Follow these 10 easy TRUiC steps to ensure that your business dreams become a successful reality
While creating and developing your own business can be rewarding – who does not dream of working for themselves? – it can also be difficult and challenging. You will need to have adequate funding, plenty of time and also personal and professional support.
Before you take the leap consider these 10 vitally important steps. You could also take our entrepreneurship quiz and we’ll give you feedback on just how ready you are. How do you learn more? Visit https://howtostartanllc.com/start-a-business
In a nutshell the 10 steps you need to carefully consider before setting up a business are:
Step 1: Choose the Right Business Idea
Look at an idea that suits your interests and natural abilities. This will help you stay motivated when the going gets tough and greatly improve your odds of success.
Step 2: Plan Your business
A lot of careful planning goes into the creation of a successful business. You need to critically analyze your idea and create a viable game plan.
Key points here are:
- Your Business Name
- Product Development
- Sales & Marketing
- People and Partnerships
- Financial Planning
Step 3: What You Need to Know When Forming Your Business
You need to decide how you want to register your company as a legal entity – it can be a Limited Liability Company, which combines the personal asset protection with the tax flexibility of a partnership or Sole Proprietorship, a Corporation owned by shareholders or a Nonprofit Organisation, which is funded by donations rather than investors.
Step 4: Register for Taxes
You will almost certainly need a Tax ID Number or Employer Identification Number without which you can’t hire employees or open a business account.
An important point to remember if you are selling a physical product is that you will need to register for sales tax in your state.
Step 5: Create a Bank Account for Your Business
You need to open a business account and get a business credit card which makes accounting and tax filing easier. If you mix your personal and business accounts your personal assets (such as your home and your car) are at risk in the event of your business being sued.
Take these two steps to protect your business:
- Open a business account
- Get a business credit card
Step 6: Set Up Accounting
Quality accounting software is a must to consider for your company. It lets you download your bank and credit card transactions making accounting fast and easy.
Step 7: Obtain the Necessary Permits and licences
To operate your business legally you will need to comply with federal, state and local government regulations. You may need to obtain one or more business permits and/or licenses.
Step 8: Get Insured
We recommend that all small businesses, including those based at home, purchase a general Liability Insurance Policy. Other policies which can be considered are:
- Workers Compensation Insurance
- Professional Liability Insurance
Step 9: Define Your Brand
Your business name is the cornerstone of good branding and a successful business and coming up with the right name is almost as hard as naming a baby.
When developing your brand think about:
- What are the core values of your business? Customers and clients are looking for companies that have a compelling brand
To learn more about the best name for your business read: https://howtostartanllc.com/how-to-name-your-business
Step 10: Establish a Web Presence
This is vital, everyone looks to the internet these days. First and foremost, you need a professional website which is critical to the long-term success of your business, regardless of the type of industry you are in. Vital to your credibility, the website should be easy to navigate and contain all your contact details.
Social media is also a great way to get known. You should also consider:
- Setting up social media profiles on Facebook, Twitter and Instagram
- Creating accounts on review sites such as Yelp and Google Reviews
- Registering for a local Google profile.