What Do I Need To Start My Own Company – Starting your own business is a big project. Jennifer Bridges, PMP, shows you five things to think about before you get started.
Jennifer said she is an entrepreneur at heart and loves working with people starting new businesses. The first thing he tells them is a quote from Franklin Covey’s Time Management Training and Assessment Service: “Begin with the end in mind.”
What Do I Need To Start My Own Company
This means you need to know where you are going before you start. First you have to have an idea, which means mentally creating what you are going to do. Then comes the second part, physically making that idea into reality. This involves creating a plan and using that plan as a guide for taking action.
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Pro tip: Once you get your business off the ground, it’s time to grow. Growth strategies include new markets, expansion within existing markets, product expansion, diversification, and acquisitions. It’s never too early to strategize.
Today we’re talking about five things you should consider before starting a business. Being an entrepreneur at heart, one of my favorite things to do is work with people who are starting their own businesses. And I like what Franklin Covey has to say. He says, “Begin with the end in mind.”
Basically, before you even start, you need to know where you’re going? Franklin Covey spoke of two things, the mental, the first creation, and the physical, the second creation. The first thinks about it and the second physically intervenes.
So we want to make a plan and act. So here are some concrete practical things to think about and act on first.
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Number one is health insurance. Well, we have open enrollment right now, so people are thinking, “When I start the business, is it just me or is it me plus employees?” Because that determines whether you’re looking at individual plans or group plans?
So you want to make sure you know what the options are and that you have the options to cover yourself and your employees appropriately.
You also want to make sure you’ve thought of all of your taxes, and that’s where working with a CPA or accountant helps.
Want to think about what my corporate taxes are? Any sales taxes? If you sell products or services, is there any kind of sales tax? If you do business online, does online sales tax apply? Also want to find out if there are any city or county taxes? And how will it affect your personal taxes?
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And we also want to look at legal liability. So depending on whether you work for large corporations or small businesses, these two different groups have different expectations or requirements for legal liability.
Do you also want to see if you work for the government or a non-profit organization? Everyone has different legal requirements.
In what type of corporate structure are taxes and legal obligations managed? Again, I highly recommend working with a CPA, your accountant, and your legal representative, corporate counsel to make sure you’re getting the right levels.
One of the mistakes I see is when people don’t take advice and get into trouble. 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 what type of stock you have in your company. Additionally, an LLC is a limited liability company. So again, depending on what type of organization, what type of work really drives the structure.
We also want to look at 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 increases, so you have to think about whether I myself or my staff have enough capacity to handle the work.
And if the cycle goes down, what do I do if I have employees? Do I have enough work to support them? So these are some of the things we want to plan.
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And also it’s really important to have an accounting firm to help you or put together a book so you can do them yourself, or I highly recommend delegating it to a firm of people who do it on a daily basis to make sure that you first recode the records correctly, bill correctly and you’ll have your books ready in case you ever get audited.
Here are some tips. First, 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 on your journey.
Set specific expectations not only for your clients you will be working with, but also for them if you have employees.
And then I say habits. This is to build good habits first. The things you started doing since the beginning of your business somehow continue. So you want to start with the right habits like paying yourself first, getting some money back, setting up the books and running your operations right from the start.
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You also want to learn how to delegate. Delegate things that are not your forte. Do what you do well and delegate things like bookkeeping, accounting and legal contracts to those who do it best.
And then think about your lifestyle. As people work and start their own businesses, think about whether you enjoy working with people, like being on a company website or being in groups, or do you work better or are you more productive when you work alone remotely?
These are some tips and practical steps to take when starting your own business. And if you need more resources, subscribe to our software now at . Starting your own business and getting started can be daunting, but help is here. With this setup plan, 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 succeed in business is to know your market and your customers. You’ll need to do a combination of desk and field research to really understand what your prospect wants. This will of course be different for each business depending on the product or service you are selling. The key data collected will help you shape your business, from pricing to target market. Some questions you should answer are:
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A business plan is essential for any business. A great business plan can attract investors to your business, allowing it to really take off. To create a great business plan, follow these steps:
It is an essential part of starting your business. There are options available depending on what will work best for you and your business. Legal structures allow you to share responsibility for finances or you can be solely responsible. All three structures have different tax issues as well as business obligations. Most companies choose the following options:
Creating the right corporate brand and image is one of the most important parts of running a business. Image and branding are everything when it comes to attracting the right customers. To create the right brand, you need to know your customers, what will resonate with them, what their wants and needs are. You need to look at your brand as a character and turn it into everything your business stands for. Choosing the right name and logo for your business is essential. When choosing a name, make sure it is short, easy to spell and remember. With your logo, choose something that represents your business well but is memorable and unique. Learn more about choosing the right name for your company.
There are many options to choose from when it comes to finding funding for your business. First, you can use personal funds for your startup, sometimes this is the only option for business beginners. There is the independence of financing your business yourself, but there is a great risk of losing your personal finances if the business does not go according to plan. Other options include;
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You have to be legitimately smart to start your own business. Make sure you review all legal requirements, regulations, tax information and any other laws that may affect your business.
Following these six steps will give you a good starting point on your journey as an entrepreneur. For more information on how to start your own business, check out our other startup guides here.
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