- Obtain necessary licenses and permits: particularly licenses and permits required to operate in your jurisdiction. Failure to obtain these licenses can result in legal issues, and nobody wants that as the beginning to their journey to success…
- Open a business bank account: Separate your personal finances from your business finances by opening a separate business bank account. This will help you keep track of your income and expenses, and make tax season much more manageable. Can you skip this step? Yes, but it’ll make your life easier. You’ll use the number assigned to your business by the IRS for this and the paperwork officiating your business from your State.
- Set up accounting and bookkeeping systems: Accurate record-keeping is crucial for any business. Consider accounting software or hiring an accountant to keep track of your finances, depending on your profit, finances, and complexity when starting out. Establishing a reliable accounting system to keep track of your income and expenses will help you make informed financial decisions, prepare accurate tax returns, and manage your cash flow.
Some are long-term, future-focused steps that may be less thrilling, but you’ll thank yourself later!
- Register for taxes: Register your business for federal, state, and local taxes. This may include income tax, sales tax, payroll tax, and others, depending on your business type and location.
- Obtain insurance coverage: Consider obtaining insurance coverage to protect your business from potential risks and liabilities. This may include general liability insurance, workers’ compensation insurance, and others.
- Develop a marketing strategy: Create a marketing plan to promote your business and attract customers. Consider using social media, paid-advertising, and other marketing channels to build brand awareness and generate leads.
- Hire employees or contractors: If you need help running your business, consider hiring employees or contractors to assist you. Make sure you follow all applicable employment laws and regulations related to employment, such as minimum wage laws, overtime regulations, and worker’s compensation insurance.
- Establish vendor relationships: Identify and establish relationships with vendors who can provide the supplies, materials, and services your business needs to operate.
Creating a synergistic exchange or building rapport is a great way to set a foundation towards success in the long-run.
- Set up a website: Establish an online presence for your business by creating a website. This will help potential customers find you and learn more about your products or services.
- Develop a business plan: A business plan is a roadmap for your business that outlines your goals, strategies, and financial projections. It’s essential to have a solid business plan to help guide your decision-making and ensure that your business is on the right track.
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- Obtain insurance: Business insurance can protect your company from a variety of risks, including liability, property damage, and business interruption. Consider obtaining insurance to safeguard your business.
- Build a professional online presence: In today’s digital age, having a professional online presence is crucial. Build that website like we mentioned, create social media accounts, and claim your business on Google My Business to help potential customers find you online.
- Develop a marketing plan: A marketing plan outlines how you will promote your business to potential customers. This can include strategies like advertising, public relations, and social media marketing. We love helping businesses develop a brand guide, marketing plan, and other helpful documents for training and keeping your teams on the same page, etc.
- Establish your brand: Your brand is your business’s identity and includes your company name, logo, and messaging. Establishing a strong brand can help you stand out in a crowded market and build customer loyalty.
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- Set up a system for invoicing and payments: Establishing a system for invoicing and collecting payments is essential for maintaining a healthy cash flow. Consider using accounting software or hiring a bookkeeper to help manage your finances.
- Obtain any necessary intellectual property protections: If you have developed unique products or services, you may want to consider obtaining trademarks, patents, or copyrights to protect your intellectual property.
- Establish a system for managing customer relationships: Building strong relationships with your customers is crucial for long-term success. Consider using a customer relationship management (CRM) system to help you manage interactions with your customers. There are so many great ones to choose from to make this step more efficient and streamline your efforts.
By taking these additional actions, you can help ensure the long-term success of your new business.
- Set up a system for managing inventory: If you sell physical products, you’ll need a system for managing your inventory. Consider using inventory management software or hiring someone to help you keep track of your stock.
- Develop a plan for growth: While it’s important to focus on the present, it’s also important to plan for the future. Develop a plan for growth that outlines how you will expand your business over-time.
- Understand your tax obligations: As a business owner, you’ll need to understand your tax obligations and make sure you’re compliant with all applicable tax laws. Consider hiring a tax professional to help you navigate this complex area.
- Network with other businesses and entrepreneurs: Building relationships with other businesses and entrepreneurs in your industry can be beneficial for finding new customers, learning from others’ experiences, and staying up-to-date with industry trends.
- Establish a system for tracking and analyzing data: Collecting and analyzing data can help you make informed business decisions. Establish a system for tracking and analyzing data, such as website traffic or sales figures, to help you make informed decisions.
- Develop a crisis management plan: No business is immune to crises, whether they are natural disasters, public relations issues, or other unexpected events. Develop a crisis management plan to help you respond quickly and effectively if a crisis occurs.
- Stay informed about changes in your industry: Industries are constantly evolving, and it’s important to stay informed about changes that may impact your business. Subscribe to industry publications and attend conferences and events to stay up-to-date with the latest news and trends.
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