What Do I Need To Start My Own Small Business – Starting your own business is a big undertaking. Jennifer Bridges, PMP, shows you five things you’ll want to think about before you get started.
Jennifer said she is an entrepreneur at heart and loves working with people who are starting new businesses. The first thing she told them was a quote from Franklin Covey’s coaching and timing work, “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 need to think, which means creating what you are going to do consciously. Then comes the second part, the physical creation of that thought into reality. What it involves is making a plan and using that plan as a guide to take action.
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Pro-Tip: Once you start your business, it’s time to grow. Growth strategies include new markets, expansion of existing markets, product expansion, expansion, and acquisitions. It’s never too early to plan a strategy.
Today we are talking about five things that you should consider before starting your business. Well, being an entrepreneur at heart, one of my favorite things to do is work with people who have started their own business. And I like what Franklin Covey said. He said: “Start with the end in mind.”
Basically, before you start, you need to know where you are going? Franklin Covey talks about two things, the mind, the first creation, and the physical, the second creation. The former thinks about it and the latter takes physical action.
So we want to build a plan and take action. So here are some specific things to think about and take action on.
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The first 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 and the staff?” To determine this, 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 properly cover yourself and your employees.
Then you want to make sure you’ve thought through all of your taxes and that’s where working with a CPA or accountant helps.
Want to know what my company tax is? Is there a sales tax? If you sell goods 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, is there a city or county tax? And how does it affect your taxes?
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And we also want to look at the legal implications. So depending on whether you work for large companies or small businesses, these two different organizations have different expectations or requirements for legal liability.
Do you want to check, do you work for a government or an NGO? Each has different legal requirements.
So, under what type of corporate structure are both tax and legal obligations regulated? Additionally, I recommend working with your CPA, accountant, and attorney to make sure you are getting these steps right.
One of the mistakes I see is when people don’t go for advice and they are in trouble somewhere. So, when we look at the corporate structure, should we 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 company. And so, depending on what type of organization, what type of work is leading the process.
We also want to look at the change in income. You want to know what’s going on in your business so you can plan ahead. Some call them nature.
Sometimes there are different times of the year when work increases, so you need to consider whether I have enough strength myself or my employees to manage the work.
And if the cycle slows down, what do I do if I have employees? Do I have enough work to keep up with them? So these are some of the things we want to plan.
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Then it is very important to find an accounting or bookkeeping company that will help you either set up the book so that you can do it yourself or I recommend handing it over to a company of people who do this day in and day out for provide number one, you. you record your information correctly, invoice correctly and keep your books ready just in case you are audited.
So here are some tips. One, find your champions, people who believe in you, believe in what you are doing, mentors, people who have been there, done it and what you are trying to do to guide you in way.
Set clear expectations, not only with the clients you will be working with, but also with if you have employees.
And then, I said habits. This is to build good habits first. The things you have done since the beginning of your company continue. So you want to start good habits like starting to pay yourself, pay your bills, set up your books, and do your business from scratch.
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You also want to learn representation. Give up on things that are not your strength. Do what you do well and outsource things like perhaps accounting, bookkeeping and legal contracting to others who do it better.
Then think about your lifestyle. When people are working and starting their own business, think about whether you like to work with people, maybe you are on a corporate team or in a group, do you work better or are you better at working alone remotely?
So these are some tips and some steps you should take when starting your business. And if you need some additional resources, then sign up for our software now at .Starting your business from scratch can be daunting, but help is here. With this set of plans, you’ll feel equipped and ready to take your idea to the next level. From market research to financing your business, this guide covers the six essentials to help you start your business.
The best way to have a successful business is to know your market and know your customers. You need to conduct a combination of desk and field research to understand exactly what your prospect wants. Of course this will be different for every business, depending on the product or service you are selling. The important information gathered will help you plan your business, from pricing to target market. Some questions to answer are:
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A business plan is important for any business. A great business plan can attract investors to your business, giving it a chance to really take off. To create a great business plan, follow these steps:
This is an important part of starting your business. There are options available depending on what will suit you and your business best. The legal system allows you to share financial responsibility or you can be responsible alone. All three systems have different tax and business liability issues. Most businesses choose the following options:
Creating a good brand and corporate 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 suit them, what their needs and wants are. You have to look at your brand as a character and do everything that makes up your business. Choosing the right name for your business logo is important. 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 company.
There are many options to choose from when looking for financing for your business. First, you can use private money to start, this is sometimes the only option for beginners. There is the freedom to finance your business yourself, but there is a great risk of losing your personal money if the business does not go as planned. Other options include;
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When starting your business, you need to be legally smart. Make sure you check all legal requirements, regulations, tax information and any laws that may affect your business.
Following these six steps will give you a good start on your business journey. For more on how to start your own business, check out other startup guides here.
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