5 Tips To Successfully Start Your Own Business!
Q: I want to start my own business. Do you have any advice to help me do this right? I have never done this before and I don’t want to fail. F. DuBois Ottawa, Canada
Entrepreneurs can sometimes be afraid of failure, especially if they are first time business owners. What we may not realize is that failure does not have to mean the end of your business, but rather it is simply a teaching tool to help you coarse correct back onto the path of success. Here are five of the most essential tips that you can use right now to ensure the successful start of your own business.
Write A Business Plan When Starting Your Own Business
Nearly all reputable business advisors will advocate that when you start your own business you create a business plan. As a result, I would be willing to bet that any successful business you could think of has created one.
If you have never written one before, it can be a little daunting and overwhelming, but it does not need to be.
Think of a business plan as simply your road map to success. In your mind think of what your ultimate successful business would look like in as much detail as possible. Now reverse engineer that vision from there to where you are now.
That is your business plan. Remember, that you business plan has an expiration date of 6 months so you will need to update it at least twice a year. Here are a few things you will want to include;
- Who you and your business are.
- How is your business structured and who are the key players?
- Who is your target customer and what is their most urgent need?
- What products or services do you provide and what problems do you solve for your customer?
- How do you make your customers and potential customers aware that you have the products or services to solve their most urgent need?
- How do you deliver or fulfill those products or services?
- What does it cost to do what you do and, what and when are your projected profits?
- Who else in your industry does what you do and how are you the same or different from them?
If you could use a bit more help we have a Business Plan Toolkit that we would like to offer you! It is downloadable and includes step by step help to guide you as you create your plan for success. Get yours Here Now!
Know Your Business Structure When Starting Your Own Business
We are not lawyers and if you do not already have a business lawyer, we strongly urge you to get one. How you structure your business will have an impact on your business both legally and how you pay your taxes.
When you start your own business you need to make sure that both your personal and business assets are protected, and that you are not under or over paying your taxes.
Each business is different and your needs in this area can change from ear to year as state and federal laws change. To help keep you on track and protected well before problems arise make sure you are giving your business a detailed once-over by trained eyes of a reputable attorney and CPA.
Business Licenses and Permits for Starting Your Own Business
Nothing will cause you more headaches and close your business faster than not having the right business licenses and permits for your particular type of business. These days when you are starting your own business it is fairly easy to get your required business licenses and permits online.
Just go to your state or cities website and you can usually file for all your licenses and permits using just your debit card. They are usually sent to you in the mail. If you have a traditional brick and mortar business be sure that you post them where they are clearly visible.
Employees or Private Contractors
If you hire employees you will need a different business structure, business license, and it will impact how you are taxed. The main difference between the two is that when you have employees you shoulder more of the tax responsibilities while private contractors will carry more of the burden themselves.
There are pros and cons to each way of engaging people to work for you and this is defiantly when you need to consult both your business attorney and your CPA before you hire anyone when you are starting your own business.
When you are starting your own business and your company is a service provider, it is vital that you have a customer contract. Your customer needs to see in black and white what they can and can not expect from you and your business, how payment is expected to be paid, your refund policy, any disclaimers you may have, your privacy and confidentiality policy. When everything is clearly spelled out it makes for a much happier customer relationship and protects your business. Once again this is when you will need the help or a skilled business attorney.
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Now, we have a few more things for you!
Have a comment or question about this week’s post? Let us hear from you! Post your own success stories or ask a question about how to move your own business forward to success! If you have a question about your business please feel free to Contact Us and send a personal message. We love hearing from you and read every post personally! You can join the fun on our Twitter, and Instagram and share your own success tips! If you are looking for more practical hands-on help we have two other resources for you.
First, we have created Business Genesis and our Small Business Toolkit for small business owners just like you to help you start and grow your own successful business and meet today’s challenges head-on with confidence. You can find yours right here.
Business Genesis is a Step-by-Step Online Training Course That Shows You How to Start, Grow, and Market Your Own Successful Business Doing What You Love!
Everything you need to guide your very first steps is laid out for you in simple , easy to understand and organized modules with easily accessible lessons.
Business Genesis shows you exactly how to create financial security and build your brand and customer base, shows what works in marketing your business to the world, and guides you how to leave a legacy of success with tips and tools to help you build financial security and positive impact on your local and internet community.
You can finally enjoy the freedom of doing something you love and generating an income you can actually live on. Get Started Now!