How Do I Start My Own Business – Starting your own business is a big project. Jennifer Bridges, PMP, shows you the five things to think about before you get started.
Jennifer said she is an entrepreneur at heart and loves working with people who are starting a new business. The first thing she tells them is a quote from Franklin Covey’s time management training and assessment service, “Begin with the end in mind.”
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This means that before you start, you need to know where you are going. First you must think, which means mentally creating what you are going to do. Then comes the second part, the physical creation of that thought into reality. What this involves is making a plan and using it as a guide to taking action.
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Pro tip: Once you’ve started your business, it’s time to grow. Growth strategies include new markets, expansion in existing markets, product expansion, diversification and acquisition. It’s never too early to strategize.
Today we’re talking about five things you should consider before starting your own business. Well, being an entrepreneur at heart, one of my favorite things is working with people who are starting their own business. And I love what Franklin Covey says. He says, “Begin with the end in mind.”
Basically, before starting, you need to know where you are going? Franklin Covey talks about two things, the first mental creation, and the second physical creation. The first thinks about it, and the second takes physical action.
So we will make a plan and act. So here are some specific things to think about and take action on first.
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Number one is health insurance. Well, right now we’re in open enrollment, so people are thinking, “If I start my own business, will it be just me or will it be me plus employees?” Because it determines, are you looking at individual plans or group plans?
So you want to make sure you know what the options are and that you have options to cover yourself and your employees in the right way.
So you also want to be sure to think through all of your taxes, which is where working with a CPA or accountant helps.
Want to think about what my corporate taxes are? Any sales tax? If you sell products or services, is there any type of sales tax? If you have an online business, is there an online sales tax? You also want to look at, are there city or county taxes? And how does it affect your personal taxes?
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We will also examine the legal responsibility. Therefore, depending on whether you work for large corporations or small businesses, the two different groups have different expectations or requirements for legal liability.
Also look at, maybe work for a government or some non-profit organization? They have different legal requirements.
So, both the taxes and the legal obligations are governed under what type of corporate structure? Again, I highly recommend working with a CPA, your accountant and your lawyer, corporate attorney to make sure you get these levels right.
One of the failures I see is when people don’t go and get advice and they get involved somewhere later. So again, when we look at the corporate structure, are we looking at whether we should be an S corporation or a C corporation?
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And look, it depends on the type of stock you have in your company. An LLC is also a corporation. So again, depending on the type of organization, the type of work really drives the structure.
We will also examine income fluctuations. You want to know what the cycles are in your business so you can plan ahead. Some call them seasonal.
Sometimes there are different times of the year when the work reaches its peak, so you have to consider whether I have enough capacity alone or my team to handle the work.
And if turnover decreases, what do I do if I have employees? Do I have enough work to keep them? So these are some of the things we have planned.
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Also, it’s very important to have an accounting or bookkeeping firm helping you set up the book so you can do them yourself, or I highly recommend delegating it to the firm to people who do it day in and day out to make sure you’re #1 for correct value coding, correct billing and retention About getting your books ready in case you ever get audited.
So here are some tips. Number one, find your champions, people who believe in you, believe in what you’re doing, mentors, people who’ve been there, done that, and what you’re trying to do so they can guide you along the way.
Set specific expectations, not only for your clients that you will be working with, but also if you have employees.
And then I say habits. It is first of all to build good habits. The things you start doing from the beginning of the company really continue. So you want to start good habits like paying yourself first, getting some money back, setting up your books and running your business right from the start.
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You will also learn representation. Delegate things that are not your strengths. Do what you do well and delegate things like accounting, bookkeeping and legal contracts to others who do it best.
Then consider your lifestyle. When people work and start their own business, think about whether you enjoy working with people, maybe being on a company website or being in groups, or do you work better or are you more productive working remotely alone?
So these are some of the tips and some of the practical steps you should take when starting your own business. And if you need some additional resources, sign up for our software now at . Starting your own business and taking the plunge can be daunting, but help is here. With this setup, you’ll feel equipped and ready to take your idea to the next level. From market research to financing your business, this guide contains six key points to help you start your own business.
The best way to make a business successful is to know your market and know your customers. You need to do a combination of desk and field research to really get a good handle on what your prospect wants. This will of course vary for each business, depending on the product or service you are selling. The vital data collected will help you design your business, from pricing to target market. Some questions you need to answer are:
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A business plan is essential for any business. A great business plan can attract investors to your business so it really takes off. Follow these steps to create a great business plan:
This is a necessary part of starting your business. There are options available depending on what works best for you and your business. Legal structures mean that you can share responsibility in terms of finances or you can be solely responsible. All three structures have different tax issues as well as company liability. Most companies choose the following options:
Creating the right brand and image is one of the most important parts of running a business. Image and brand are everything when it comes to attracting the right customers. To create the right brand, you need to know your customers, what will attract them, what their wants and needs are. You need to think of your brand as a character and make it everything your business embodies. Choosing the right name and logo for your business is critical. When choosing a name, make it short, easy to spell and memorable. With the logo, choose something that represents your business well, but is memorable and unique. Learn more about choosing the right name for your business.
There are many options available for you to choose from when it comes to finding financing for your business. First, you can use personal funds for your startup, sometimes this is the only option for business beginners. There is independence from financing the business yourself, but there is a great risk of losing your personal finances if the business does not go as planned. Other options include;
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When you start your own business, you need to be legally savvy. Make sure you have researched all legal requirements, regulations, tax information and other laws that may affect your business.
Following these six steps will give you a good starting point for your entrepreneurial journey. For more information on how to start your own business, check out our other startup guides here.
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