First 5 Things To Do To Start Your Small Business
Congratulations – you’re starting a business. Get ready for a season filled with excitement, adventure and hard work. About 1 in 5 business fail during the first year of operating and only one-third make it to 10 years, which is a frightening statistic.
However, preparation is everything when it comes to starting a business. The more you ready yourself for being a business owner, the better off you’ll be in the long run.
You already have a great idea, so you’ve conquered one of the most difficult parts of becoming successful. Here are five things to do as you start your small business.
1. Determine Whether Your Idea Is Profitable
This is a difficult but key part of the process as you start off. Regardless of how passionate you are about your idea, it has to be something that will make money. Is your proposed small business able to provide value to the industry you’re entering? Even though you have a good idea, you’ll have to be able to turn it into something profitable.
2. Create A Business Plan
Creating a business plan is another important part of small business planning. If you don’t have any experience with business plans, it’s best to reach out to a firm that can help. A business plan will describe your goals and objectives and how to achieve them; but most importantly, it will help you understand the different factors impacting your business.
3. Figure Out Finances
You’ve determined your small business idea is profitable, which is important, but how will you get through the first few months of business ownership? You’ll have unavoidable startup costs that could run thousands of dollars, like buying a web domain and marketing your new business to the public. Create a budget and a plan.
4. Take Care Of Legal Requirements
Next, you’ll make things official. Apply for an Employer Identification Number through the IRS and select a business structure, whether it’s a sole proprietorship, partnership, corporation or limited liability company. You’ll also need to determine how you’ll pay business taxes.
5. Ready Yourself For Business Ownership
Once you’ve completed the steps above, all that’s left is preparing yourself for business ownership. Will you need to lease physical space or prepare a home office? Perhaps you’ll need business insurance. Tie up any loose ends before your business dreams become a reality.
F&S Projects is a leader in the financial services industry for a reason. We prioritize client needs and can help with everything from business plans and market research to tax planning and valuation. If you’re thinking about starting a small business, call us before you do. Reach out to us at 954-482-9681 or click here to contact us.