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Here’s a Checklist to Open Your Small Business

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Congratulations on taking the bold step to start a new business! All things considered, creating your own business allows you to achieve a work-life balance. However, it is sometimes easier said than done. Because of the challenges involved, many business owners agree that the first year is challenging. Nevertheless, that shouldn’t discourage you from starting.

With this in mind, this guide acts as your checklist to open a small business. It’ll help you prepare thoroughly at the start and build your brand along the way to enhance your success rates.

1. Choose Your Business Idea

The first thing in your checklist to open a small business is to decide what you want to do with your business. What services or products do you want to offer your target audience? Additionally, ask yourself if the idea is profitable and whether it’ll keep you in business for long. 

2. Conduct a Feasibility Test

Undoubtedly, the best way to find out the viability of your business idea is to do a feasibility study. In other words, you need to do market research to gather facts and figures. These will come in handy in helping you make an informed decision depending on the following:

  • Industry: What is happening in the entire world of the particular type of business you want to start?
  • Market: Determine the total population of consumers or businesses currently using the product or service you hope to offer.
  • Customers: Who will be your clients to buy your product or service?
  • Competition: How many other companies sell the same product or service? Why would customers choose your business over others?

3. Write Your Business Plan

Create a business plan once you have your facts and figures on paper. It’s a map that helps you determine the direction your business will take, how to overcome difficulties, and what to do to sustain the business. While 70% of business owners recommend drafting a business plan, 13% of entrepreneurs think it’s unnecessary, but this isn’t true. Indeed, creating a business plan can be a daunting task. Nonetheless, the good thing is that you’ve already captured most items in the steps above.

Remember that your first business plan isn’t the final copy. You’ll need to keep revising it as your business grows and learn more about your market.

4. Determine How Much Money You Need to Start

The next thing in your checklist to open a small business is startup costs. Whether you’re self-funding your business or working with investors, you need to determine your startup costs. Therefore, you need to map out all your anticipated costs like hiring and setting up the business premise. Further, consider the expenses of stocking up your business, hiring employees, and getting the right office equipment.

You also must establish how your cash flow should look each month to keep the business running. Think of the salaries, workers’ compensation insurance, health insurance, liability insurance, and other finance-related business needs like utilities and business taxes. 

5. Create and Register a Business Name

Once you’re sure you have the funds to start you off, choose an appropriate business name and register it, depending on whether it’s valid. For example, it should not be similar to an existing and registered business name and should fall within the parameters of a business name in your region.

An expert can help you choose a business name, decide the business structure, create a logo, and register the business. Registration requirements vary depending on whether it’s a sole proprietorship, partnership, or a limited liability company. 

With the business name registered, you’re ready to set up your business in the desired location and hire employees. Equally, you must get a business bank account, and set up your accounting systems. Also, apply for a social security number, buy business insurance, and get an employer identification number. 

Similarly, don’t forget to apply for business permits and licenses as determined by your zoning laws. The Small Business Administration (SBA) can help you acquire business licenses and permits.

6. Brand Yourself and Get the Word Out

At this juncture, you want to attract customers and start doing business. Thus, your startup checklist isn’t complete without a marketing plan. Every business should have a website where it promotes its products and services. However, beyond having a website, consider other forms of marketing, including:

  • Online ads on popular websites and social media platforms like LinkedIn
  • Print advertising on magazines, newspapers, or business cards
  • Networking with like-minded small business owners or attending business events in your community
  • Digital signage advertising that allows you to communicate directly with your target audience. Your options include setting up digital kiosks, video walls, LED walls, and LED billboards.
  • Asking for referrals from your customers through social media or word of mouth.  

Final Thoughts

Putting up a business is no easy feat, but that doesn’t mean it’s impossible. A lot goes into it to ensure you do it right. The above checklist to open a small business gives you valuable tips to get you started. We hope it helps you find your way to building a successful business.

 

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Robert DeFalco Realty Leads the Way with Strategic Expansion and Philanthropy

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Robert DeFalco, the visionary founder and Owner/Operator of Robert DeFalco Realty, cemented his reputation as a huge force in the real estate industry. His firm, recognized as the #1 real estate company in Staten Island, embarked on a significant expansion this year, solidifying its status as a comprehensive hub for real estate services in New York and New Jersey.

Strategic Growth and New Partnerships

This growth involves not only a physical expansion, but also a strategic partnership with Think Mortgage, a prominent mortgage firm with a strong presence in Brooklyn and Staten Island. The collaboration aligns perfectly with DeFalco’s vision of providing seamless and integrated real estate transactions.

“We are creating a holistic experience,” stated DeFalco.

By partnering with Think Mortgage, Robert DeFalco Realty ensures clients can find their ideal home and secure the best possible mortgage rates, simplifying the process into a smooth journey from start to finish — all in one building.

Comprehensive Services Under One Roof

The firm moved to a new location in Brooklyn, occupying an entire corner block to house its operations. The expansion ensures that clients can access all necessary services under one roof, including real estate and mortgage services, in-house title services, legal expertise, and more. The move underscores DeFalco’s commitment to providing unparalleled convenience for clients.

“We are creating a synergy where all real estate needs are met promptly and professionally, right here,” added DeFalco.

A Legacy of Philanthropy

Beyond his professional achievements, DeFalco is renowned for his philanthropic efforts. He believes in the responsibility of businesses to give back to their communities. Under his leadership, Robert DeFalco Realty is a leading sponsor for the Making Strides Against Breast Cancer walk, raising substantial funds annually.

In 2019, the Emergency Children’s Help Organization honored DeFalco for his significant contributions, recognizing him with the Man of the Year Award. His dedication to philanthropy also earned him the Service and Dedication Award from the Juvenile Diabetes Research Foundation in 2022.

Community Engagement and Support

Robert DeFalco Realty’s commitment to philanthropy extends to various community events and local charities. The firm supports a wide range of organizations, including the American Cancer Society, City Harvest, Monmouth University, St. Peters High School, and many more. Their efforts make a substantial positive impact, with total donations surpassing $1,000,000.

Most recently, DeFalco attended and sponsored the ECHO Foundation, GRACE Foundation, and Tunnel to Towers events in various capacities.

Looking Forward

With its recent expansion and continued commitment to comprehensive real estate services, Robert DeFalco Realty reaffirms its position as the premier one-stop real estate shop in the northeastern region. The firm continues to uphold its foundational philosophy of treating people well, a mantra that has guided its operations since its inception in 1987 and continues to inspire its growth and innovation today.

About Robert DeFalco

Robert DeFalco Realty was founded in 1987 by Robert DeFalco, a real estate Broker/Owner who wanted to help families achieve their dream of homeownership. Through the philosophy ‘Treat People Well,’ Robert DeFalco has grown into a successful real estate agency led by a professional team of highly motivated real estate associates with experience in residential, commercial, and new real estate development. For more information, please visit https://www.defalcorealty.com/ 

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