How To Start A Crystal Business

How To Start A Crystal Business

Here’s everything you need to start an amazing crystal business!

1. Create A Business Plan

Seems easy enough, right? Well…not quite. But don’t let that deter you! It is very important to put together a business plan that will cover the various elements of the business. This means everything from the cost of starting, to the funds of everyday operations and marketing.

One of the most important things you need to incorporate into your business plan is research. You need to understand your target market as well as your competition, to work out how you can fit into the niche.

Here, it is important to set small, realistic goals and work your way up to bigger goals as your business grows.

2. Create The Legal Entity For The Business

To start a crystal business, it is a good idea to register your business with both federal and local governments. Here, there are 4 different entities to choose between, each with its own advantages and disadvantages. 

Let’s check them out in more detail below!

Sole Proprietorship

• This is the most simple business type to set up
• However, it does not offer personal liability protection 

Corporate Organization 

• Here, shareholders will elect board members to help run things 
• This business type requires you to have a business meeting every three months 

Limited Liability Company

• Investors get extra protection because they can limit their liability exposure
• Flexibility is permitted in business operation 

Partnership

• This type of business permits you to have partners 
• It will offer personal liability protection

When choosing a business, you need to consider the type of liability exposure you would like and what your business goals are. For example, if you are merely starting a business and intend to sell it, then sole proprietorship should suffice (see also 'How Much Can I Sell My Business For?').

However, if you want to grow the business, then an LLC may be the best option. Whatever you choose, make sure you register in the state you will be operating the business. 

After this, you can register your business by filing paperwork with the state’s Secretary Of State office. Once this has been completed, you can get a state license and start business operations! Just make sure you fill out the business license application correctly!

3. Source Your Options For Business Financing

There are many other alternatives to sourcing finance for your business, too. It is important to consider every method equally before making a decision, as they will all have long-term financial implications.

4. Open A Bank Account For Your Business

There are many different kinds of bank accounts you can open for your business. The one you choose will depend on how much money you want to deposit and your business needs. 

Here are some key examples!

Checking Account

This is the most common type of business bank account. These are easy to open and it is even easy to deposit and withdraw money. You also have the ability to write checks from the account.

Savings Account

Savings accounts permit you to earn interest on any deposited money, which is an excellent way to grow your business money reserve. However, these accounts may place withdrawal limits on users.

Business Bank Card

These accounts are useful if you need to make large purchases or need to build up a credit history. However, you may face annual fees and high-interest rates.

5. Set Up A System For Taxes And Accounting

Before you can have fun designing business logos, slogans, and artwork, you need to finalize the less-fun stuff, this means setting up a system for taxes and accounting. This is important because it will allow you to track your revenue, expenses, taxes owed, receipts, and more. 

There are two ways you can set up an accounting system for your crystal business:

• Use online accounting software, like Xero or QuickBooks
• Hire an accountant

Once the system is set up, you can begin tracking your expenses and income! This will help with budgeting and allow you to see what’s working with your business, and what isn’t.

6. Create A Brand Identity 

Now for the fun part! A brand identity is so important. A good brand identity will allow customers to identify you, and a great brand identity will allow customers to understand who you are and what you do. 

Here are some brand identity factors to consider for your crystal business:

• Define your company values and purpose (see also 'How Is A Small Business Valued?')
• Choose a color scheme that represents your brand’s personality
• Develop a logo that best represents your brand’s personality
• Make sure that the branding is consistent!

Final Thoughts

Having a thriving business is a dream…but you need to do a lot behind the scenes before your business can open its doors. It is important to research your niche before you begin, to identify your exact target market and competition.

After that, there’s a lot of legal, less-fun, but absolutely necessary things you need to do behind the scenes to ensure business success - like choosing a financial source and ensuring you have a business permit.

However, once that is set up, you are free to focus on the more creative side of the business setup. After this, you can focus on business marketing and bringing in customers.

No matter what, we hope your crystal business thrives!