If you already have a great business idea in mind and you’re ready to take the next big step, then it might be a good idea to read our guide on how to start your business. Depending on the type of business you would like to start, it may boil down to the same procedures. In some cases, other businesses such as startups might be easier to start, here are some startup tips.
Step One: The business idea
Having a business idea is the very first step, making sure that it’s lucrative and well-rounded can bring a great deal of success. Ensure that you’re well-informed about the industry that you’re looking to operate in. Doing market research can assist you in defining what your business can grow into.
Set-up goals for your business, and be sure to follow them as you progress, especially if you’re looking to operate in a niche environment.
Step Two: Building a Business Plan
Many business owners will share how important it is to have a business plan, especially a well-detailed and informative one. Make sure you include all the necessary information that will equip you to understand what daily business operations will be like, where you will be getting funding from and how you can put personal resources to good work.
Additionally, you would also want to look at some other aspects such as marketing, social media, building a solid online and community presence, defining involved parties’ roles, etc. Your business plan is your blueprint for the future success of your business, ensure that it is well completed.
Step Three: Form your business
Read up on local jurisdiction and regulations regarding how to register and form your business. Each new business will need to follow a certain set of rules and regulations regarding taxation and operations. Depending on the type of structure you choose, whether it be a Limited Liability Company, partnership, or corporation – each hosts a variety of benefits, and deciding on the right one can mean a great deal of success for the longevity of your business.
Additionally, it is good to make sure you are aware of any changes that may take place in your state and also the local municipality, as each business structure will have different regulations.
Step Four: Register for Tax
Being on top of filing for a business tax can save you a lot of effort and most importantly money. No business owner wants to be involved in tax fraud, as this can tarnish your business reputation. Ensure that you register for an Employer Identification Number, with the IRS as this can help you hire new staff and also open a business bank account. Keep in mind that different goods and services are taxed differently in each state and county, and in some cases, in each city too.
Step Five: Having a business bank account
Having a separate business bank account from your personal one will mean that you can track spending and purchases for the business. Make sure that your business bank account is registered in your name, and is directly affiliated with your business. This is also a great way for you to separate all personal belongings and assets from your business in the event of bankruptcy or any other legal actions held against your business.
Step Six and Seven: Accounting, Permits, and Licensing
Acquire additional assistance with accounting, as it can help identify areas where you might be losing money. This also goes in line with having the right permits and business licenses to ensure you can trade and operate legally in your area.
Step Eight: Insurance
Obtain General Liability Insurance, Workers’ Compensation Insurance, Professional Liability Insurance even if you’re just a small business operating from premises or your home.
Step Nine and Ten: Build your brand
Define your brand by creating a solid online presence and make sure that you can openly communicate with interested clients about your business. Having a social media account is a great place to start, and consider having a website later on.