Starting a business is one of the most exhilarating experiences in life. However, not being prepared can have you in an entrepreneurial whirl-spin! Here are 5 tips to help make sure your journey is smooth.
Tip #1
Start with an Idea
I always say, "If there is something you love to do, are good at doing, and people appreciate when you do it, turn that service or product into a business!"
Your business simply starts with a vision or idea. Write the vision down and make it plain for everyone to understand, but most importantly make sure you are passionate about the idea.
Tip #2
Do your Research
Make sure you have done your research on the type of business you are looking to start. Find out exactly what it takes to start your business. What equipment will you need? What permits or licenses will you need? How many businesses in your area provide the same services or products? How much money do you need to start?
These are just a few questions, but research everything there is to know about your business. That will prepare you for the future.
Tip #3
Write a Business Plan
Your business plan doesn't need to be 100 pages long, but a good business plan outlines everything in your business. It not only outlines each service or product, but it outlines your goals, your mission, staff expectations, financial projections, and much more! This plan will provide direction for your business and every business needs a clear direction.
Tip #4
Form a Legal Entity
This is where a lot of businesses mess up or never complete. Having a legal entity is one of the most important steps in forming a business. COVID-19 really exposed a lot of businesses that were not legal entities. When the federal government and many states offered financial assistance for businesses, so many (Non LLC'd) businesses were left out. Now some of those businesses were able to get a little money from personal returns, but to be properly licensed will help your business in so many ways. Each state has different prices and terms for starting an LLC, but here is a site to help you in your state https://www.llcuniversity.com/llc-annual-fees-by-state/ .
Secondly, make sure to register for your Tax ID number (TIN) also known as an Employer Identification Number (EIN). You can register with the IRS for your EIN here https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online .
After you have followed these steps, make sure to start a BUSINESS bank account. Do not, I repeat, DO NOT combine your personal and business financial transactions. When it comes time for financing, a business account will be a great benefit! It also helps you to focus on business income and expenses separately from your personal income and expenses.
Lastly, make sure to apply for any other taxes, licenses, or other obligations that are specific to your location. If you need assistance, contact a lawyer in your area.
Tip #5
Promote. Market. Advertise. Network.
Once you have all of your ducks in a row, now it's time to show your business to the world! Make sure to start all of your social media (Facebook, Instagram, Twitter, Youtube, LinkedIn, and so many more). My company YPE (youngprosent.com) can help with that! Also start your website. Your website will be the "Home" for your business where people can understand everything about your organization. YPE can assist with the creation of your website as well! Also look in your community for different networking groups. Most cities have Chambers of Commerce (visit this site to find one in your area https://www.uschamber.com/co/chambers ) and many cities have Business Networking International (BNI) groups https://www.bni.com/ . These organizations provide great networking opportunities.
Yes, there is so much more to discuss, but these tips will help you to build a great foundation for your business. For any additional questions, schedule a consultation today!
Great info. Looking forward to what’s next.