"Dream Big, Think Smart"
15 Tips for Start-Up Businesses
A business plan, a catchy slogan and a low interest loan…the key ingredients for a new venture, right? Maybe 20 years ago!! The reality is, when starting a business, how you think supports the development and implementation of your plan. Goal setting is essential, but proper execution is even more valuable. Let’s explore the fundamental stages of “thinking business” for a new start up.
- Complete a business plan. Remember content is more important than length. Formally developing your business plan brings it to life and allows you to make realistic assessments.
- Attend free marketing classes and business seminars. Several business solution firms offer no-fee information sessions about their services and often have professional speakers willing to answer questions about resources to support your business ideas.
- Add empowerment workshops to your annual vacation goals. When you think clearer and have a positive outlook, your attitude is reflected in your perception and treatment of consumers.
- Purchase the domain for your potential business. There’s nothing like coming up with a brilliant name and concept that’s owned by someone else!
- Assess the location you would like to conduct business. Will your business rely on foot traffic? Do you prefer a residential or commercial area? It usually takes six months to a year to find an ideal location. Be prepared to sign a multiple year lease if you do not intend on purchasing the property. Virtual offices can serve as an option if you only need a telephone number and mailing address. Community office spaces are also affordable options.
- Become your brand. Perfect your elevator speech. Be prepared to advertise, promote and consult with potential consumers at all times. You should always carry professional business cards, flyers, or advertising material. Tell your friends and family what you’re doing. While they may not possess the expertise that you do, they can promote and refer your business for free! Branding your business is a process and requires thought. Branding is not only about designing a great logo, but creating an image for your business that consumers will remember. Memorability can translate into 80% of your business.
- Having an entrepreneurial spirit is just as important as having effective leadership abilities. Becoming your own boss requires great organization and customer service skills. Assess your strengths, and if you’re lacking in the most important areas, work on your professional/personal development. If all else fails, identify an individual who can collaborate with you.
- Evaluate your team members. A new business should be careful not to exhaust funds on too many employees-if their role does not impact customer service or profits. At least for the first year, business owners should be hands on. Utilizing college interns may be another inexpensive option to reduce costs.
- Decide if you are filing for a business certificate or forming a corporation. While becoming a corporation has additional financial implications, it might work to your best interest, when protecting your personal assets.
- Identify a Marketing Campaign. Most businesses these days are retaining full service Marketing firms to promote their product. Monthly fees for these services can be tailored to your budget. Collaboratively, you can gauge which platforms are appropriate for your type of business. Don’t get distracted with companies promising to grow your business for you. You are the only person that can accomplish that mission. However, making well informed decisions and anticipating setbacks, will keep you focused.
- Identify your financial objective. Is your business a supplement to your primary income or do you intend on opening multiple locations? Nailing down your objective will help shape your business plan and future commitments.
- Hire an Accountant. Even if you majored in finance, it is important to have an independent seasoned professional, reviewing your earnings and losses, quarterly. You may also not have time to keep up with new legislation and amendments. You don’t want to find yourself in a dilemma, filing a form with the IRS that was discontinued the year before.
- Retain a Business Attorney. A good business attorney will help you with the business component of your business. This may include contracts, compliance, liability, zoning, etc. Be mindful that most attorneys have specializations. Avoid hiring general practioners that may or may not be up to speed with business standards in your state.
- Supporting your small business requires long days, a strong commitment and in some cases low wages. Starting a new business is not a 9-5. Anticipate up to 80 hours per week on average.
- Join your local Chamber of Commerce. These organizations are designed to support business owners, whether you’re a start-up or an established entity. This may also be a great opportunity to network with other like minded individuals.
Still interested in starting a business? Here are a couple of helpful resources.
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