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You've been freelancing for a while and you're ready to turn your side hustle into a full-fledged small business. Congratulations! Taking the leap from freelancer to small business owner is a big step, but it's one that comes with a lot of rewards. If you're based in Spearfish, South Dakota, the Spearfish Area Chamber of Commerce outlines a few key steps you'll need to take to get your business off the ground.

Creating a Business Plan

One of the first steps you'll need to take when starting your new business is to come up with a business plan. This document will outline your business goals, strategies, and how you plan on achieving them. Having a well-thought-out business plan is essential for any small business, but it's especially important if you're seeking funding from investors or lenders.

Networking

Another key step in starting your small business is networking. Getting connected with other local businesses and entrepreneurs is a great way to find new clients and customers. Attend local meetups and events, or join relevant online communities. The more people you connect with, the better your chances of growing your business.

Forming an S Corp or LLC

If you're planning on running your small business as a sole proprietorship or partnership, you may want to consider forming an S corporation. S corporations offer certain tax benefits and can help protect your personal assets in the event that your business is sued. However, there are some drawbacks to consider as well, so be sure to speak with an accountant or attorney before making a decision.

When you’re starting a business, it’s important to choose the right legal structure. One option is to form an LLC, or limited liability company. LLCs are popular because they offer personal asset protection, which means your personal assets (like your home and savings) are shielded from creditors if your business can’t pay its debts. 

LLCs also have a flexible management structure, so you can choose whether to run the business yourself or bring in other members. And lastly, LLCs tend to have lower taxes than other business structures, like corporations. So if you’re looking for asset protection, flexibility, and tax advantages, forming an LLC in South Dakota may be the right choice for your business.

Marketing Your Business

Once you've got your business up and running, you'll need to start marketing it to attract new customers and clients. AppSumo notes that there are many different marketing channels you can use, including online advertising, PR, and content marketing. Experiment with different tactics and see what works best for your business.

Returning to School

While it may not seem like an obvious step when starting a small business, returning to school can actually be very helpful. Business Partner Magazine points out that pursuing a degree in entrepreneurship or small business management can give you the skills and knowledge you need to run a successful operation. And if you're planning on seeking funding for your business, many investors will prefer that you have a formal education in entrepreneurship.

There's no doubt about it—starting a small business is a big undertaking. But if you're based in Spearfish, South Dakota, there are some key steps you can take to increase your chances of success. From creating a business plan and networking with other local businesses to marketing your company and pursuing further education, following these tips will help put you on the path to success.