By TE Cunningham
Have you been dreaming of starting your own business? Go for it! We love working with entrepreneurs and local business owners at TLC Marketing Consultants. That said, there is a reason that so many new businesses fail in the first five years; it takes a good idea, good planning and good execution. If you are considering taking the leap, here are ten quick pointers for getting started on the right foot!
- Research, Research, Research
Did we say it enough times? You want to examine whether there is a need for this type of business in the area you plan to operate. Whether it’s a brick-and-mortar store or an online-only operation, you must evaluate demand.
- Capital Funding
You will need to figure out what you need investment-wise to get started to fund your operation in the first few years. Turning a profit immediately is difficult, so be cautious in your financial budgeting. Once you know what you need, you will have to evaluate and pursue financing if you can’t swing the amount with savings or friends and family who are investing with you.
- Company Mission
Determine what your company will do and how it will do it. Craft a mission statement and action plan.
- Author a Business Plan
In its simplest form, this plan outlines the steps for a successful launch of your company and its continued growth. It will help you focus on how to operate and grow your company. It should include benchmarks to measure success. Additionally, prospective partners or lenders will want to see this plan as they make their decisions related to your business.
- Register Your Company
Determine your company’s structure – for instance, an LLC or S-Corp, then file the appropriate paperwork with the state and federal government. This choice will define how you pay taxes, the liability in the company (including partners), employee status and more.
- Define the Company’s Target Audience
Who will be buying your products and services? You will then create an entire marketing plan around those individuals who are your future customers.
- Taxes
No matter what time of year you open your business, ensure you understand what you will need to retain and file for taxes before you ramp up. In the long run, it can save many headaches (and unplanned expenses).
- To Risk or not to Risk
Before you take the final leap, evaluate your life and finances and understand your risk. It’s not just a financial one – you are going to sacrifice time with family and friends that will go into building and running a business yourself. As such, taking some quiet, reflective time to make sure this is the fork in the road you want to travel is highly recommended!
- Surround Yourself with Good People
As you embark on this adventure, ensure you surround yourself with a good support system, including great mentors and advisors for different aspects of your business.
- Outsourcing
Some of the best advice I received when starting my company was to make sure and outsource when it made sense. You can kill yourself trying to do everything, but is that the best use of your talents? Do what you are good at, run your business and leave areas you are not as strong in up to a team of outsourced experts. You can find very reasonable services in your local market for bookkeeping, tax preparation, marketing, etc. Need a hand with marketing? We are here to help. Contact us at tlcmarketingconsultants.com today!
We wish you the best of luck in your business endeavor!