Have you dreamed of owning your own business, but don’t know where to start? Have you started planning for your new business, but keep wondering if you’ve forgotten anything important? Check out the basic steps below to be sure you’re on the right track.
Evaluate and Develop Your Business Concept
1. Do you feel passionate about this idea? Will it be something you can do every day –- and night?
2. Jot out a quick break-even analysis. Can you make money at what you’re planning to do?
3. Figure out how you can pay for it, until it pays for itself and then makes money. Determine best and worst case scenarios.
Structure Your Business
4. What type of business will you form?
- Sole proprietorship
- C Corporation
- S Corporation
5. Who will be your key employees, partners and vendors? What value do they add that you don’t have?
6. Determine the name of your business. Start with a brainstorm session, then research your top 5-10 names for trademark and online domain availability.
7. Register your name and trademarks.
8. Determine your brand identity. If your brand were a person, who would it be? What does it stand for? How does it speak? Your brand is more than your logo and name, by answering these questions, and more, you will begin to identify your brand and its persona.
Set Up Your Business Systems
9. Obtain Insurance. Determine what liabilities are most relevant and insure for them.
10. Set Up Your Books. Find an accountant or bookkeeper that can periodically check your business situation, methods and prepare your taxes.
There’s more, but these are the top ten things that need to happen, to give your business a sound start. This is a basic list, but you would be surprised at how many people, and companies, skip some or all of these steps.
If you find yourself overwhelmed, give me a call. Many of these steps can be readily achieved and will build the foundation for a strong business. Your strong business.