Are you a Glendale-based freelancer who is ready to take the next step and turn your work into a small business? If so, there are a few things you need to do to increase your chances of success. In this blog post, the Southwest Veterans Chamber of Commerce covers creating a business plan, networking to find clients, why you should form an S corp for your business, marketing your business, and how returning to school can help you run a successful business.

Creating a Business Plan

The first step any freelancer should take when they're ready to turn their work into a small business is creating a business plan. This document will outline your business goals, strategies, target market, and financial projections. Having a well-thought-out business plan is essential for any small business owner, as it will improve your chances of success and help you secure funding from investors or lenders.

Networking to Find Clients

As a freelancer, you probably already have a network of potential clients. However, when you're ready to start your small business, it's important to expand that network. Attend local Chamber of Commerce events or meetups related to your industry. You can also join relevant online communities and forums. The more people you meet, the more likely you are to find clients who are interested in what you have to offer.

Why You Should Form an S Corp or LLC for Your Business

Another important step in starting your small business is deciding what type of legal entity you will form. For most freelancers who are just starting out, forming an S Corp Arizona is the best option. S corporations offer several tax benefits and can help you avoid personal liability for debts and lawsuits against the company. Plus, if you ever decide to sell your business, S corporations typically fetch higher prices than sole proprietorships or partnerships.

If you're doing business, it's important to start an LLC in Arizona. An LLC is a limited liability company, and it's a great way to protect your personal assets from being seized in the case that your business is sued. When you form an LLC, your personal assets are separate from your business assets. This means that if your business is sued, your personal assets are protected. For example, if someone sues your LLC and wins, they can only seize the assets of the LLC. They can't go after your personal assets, like your house or your car. This protection is one of the biggest benefits of forming an LLC. 

Other benefits include:

• Pass-through Taxation: Pass-through taxation is a big benefit for LLCs. With pass-through taxation, the income from the LLC "passes through" to the owners of the LLC. The owners then report this income on their personal tax returns. This is different from C Corporations, which are taxed separately from their owners.  

• Ease of Formation: LLCs are generally easier to form than other types of businesses, like C Corporations. In most states, you can form an LLC online in just a few minutes. 

• Liability Protection: In addition to protecting your personal assets as mentioned above, an LLC also offers protection from lawsuits related to the LLC itself. If someone sues your LLC, they can only seize the assets of the LLC - not the assets of the individual owners. 

These are just a few of the reasons why you should consider forming an LLC for your business. An LLC offers numerous benefits and can help you protect your personal assets. When you're ready to get started,forming an LLC is quick and easy.

Marketing Your Business

Once you have everything set up and running smoothly, it's time to start marketing your business. There are many ways to market a small business on a tight budget. Lyfe Marketing notes that one of the most effective methods is content marketing. This involves creating and distributing high-quality content that showcases your expertise and helps potential customers solve their problems. You can distribute your content via your website, social media channels, email newsletters, or other online platforms.

Returning to School to Earn a Degree

While it's not necessary to have a college degree to run a successful small business, Intelligence Office points out that going back to school can give you the skills and knowledge you need to take your company to the next level. If you're not sure where to start, consider earning an MBA or another graduate degree in entrepreneurship or management. These programs will teach you how to start and grow a successful business while providing valuable networking opportunities with other entrepreneurs and industry leaders.

Starting a small business in Glendale is quite the venture, but it can be very rewarding both professionally and personally. By taking the time to create a solid business plan, build up your network of clients and contacts, form an S corporation, and market your business effectively, you'll be well on your way to success. And if you want to give yourself an extra boost, consider returning to school for an MBA or another graduate degree in entrepreneurship or management—it could just be the thing that takes your small business from good to great!

Membership in the Southwest Veterans Chamber of Commerce offers invaluable benefits to entrepreneurs in our community. Join us today!