While starting a business is an exciting venture, it can sometimes be a headache. Many businesses fail within a couple years. That doesn’t mean you should give up your aspirations, but it does mean that there are some steps to take when starting a business that you should really pay attention to. Here are six of the most important things to do before launching your enterprise.
Business Plan
If you don’t have one of these, you and your business will definitely be facing an uphill battle. You need to conduct market research to see if the market will buy whatever good or service you’re selling. Having a plan of action that seems reasonable on paper won’t guarantee success, but it’ll help your odds and give you a good roadmap to start with.
Location
In terms of a brick-and-mortar business, location is obviously important, but even setting up an online store can be easier or harder to pull off depending on where you’re launching it from. No matter what type of business you want to run, it will be subject to different taxes and regulations depending on the location, so choose wisely.
Gather a Great Workforce
Your staff will make up the lifeblood of your business, so don’t settle for just anybody. You can start by seeking out people already within your circle of influence, including friends, family, and cohorts. Should you need a bit more precision, staffing and recruitment agencies can reach a broad range of people and talent to staff your business with the best of the best.
Be sure to keep in mind that a staffing agency requires funding to function, so searching for a reputable agency is key. Keep a lookout for staff agency business financing that is stable and enduring.
Outline Business Structure
You’ll need to figure out what kind of entity you want your business to function as. You can operate as a sole proprietor to keep everything in your control, but then your finances won’t be legally separated from the business. To put your best foot forward, find out about partnership LLCs to learn more about business structures.
Pick a Name
This one might seem obvious, but you still shouldn’t take it lightly. Choose something that lines up with your business’s brand. Once you’ve settled on something, you’ll need to protect it from other entities who might find some advantage in copying it. Securing a business name will help you learn more about the different protections of your company’s identity so you can sort out how and where you get it registered.
Get a Company Bank Account
This is key for remaining compliant with relevant local, state, and federal laws as your business begins to take in and spend money. Business bank accounts also help you keep your finances and that of your company untangled. These set-ups typically include checking and savings accounts, as well as a merchant services account. That last one is for credit and debit cards, an increasingly popular method for transactions.
There’s a lot more to getting a business off the ground than what we’ve covered here, and the rest is up to you to figure out. One last bit of advice is to get the hang of networking–meeting the right people at the right time can make or break your business.
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