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302.652.4800

Phone Number : 302.652.4800

Industry News

Sound advice for starting a small business

Identifying your future customer demographic is essential to developing a solid business plan.

Identifying your future customer demographic is essential to developing a solid business plan.

For many aspiring entrepreneurs, the decision to start a small business involves a period of consideration and strategizing before taking the leap. This preparatory work can be intimidating if done alone, but the right advice can empower you to confidently launch a successful company. Small business expert Melinda Emerson offers the following tips on getting your idea off the ground:

  • Do your research to ensure there is a market for the product or service your business will offer. Emerson recommends conducting focus groups, analyzing your potential competitors' strengths and weaknesses and defining what will make your business stand out.
  • Develop a strong brand. This includes communicating the essence of your business visually, via a logo and website, as well as verbally. Potential clients or customers should come to positively associate your business's brand with the service or product you provide.
  • Assemble business and marketing plans that detail your targeted consumer demographic and the ways in which you will engage them. "Use your business plan as a guidance for the future, but don't be afraid to tweak it every few months," Emerson advises.
  • Do a test run to make sure everything is functioning smoothly. Ensure there are no broken links on your website, and/or that your staff is well trained and knowledgeable.
  • Dive in. "Waiting around for the perfect moment to open the (real or virtual) doors on your business is futile," Emerson writes. Expect that you will make mistakes along the way, and recognize that they are learning opportunities. Get the word out that your company is open for business by contacting local press and utilizing social media platforms.

If you are starting your own business and would like to learn about the benefits of incorporating in Delaware, contact us to explore your options.