You have a great idea for a successful business. Now you just need to follow the steps to put it in motion. Here are seven steps to get your business off on the right foot.
1. Create a Business Plan
The first thing you need to do is put all your ideas in writing. Create a business plan that details every aspect of the business and the steps you will take to be successful.
2. Secure Financing
Once you have a document ready, it’s time to find startup costs. You can dip into savings or borrow money from friends or family. Most entrepreneurs, though, apply for a traditional business loan at a bank.
3. Choose a Tax Structure
Whether your business structure is going to be an LLC, corporation or nonprofit, you must make sure that you have the correct designation with the IRS. A business law firm Long Island can help you file the paperwork.
4. Set Up Accounting
Correct accounting records are the backbone of your business. Review your budget and designate funds accordingly. Open a business account and secure a corporate credit card. Test your billing structure to make sure it works smoothly.
5. Hire and Train Employees
Many new businesses start out with just the owner, but you may need a little help. If you have a storefront, you probably need at least one employee to get started. Hire professional bookkeepers to keep a check on your taxes.
6. Build a Website
Having an online presence is important these days. Getting a great website may cost a little money, but it pays off in the end.
7. Market Your Business
It’s a good idea to have one or two social media accounts to get the word out about your new business. Social media is the new word-of-mouth marketing. Buy a few smartly placed ads, and your starter marketing plan is complete.
Starting a company is a lot of work. The freedom of owning your own business is worth it, though.