What Do I Need To Start My Own Business – Starting your own business is a big undertaking. Jennifer Bridges, PMP, shows you five things to think about before you start.
Jennifer said she is an entrepreneur at heart and loves working with people starting new businesses. The first thing they are told is a quote from Franklin Covey’s time management training and testing service, “Begin with the end in mind.”
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This means that before you start, you must know where you are going. First, you must have imagination, which means the mental creation of what you are going to do. Then comes the second part, the visual creation of that thought into reality. It’s all about making a plan and using that plan as a guide to action.
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Pro-Tip: Once you’ve started your business, it’s time to grow. Growth strategies include new markets, expansion into existing markets, product expansion, diversification and acquisitions. It’s never too early to strategize.
Today, we are talking about five things you should consider before starting your business. However, as an entrepreneur at heart, one of my favorite things is to work with people who start their own businesses. And I love what Franklin Covey said. He says, “Begin with the end in mind.”
Basically, before you start, you need to know where you are going? Franklin Covey talks about two things, mental creation, first, and physical creation, second. The former thinks about it and the latter takes action physically.
Therefore, we must create a plan and take action. So, here are a few practical things to think about and take action first.
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Number one is health insurance. Right now, though, we’re on the open enrollment list, so people are thinking, “If I start my business, will it be just me or will it be me and the staff?” Because that determines, are you looking at individual plans or group plans?
Therefore, you need to make sure you know what the options are and that you have the right coverage options for you and your employees.
Then again, you want to make sure you’re thinking about all of your taxes and this is where working with a CPA or accountant comes in handy.
Want to see what my business taxes are? Are there sales taxes? If you sell products or services, is there any kind of sales tax? If you have an online business, is there an online sales tax? Also want to check, are there any city or county taxes? And how does this affect your personal taxes?
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And again, we have to look at legitimate debt. So, depending on whether you work for large corporations or small businesses, those two different groups have different expectations or accountability requirements.
Do you also want to check, do work for the government or any kind of non-profit organization? Each has different legal requirements.
So, both taxes and legal liabilities are governed under which type of business structure? Also, I highly recommend that you work with a CPA, your accountant, and your attorney, the company attorney to make sure you get these rates right.
One of the trickiest things I see is when people don’t go for advice and get into trouble somewhere along the line. So, again, when we look at the structure of the company, we look at whether it needs to be an S corporation or a C corporation?
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And look, it depends on what kind of stock you have in your company. Also, an LLC is a limited liability corporation. So, again, it depends on what kind of organization, what kind of function the structure is managing.
We also need to look at revenue dynamics. You need to know what the cycles are in your business so you can plan ahead. Some people call those seasons.
Sometimes there are different seasons when the work increases, so you have to consider, do I have enough energy alone or my staff to handle the work.
And if the cycle goes down, what do I do if I have employees? Do I have enough work to keep them going? So, those are some of the things we have to plan for.
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In addition, it is very important to have an accounting firm that helps you set up the book so that you can do it yourself or I highly recommend that you outsource it to a company of people who do it on a day to day basis to make sure that you are -first, you are coding correctly, invoicing correctly, and keeping Your books are ready in case you have been audited.
So, here are some suggestions. Number one, find your champions, people who believe in you, believe in what you are doing, mentors, people who have been there, done that, and what you are trying to do to guide you along the way. way.
Set clear expectations, not only for your customers but also for your employees.
And then, I mean habits. That is, first build good habits. The things you start doing from the beginning of your company, kind of go on. Therefore, you need to start good habits like paying yourself first, giving back some money, organizing your books, and using your tasks properly from the beginning.
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And you must learn to send. Post things that are not your strong points. Do what you do best and outsource things, like accounting, bookkeeping, and legal contracts to others who do what they do best.
Then consider your lifestyle. If people are working and starting their own businesses, think about whether you like working with people, maybe on a corporate website, or in teams, or are you better or more productive working remotely alone?
So, these are some suggestions and some of the steps you can take when starting your business. And if you need more resources, sign up for our software now, at .Starting a business can be a daunting task, but if you break down the process of launching your new company into individual steps you can make it easier. Instead of spinning your wheels and wondering where to start, follow this 10-step checklist to turn your business from a light bulb on your head into a real business.
If you are thinking of starting a business, you probably already have an idea of what you want to sell online, or at least the market you want to enter. Quickly search for existing companies in your chosen industry. Learn what current product leaders are doing and find out how you can do it better. If you think that your business can deliver something that other companies do not (or deliver the same thing, faster and cheaper), you have a strong idea and are ready to create a business plan.
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“In the words of Simon Sinek, ‘always start with why,'” said Glenn Gutek, CEO of Awake Consulting and Coaching, Business News Daily. “It is good to know why you are opening your business. In this process, it may be wise to distinguish between [if] the business serves the individual why or why the market. When you focus on meeting a need in the market, the scope of your business will always be larger than a business designed to serve personal needs. “
Another option is to open a franchise of an established company. The concept, the follow-up product and the business model already exist; you just need a good location and the means to support your operation.
Regardless of which option you choose, it is important to understand the thinking behind your idea. Stephanie Desaulniers, owner of Business by Dezign and former director of women’s business operations and programs at the Covation Center, cautions entrepreneurs against writing a business plan or brainstorming a name. business before they realize the importance of the idea.
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Desaulniers said that most of the time, people jump into launching their businesses without spending time thinking about who their customers will be and why those customers want to buy from them or hire them.
“You need to clarify why you want to work with these clients – do you have a passion for making people’s lives easier?” Desaulniers said. “Or do you enjoy creating art to bring color into their world? Seeing these answers will help clarify your goal. Third, you need to define how you will provide this value to your customers and how to communicate that value in a way that they are willing to pay for it.”
During the idea phase, you need to iron out the big details. If the idea is not something you like or if there is no market for your creation, it may be time to brainstorm other ideas.
Once you have your idea, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your ultimate goals? How will you cover your startup costs? These questions can be answered in a
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