Josh King Madrid Shares 6 Crucial Steps For Launching A New Business
If you have been thinking about starting your own business, then these helpful steps will be necessary to incorporate into your launch strategy. The idea of starting a new business probably seems overwhelming, the unknown can be scary. The right preparation, outline, and strategy is necessary to launch any new business. Taking the time to build a proper plan and foundation will alleviated much stress and you will soon realize it’s not as complicated as it may seem.
Josh King Madrid is a 21 year old serial entrepreneur that has been dominating his industry over the last couple of years. Josh started his online career only 3.5 years ago at the age of 17. His young age was not a disadvantage for his success. The hustler began his journey with affiliate marketing, the “best opportunity for anyone that wants to start making money online and doesn’t have much money of their own yet to start with� he tells his audience on his business podcast, Dropoutdegree. Since then, Josh has now built multiple 7 figure online business in an array of industries including: marketing consultant groups, ATM brokerage, ecommerce, and multiple SAAS products. The last 3 years has given him much experience with business launches and the crucial steps it takes to build a successful company.
1. Research Well and Create A Long Term Plan According to Josh, in order to make your business a reality, you first need to have a clear plan. A plan in your head does not count. This needs to be a written out documented plan from A to Z. A short term plan does not cut it. A long term plan is crucial to create a successful marketing campaign and competitive brand. It may seem too early to predict a longterm plan, but its a necessary step to fully commit and see your vision clearly. If you wish to seek financial help from any financial institution, then it is best to stick to a traditional business plan. This kind of business plan is comprehensive, having different sections that are of interest of investors. If you do not need monetary assistance, then a more simple version works that can give you lucidity about what you want to accomplish and how you intend to do it.
2. Decide On The Proper Business Structure Your business can be a sole proprietorship, an organization, an LLC or an enterprise. Josh King Madrid tells that the structure you pick will affect numerous things ranging from your business name, your risks, and your investment. You may pick one business structure, and after that make alterations as your business progresses. Make sure to take the time and research the differences and how it will affect your business before you just wing it or listen to what your buddy says.
3. Register your Company’s Name And Get Licenses Josh puts light on the fact that your company’s name plays a vital role in branding so you need it to be a decent one. Make sure to investigate different alternatives and pick a name that reflects your business ideals best. When you have picked a name, check if it is trademarked or in use before registering it. You should also start looking for a unique domain names for your business to mark its online space. This will be another important step that is often overlooked. It needs to be easy, memorable, and as short as possible for people to be consistently searching online. It is also essential to inspect what licenses and permits are needed to run your particular business.
4. Choose an Accounting System A proficient accounting system is one of the most significant systems in a company. Open a business account so that taxes and accounting is an efficient process. Create a budget, set your rates and configure costs, and record all your expenses properly in order for everything to run as smoothly as possible. Josh tells us, do yourself a “future favor� and take the time to set up and organize everything from the get-go. It can seem time consuming and annoying at times, but if not done correctly, it will always come back and bite you in the ass.
5. Build your team If you wish to recruit people for running your business then make sure to have a clear idea about the positions that need to be filled before starting the hiring process. If you do end up hiring a new team member, have that transparent conversation about payment and document everything. Even if the person is your best friend or family member, contracts are key. In order to run a successful professional business, you need to take all the professional steps in doing so. Contracts are necessary to have everything documented, clear cut, and will save you much pain in the future. You can even choose to freelance your work. Virtual assistants are a create way to allocate projects too for a lower cost and commitment. There are many websites on the internet where you can find competent freelancers delivering quality work. Lastly, if you are a solopreneur, there is no need to hire a regular employee or a freelancer, and you can get going all by yourself at your own pace.
6. Create A Creative And Detailed Marketing Campaign– Josh Madrid has been considered a marketing wizard in his industry. Starting as an affiliate marketer at a young age, he learned quickly the power of social media and creating an online presence. At 20 years old, Josh is known to pull off a “marketing miracle� by selling out his first business conference with 75+ people in only 22 days. Josh expresses the importance in creating a solid marketing campaign for your business to be a success. Social media marketing is key to build a brand and bring in customers. Put the time and money into creating as much content as possible. This needs to be value based content that your viewers find useful. Using social media will build a community, loyal customers, and give your brand much exposure. Put in the time for market research and find all the creative ways your competitors are marketing to their audiences.
Keep these 6 crucial steps by Josh King Madrid in mind to climb the ladder of success assertively!
Source: https://medium.com/@joshkingmadri blueprint/josh-king-madrid-shares6-crucial-steps-for-launching-a-ne w-business-6ff15f8ccdf0
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