Article by: Cameron Ward
Starting Your Own Business Can Be Scary
Have you thought about starting your own business? Whether you’re selling products or services, there’s a lot to consider before jumping in with both feet. The thought of managing all aspects of a business, from ideas to registration, product development, marketing, and security, can seem overwhelming, but the following tips can help ensure that you are off to a good start.
Consider Getting a Mentor or Business Coach
The wisdom and experience of others can be quite useful as you begin your new endeavor. You may want to have a business coach or mentor — or both. Before you set up arrangements with such a person, an agreement covering expectations, plans, and confidentiality should be created, and signed by both you and the person who will be advising you.
Begin with a Strong Business Plan
A business plan is like a roadmap. It should show where you begin, where you hope to go, and how you plan to get there. Companies with business plans are more likely to grow and grow faster than those without plans. With a solid business plan, the owners are twice as likely to be able to secure loans for their companies. Having a solid plan will also be helpful in attracting and hiring employees. The plan should include your business objective (the product or service you are selling), how you plan to fund the business, what employees will be needed, plans for marketing, an analysis of competition, and the way the business will be structured.
Get the Needed Permits and Registrations
Laws and regulations for businesses vary state by state, so you’ll want to find out about the ones for your area. You need to decide if you want your business to be an LLC, a partnership, or a business with a sole proprietor. If you want to make your business an LLC, or limited liability corporation, you can check the requirements in your state here. There are advantages and disadvantages to each type of business structure, so select the one best suited to your current situation, and this will guide you in setting up your plans for taxes, paperwork, growth, and knowing your situation in regard to liability.
Use the Internet Whenever Possible
Many of the initial steps of starting your own business can be done online. You can apply for permits and licenses, register your business name, and set up the structure of your business. If you’ve found a great name for your business, but still haven’t fully created the business plan yet, register the name in your state anyway. This will prevent others from using the same name.
Think About Cyber Security
While you’re in the initial stages of planning, it may seem far-fetched to consider how you’ll manage cyber security. This should be part of your business plan, though. Cyber attacks are happening constantly and your business should be protected, as well as having a plan in place to recover any data lost. Your security team can create the plan, and it should detail who will be involved in the effort, how the work will be done, and how quickly the work can be conducted, so the business can resume operation. Although this may seem like overkill to a new business owner, the recovery plan should be considered a part of basic cyber security.
Surround Yourself with Good People
The people that you work with will have a huge effect on how your experience in the business world goes, so choose them carefully. You may not need employees or partners in the beginning, but when you’re ready to add them, be sure to seek folks who share your values, and who embrace and support the mission of your business. A cheerful outlook and a sense of humor can go a long way in creating a pleasant work atmosphere, which is important for both the employees and the customers of your business.
Start Small
The idea of owning your own business can seem frightening, but starting small is a good way to build your customer base and your confidence. If you keep your day job while beginning the new endeavor on a small scale, you can generate extra cash without risking a lot. You can gradually increase the time, effort, and money you are putting into the new business, as it ramps up.
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Starting a business can be an exciting and lucrative project. There are ways to reduce the risks involved by beginning on a small scale. This will also give you time to study the successes and failures of others, and you can learn from them. At the same time, you’ll be building your network of potential customers, investors, and employees. Give yourself the best chance for success by making thorough plans and accepting guidance from experts in your field.
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