Dreaming of starting a business is a very exciting time, but when not well thought out that dream can quickly turn into a nightmare. Here are the top 5 things to consider when starting a business.
- Your Idea – You probably have a brilliant idea for your thriving business that you know is a sure fire way to hit the big time. Unfortunately, there are probably several other people with that same idea. Thoroughly research your idea. In the event that someone else is utilizing your idea, determine how your approach would be different. Is there a way you could improve it?
- Choosing The Right Legal Structure – There are several options available for structuring a business. 3 of the most common are corporation, LLC, and sole proprietorship. In a corporation, shareholders are not personally responsible for company debts. It may also reduce taxes, but requires formal and meticulous record keeping. A LLC protects personal assets from company debts, but offers no corporate tax benefits. A sole proprietorship does not have any corporate formalities, but the individual owner is personally responsible for all the business’s debts. Other less common options include a non-profit and limited partnership.
- Your Staff – Are you making a go of it alone? Will you choose to keep the business in the family or will you need to seek out employees. Spend some time finding the best staff. Quality employees that reflect your business ideals are vital to a new business’s reputation. If you are limiting your staff or planning on manning the reigns solely, consider hiring a virtual CFO to help keep business running smoothly. Klein Hall CPA’s offer professional service throughout the year, instead of just making once a year contact at tax time. Having an experienced CFO allows you to focus on what’s truly important to your business.
- Choose Your Business Name – Choosing the name of your business is a lot of fun and people often spend months agonizing over the perfect name that conveys their business ideals. However, just as important as choosing the name is registering it. You’ll need to register for a doing business as or DBA name. The DBA allows you to open a bank account and legally conduct business under your chosen name. Many times it also helps to lower startup costs.
- Plan Your Marketing Strategy – Even the best businesses will fail if customers have no idea how to find their services. Consider how you will get the word out about your new business. Start with the basics and build your plan from there. Businesses should consider things like business cards, flyers, and social media. Word of mouth is a wonderful way to attract new customers, but first you must gain a loyal customer base.
Starting a business is a new beginning. Many people think they need to know it all to start a successful business. However, many extremely successful entrepreneurs admit that they knew very little at the beginning. Starting a business is a fluid event. Unexpected things are always bound to happen, but aligning yourself with the right team will ensure you come out on top. Contact our experienced team today to find out how we can help turn your business dreams into a reality.