Business Start-Up Basics

Are you ready to start your own business? Developing a product or service that fulfills a market need is just the start. Creating a business plan means creating a plan for success.  There’s ample information online to assisting preparing a business plan. Even if you’re not seeking investors or a bank loan, it’s vital that a full business plan be created.  One of the key components of establishing a business plan is to identify your start-up costs.  In addition to the costs to start the business, you’ll need an income stream until the business is profitable. This could take at least one year.  Plan to live frugally and identify alternative income streams during the growth phase of your business.

From product development to delivery, sales and operations, a start-up business owner has many hats to wear on opening day.  Don’t wait to launch your business until you’ve researched every detail.  By the same token, make sure you’ve flushed out the basics before hanging out your sign. How will you identify your prospects and convert them to customers?  Outline your marketing plan and sales strategy.  You can have the greatest product on the market, but without a plan to get your message out, sales could be dismal. Establishing an online presence is critical in today’s market place for every business. Your website is your new calling card. Hire a professional – the website is your imagine and vehicle for securing customers.

Meet with a tax advisor to ensure your bookkeeping is properly established. Take advantage of the awesome deals offered by Groupon coupons and meet with the professionals at H&R Block for expert tax advice. Identify an attorney that can assist with contracts and incorporation. You’ll want to get to know your attorney before you need them!

Finally, be prepared to work much harder than you ever anticipated.  Every entrepreneur will tell you its much more work to establish a successful business than you would imagine. Seek out a mentor. This can be an individual in your industry or a trusted business person with a record of success. Lastly, commit to operating a business with the highest ethical standards and you will succeed!