Many businesses never make it off the planning pages, and those that do rarely make it past the first three years.
If you’re getting ready to start a new business, you have your work cut out for you. Fortunately, there are some basic steps you can take to ensure that your business gets as much help as possible.
Here is a brief guide to starting a business.
Create a Business Plan
When you’re starting a new business, it’s tempting to jump right in to the part you love. Whether that’s creating crafty pieces to sell on Etsy or providing a service that you market via Instagram, most entrepreneurs start because they love doing something and want to make money at it.
If only you could bottle that drive and passion! Instead, you need to start with some more monotonous steps, like creating a business plan. Otherwise, you won’t have good direction and your business may fail right away.
Begin with a one-page business plan. Once you can articulate the problem your business solves, a one-sentence elevator pitch, and a few other details on a piece of paper, you can expand those areas.
Discuss in further detail things like your target audience, financial plans including costs and expenses, and a marketing plan.
Hire Professionals for Your New Business
When forming a new business, you’re likely to have people who want to help. Yet it’s important to avoid hiring family members unless you know they are serious about working. Oftentimes this only sets you up for failure.
Be sure your big heart doesn’t get in the way. Don’t hire someone who desperately needs a job unless you know they’re a good worker. Here are some best hiring practices to follow as you look for the right employees.
Take Care of the Legal Stuff
Whether you’re hoping to start an LLC or sole proprietorship, setting up a new business can be full of details that are hard to understand. Get a good lawyer who can help you with the paperwork you need to form a legitimate business with a good reputation and legal protection. This business blog has more information about how to make sure you’re taking care of all the legal stuff.
Choose the Right Tools
For any business start up, much of the process can be automated. Do your research and find the right tools to help with your business (this is another version of “work smarter, not harder”).
Can your customer more easily order or file claims with an app? Build one.
Can you eliminate the middle man if you find a dropshipping company to fulfill orders for you? By all means, find one.
Would a virtual assistant be able to handle most of your emails so you can do what you love? Hire one.
Choose the right tools to make running your business easier, and get rid of unnecessarily complicated processes.
Up and Running
Getting started with any new business is full of challenges. With the steps above, you can begin with purpose and make sure your fledgling business gets off to a great start.
Explore our latest guides today for more how-to’s and advice!