Kickstart your Start Up
Starting a new business can be exhausting with the intricate planning, making financial decisions, and filling out the appropriate legal paperwork and licenses. But, embarking on a new business venture can be exhilarating as well. How do young entrepreneurs walk that fine line between being exhilarated and exhausted? Experts say that they kick off their start up with some common strategies that will take them on the path to success. Let’s take a look at a few of them.
- Plan on Doing a lot of Planning – Create a simple business plan that includes your vision, mission, goals (both short and long term), strategies and an action plan. Break down your goals into smaller goals before you take on too much. The U.S. Small Business Administration has template and strategies to making the most of your planning stage and Business Plan stage.
- Assess Your Finances – How are you going to afford to run your business? What sort of financing have you secured? Startups requiring a lot more funding up front may want to consider an investor.
- Define your Legal Structure – What kind of entity is your business? If you own the business entirely by yourself and plan to be responsible for all debts and obligations, you can register for a sole proprietorship. Alternatively, a partnership, as its name implies, means that two or more people are held personally liable as business owners. If you want to separate your personal liability from your company’s liability, you may want to consider forming one of several different types of corporations.
- Register Your Business Name – Naming your business is an important branding exercise, but if you choose to name your business as anything other than your own personal name then you’ll need to register it with the appropriate authorities.
- Obtain Permits and Licenses – Get a list of federal, state and local licenses and permits required for your business. Read More
- Register for Tax Identification Purposes – Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.
- Build Your Team – Define what positions you will need to kick start your company and then find the best and the brightest.
- Grow Your Business – In order to make a profit and stay afloat, you always need to be growing your business. Reinvesting and making connections are a great way to get started on this. Stay active on social media platforms, take part in networking groups and keep your brand in the forefront in your community.