A Successful Start to Entrepreneurship
The entrepreneurial journey starts with a dream or an idea. It’s easy to bring your idea to life and create a career that aligns with your values and offers freedom, flexibility, and unlimited earning potential if you plan appropriately and take the necessary steps to ensure success. Every day is different in the life of a busy entrepreneur, and that is often part of what fuels the desire to be your own boss. The Journal of Occupational and Organizational Psychology has even found that entrepreneurs live healthier lives compared to employees. Whether you are already an entrepreneur or aspire to own your own business, we can teach you how to identify a viable opportunity, evaluate an idea and assess the market, leverage experiments to validate your idea, refine your business strategy, discover key financial insights, and understand how to raise capital and speak to investors.
Before you strike out on your own, learn how to structure and operate your own enterprise, with skill-building opportunities across business strategy, product development, legal and financial concerns, and more. We can definitely help you with that when you’re ready!
Becoming your own boss requires planning, making key financial decisions and understanding legal requirements. Of course, you’ll want to be sure to consult an accountant, an attorney, and even a business coach or mentor, but these steps can help you plan, prepare, and manage your business.
· Make a business plan. This essential roadmap outlines the route a company intends to take to grow revenues. A well-written business plan is essential for any operation, especially when pitching to potential investors.
· Get training and counseling Many services are free and can help you prepare your business plan, arrange financing and more.
· Choose a location. It’s a very important decision if your business will be brick and mortar, not just online. If you’re contemplating an on-line business, consider where (website, social media, etc.) you plan to advertise your business.
· Secure funding. Explore how small business loans, microloans and loan programs can help you get started.
· Decide on a business structure. Consider which is best for you— sole proprietorship, partnership, corporation or nonprofit – then make it official!
· Choose a name. It’s essential for marketing. Use your own name, or you’ll need to register a “Doing Business As” (DBA) name. Different states have different requirements, so be sure to research the requirements for your state.
· Pay your taxes. You should be aware that in addition to paying federal business taxes, your business will also have to pay income and employment taxes, plus certain state and local taxes. Do your research in this area.
· Obtain necessary licenses and permits. There are federal and state licenses and permits you will need to obtain to legally run your business. Be sure you understand the requirements and abide by all regulations.
· Be compliant with key federal and state regulations. It will be essential when you hire employees.
· Enlist the help of a business consultant, mentor or coach or you can even contact the U.S. Small Business Administration (SBA). Your local SBA can give you more information, answer your questions and provide training for you.
Whatever you do – don’t try to go it alone. Yes, you want to be in business FOR yourself, but not necessarily BY yourself! It’s good to have help to keep you compliant, focused, and moving in the right direction! This list contains a few of the steps you can take to make sure you get the basics completed before embarking on your new journey as an independent business owner. Feel free to call on us for additional help or training! We're here to help you succeed!!!