-mortar shop, business management skills can help your business succeed. Read on to see how an online business management course might help you gain the skills needed to take the leap and start your own small business.
What to Expect from an Online Business Management Course
Every online program is different. Students who complete Southern Careers Institute’s Business Management program in full earn an Associate Degree of Applied Science in Management. Online courses may provide greater schedule flexibility than attending in-person, and some learners may find that they can adapt their learning rate better to online courses.
Here are some things you can expect to train on in SCI’s Online Management Associate program:
· Accounting Skills – To manage your own business, knowing basic accounting skills can help you keep everything organized. In the Management Associate program, you will train on both accounting and bookkeeping skills so you can gauge the success of your business and adjust your business plan accordingly.
· Business Reports – Having accounting and bookkeeping skills is important, but you also need to know how to put the data into a comprehensive report. In the online program, you will train on different applications to help with business reporting, including Word, Excel, and Cloud-based applications.
· Communication Skills – Soft skills are just as important as the technical skills of business management. Through the program, you will train on soft skills, such as communication, that will help you provide excellent customer service. With these skills, you may be able to speak with customers directly or provide any employees you hire with the proper communication skills to confidently work with customers.
· Office Procedures – While the business you aspire to start might not have a traditional office, it is important to learn how a typical office is run. You will train on the basics of human resources, business law, and office procedures so you can keep your business running smoothly.
Steps to Starting a Small Business
After you train on the skills needed to manage a small business, you can focus on the steps to starting your own small business. Let us look at the steps here:
- Brainstorm ideas – Before starting a business, you should sit down and think about what kind of business you would like to start. Think about things you may be passionate about and if there is a need for that product or service in the market. Once you have narrowed down your ideas, it is time to research.
- Research your business idea – Researching your business idea is one of the most important steps. In your research, you should look at the market and see if your business is needed in the market. If the market is oversaturated in the area you want to start your business in, you might want to reconsider the business you hope to start. However, if you find that there is a need for your business in the market, then you should move forward with your plan.
- Create a business plan – Before you make any moves to start your business, you must write a business plan. In the plan, you can follow a more traditional, detailed business plan, or you can write a less detailed, start-up business plan. Regardless of what you choose to write, your business plan should include a summary of your business and a value proposition. However, a traditional business plan should include a market analysis and funding request to bring to potential lenders.
- Choose your business location – It may seem simple but choosing your business location will affect how you file taxes and how much revenue your business will make. Whether you choose to host your business online or as a brick-and-mortar site, be aware of the business location. The location you choose might depend on your projected growth and the funding you receive from a business lender.
- Register your business – You will need to register your business before you open your doors. Choose the structure of your business (LLC, corporation, sole proprietorship, etc.) and the name of your business, and register it to protect your brand.
- Licenses, permits, federal and state tax IDs – You will need to get an employer identification number (EIN) before you open a bank account. Depending on which state you are in, you might need a state tax ID as well. Lastly, you will need licenses and permits to remain compliant in your state. These requirements vary by state.
- Open a bank account for your business – The last step is to open a bank account for your business. Once you complete the aforementioned steps, opening a bank account should be easy. With your bank account opened, you can start functioning as a small business!
Tips for Starting a Small Business in 2022
· Conduct market research – Do not cut corners when researching the market for your business. 42% of small businesses fail because of a lack of demand in the market. If the business you want to start has an oversaturated market, or little demand, the chances of it succeeding are significations lower.
· Learn from others – Chances are, there are many small business owners in the same market as you. Business owners are likely open to helping newcomer businesses with tips and advice. Do not be afraid to reach out to established business owners when you are starting out in your industry.
· Do not be afraid to ask for help – Do not be afraid to ask for help starting your business. Whether this means hiring experts to ensure the success of your business or utilizing your personal network to spread your business via word of mouth, ask for help where help is necessary. The success of your business may be contingent upon your working within a network.
· Utilize social media & online resources – Organic traffic to your website will help your business gain visibility and customers. A wonderful way to get organic traffic is by growing a presence on social media. Social media is a great way to organically gain customers or leads to move from your page to your website. Along with social media, you should be aware of your website’s Search Engine Optimization (SEO) and work to improve the SEO of your site, so that when people search keywords associated with your business, your business will appear higher on the search.
If you are thinking about starting your own business but do not know where to begin, consider an Online Management program at Southern Careers Institute. Work towards completing the program at your own pace with flexible scheduling so you can jumpstart your future. To learn more about the Online Management program, start dates, and financial aid, visit scitexas.edu
This article was published on: 08/4/22 5:00 PM
* SCI does not guarantee employment or a starting salary upon graduation, completion, or withdrawal from SCI. As an accredited post-secondary institution, SCI has various federal financial assistance programs available for students who qualify and are enrolled in SCI programs. This does not apply to seminar students.