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Steps to Starting a Business Successfully
Business Plan
I know you've heard that businesses have a ten fold higher chance of succeeding if they spend the time and effort to strategize and write a comprehensive business plan. For a list of all the elements of a successful business plan, or to get help writing yours, click here.
Clear, well-thought-out goals, business plans and action plans with proforma financials help you make decisions that feed directly to your success.
It's like Stephen Covey's "Sharpen the Saw" analogy. Spend the time up front doing this thoroughly and you'll be eternally grateful.
Marketing Plan
If you want ten fold return on investment on your marketing time, money and energy budget investment, you will want 70 percent of your business plan to focus on marketing. Click here to see all the main components critical to bring clients in the door. Market research is the first step.
Fund Your Business
You will want a start-up budget and action plan in addition to your business plan before funding. You don't want to run out of money - that will kill your business. The more you plan and have proof of concept, the easier it is to fund your business start-up. I always say, "treat bank money, friend or family money or other loans as if it's your dear grandma's last $10,000. After tax dollars and relationships are very valuable.
Find Your Ideal Location
Your main focus here might be to minimize overhead. This gives you the best chance of success. Consider space for growth, but not too much. Signage, parking, visibility, comfort, professional look, electronics, and lease details are all important to think about.
Determine Your Best Entity and Set it Up
What's the best entity for your start-up business? The answer is, of course, "it depends". The main two reasons you want an entity is for tax strategy and liability protection. I recommend getting advice from an accountant and a business lawyer to make the best choice. You may not want to do it yourself if this is your first entity. If you do the paperwork wrong and end up in a law suit, it could be easy for the opposing lawyer to pierce your corporate veil and attack your personal assets. Many small businesses can do quite well with an LLC taxed as an S-Corporation (not legal advice, just experience).
Branding
The big three elements for powerful branding are your business name, logo and slogan. With these three done correctly, your business will stand out in the crowd and be recognized and remembered. Simply put, most people do this wrong. Get professional help. Imagine someone driving by at 30 MPH ... if they saw your sign, with logo and slogan would they want to stop? Learn more? Would they know what you offer?
Register Your Business TM
A great way to protect your intellectual property, business name, jingle, slogan etc... Again, use a professional for this. Feel free to reach out to us and we'll help you find the right trademark attorney.
Get Your Federal and State Tax ID Numbers
This is pretty self-explanatory and obviously important. Go to the IRS site or FTB for California to learn more. Your business lawyer or business coach can also help guide you with this.
Get Your State and Local Permits and Licenses
The best way to research this is to do a google search for your local jurisdiction and find out the proper documentation and fees. For a Folsom Business license application, click here. A good business coach, business broker, business lawyer or accountant should also be able to help you out.
Get a Separate Business Bank Account
Comingling business and personal funds is a very bad idea. You will lose your liability protection. With your articles of incorporation and some seed money, you should be able to open a business bank account fairly easily. Consider using a local bank, sometimes it is easier to get a loan. Be sure they have the online banking functionality you need. Also consider a business credit card and savings account. Merchant services and a point of sale system are important for some businesses as well.
Research and Obtain Your Business Insurance
What happens if a dissatisfied customer sues you? What if something happens to you? The right coverage is worth it and will help you sleep better at night. I know a great business insurance expert - feel free to contact us to get his information.
Set Your Employees Up for Success
Consult an HR expert to get the latest laws, set up your organizational chart, employee manuals, corporate culture, and most important, great training materials. If you need any help with this please feel free to sign up for a complimentary powerful strategy session.
Hire a Bookkeeper and Accountant
Get your books organized early and maximize your tax savings strategy right up front. You may be thinking of "saving" money by doing it yourself. I guarantee that if you spend the time you save by hiring these people doing business development activities (marketing and sales), you will make at least 5 times as much for your company as you pay them.
Formulate Your Exit Strategy
If you plan the end at the beginning, it will help you make the right decisions along your path. I highly recommend everyone hire a business coach to make their path easier and faster to success with less common pitfalls. Just like a sports coach. Would you consider learning to golf or ski without a coach? To learn more, simply click here for a powerful free business planning strategy session.