Here are some holiday small business tips based on recommendations from the U.S. Small Business Administration to give you an overview on how to get your business up and running during the festive season:5
Conduct market research: Look at the market to determine if there’s an opportunity to monetize your idea. If you want to run your business year-round, make sure there’s a demand beyond the holidays.
Write your home business plan: A business plan is a roadmap for success. Starting where you’re currently at, identify where it is you want to go, and then list what you need to do to get there. The Balance offers a helpful guide on creating a home business plan.
Organize your finances: Your business plan will help you determine how much you can expect to invest in starting up your company. This will allow you to take steps to identify where that money will come from.
Decide on a business structure and name: How you choose to structure your business will affect your registration requirements, taxes, and liability.
Take care of legal details: Register your business, get federal and state tax ID numbers, make sure you have all of the licenses and permits you need, and open a business bank account.
Get a marketing plan in place: Take advantage of holiday shopping habits and create a plan that ties your business into holiday buying. If you’re wanting to continue your business past the holidays, make sure to update your marketing plan accordingly.
Important: Hit the ground running. To make the most of the holiday market, you’ll need to take action right away and ensure that customers know you’re open for business.
The Bottom Line
The holidays can be an exciting time to launch a home business, and the shift toward remote festivities has opened up a realm of new enterprise possibilities. Make sure to consider both the advantages, as well as the drawbacks, to starting a home business during the festive season.
If you’re looking to continue your business venture beyond the holidays, you’ll want to broaden your view and keep the bigger picture in mind.
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