Date: August 26, 2022
5 Tips for Starting a Business
Do you have a great idea or a talent that you want to use to start your own business? That’s great news! Having the right amount of ambition will get you far, but you may wonder what your next step is. You don’t necessarily need a degree to get started, or even in-depth business experience. But you do need a solid plan and the fortitude to see it through. Here are some top tips you need to know before starting your own business.
1. Be very honest with yourself -Start by etching out the basics. You need to ask yourself what skills or offerings you have and how they can translate into a business model. How much can you afford to spend? How much capital will you need to get your business up and running? Be very honest with your answers so that you can move forward and identify any issues early on. You will want to craft a Business Plan. This document is important and will need to be updated as your business grows. It contains the operational and financial plans, and details out how they will be achieved. Think of it as your guide.
2. Research, research, research – Market Research is a key factor to your foundation. You will want to figure out if anyone else is doing what you plan to be doing in your business (and if not, find out why). Be thorough in your research and figure out what works best for you – do you want to conduct in person questions or send online surveys? Make sure to include a broad spectrum of people so that you get more accurate results.
3. Get the Legal Aspects Checked Off Early – It is a good idea to speak with an attorney to make sure you don’t miss anything in this crucial process. You will be able to do some of the items on your own, but it is best to make sure all your ducks are in a row. You’ll need to decide what business structure you want, and what permits and or licenses will be needed. You’ll also need to register your business, so make sure you have picked out a good name!
4. Monthly Accounting – Many business owners turn to spreadsheets or receipts that they keep in a shoe box to track their finances when they first start out. Invest in your business by having accounting software. This will ensure you are prepared for growth. Not having accurate records can cost you and open you up to liabilities. One of the key steps you need to do early on is to have an expert on your side. Hiring a professional to handle your monthly accounting needs will not only give you clear insight into your company’s financial health, but it will save you hours upon hours trying to do the books yourself. Accuracy is key! No one wants an audit, but should it happen, you can rest easy.
5. How will you fund your Business? – There are many approaches you can take. You can take inventory on your own specific needs and go from there. Are you able to ask a family member for a loan? It may be tricky to navigate business from personal, but it could save you paying interest. You can also search online for grants, or head over to the Small Business Administration and apply for a loan. With so many options out there, no doubt you will find the best fit for yourself and your situation.
As a business owner just starting out, you will find that you will need to wear many hats. From finding employees that are a good fit, to developing your products and services. The best way to protect yourself and your business is to have the right professional on your side. We are passionate about helping small business owners succeed, and if you are looking for someone to handle your monthly accounting or advise you on the next best steps for your business, we would be happy to help. Click here to schedule a complimentary call.