"Ok, Ok, Ok, Ok!!!" You have formulated a small business idea and you are ready to get started but how, where, and when???? (These are our opinions, not the only answers)

Determining the legal structure of your business is the first step. Will it be a Limited Liability Corporation (LLC), Sole Proprietorship, Partnership, etc. The legal framework will protect you, your employees to some extent and it is a critical decision to be made. Learn as much about the advantages and disadvantages for each structure. Talk with legal counsel as well. Learn more at IRS Business Structures. 

At the same time, begin identifying and collecting the capital you will need to start your business. If you are opening a physical location, having enough capital to pay your rent or real estate loan payments for several months is advisable. Starting any business takes time and you need time to grow your customer base. 

Your branding and marketing campaigns should be started once you have set an opening date and established your legal status as a business. (Note: You may need to clearly identify what legal status your business is in your advertising.) This allows you to get your company in front of potential customers before your doors open. Get help if branding and marketing is not one of your strengths. Factor those costs into your budget. 

Simultaneously, gather supplies, materials, and other items you will need to effectively run your business. Once you open it will be hard to find time to complete some of the simplest tasks like ordering office supplies. 

All of these items can be addressed in a small business strategic plan. Carefully thinking through today what you will need to do tomorrow will ensure you are organized and prepared. (See our blog, "Strategic Planning for Small Business")

The best advice we can give is get going. Start with your business idea, identify a start-up date and get to work. Some of the best small business "ideas" remain just an idea unless you create a plan and put it into motion. 

​Best wishes with your small business!!!!

"Guaranteed Success!!!!" Arghhhh.....there are several advertisements out there that guarantee your small business success or growth. Unfortunately most are not true without other key elements. 

Your success depends on several factors: 

• You - First, how well versed are you in the operations of your business. Second, are you a good manager of your time, resources, and business acumen? Key to any small business venture is the owner, founder, and their ability to manage and run a business. 
• Service or Products Value - Do you offer services or products that are of value to your customer. Consider selling a "pet rock" today. You may have a few sales, but chances are it will not be a sustainable business without a lot of marketing and interest from your customers. 
• Marketing Strategy - No matter the business you must have an active marketing strategy whether word-of-mouth, television/radio ads, or others methods of getting the word out about your business. 
  
• Customer Service - There are business owners that make customer service a key point of their offerings. They are more successful than those that don't. Think about businesses you have dealt with that have bad customer service. Would you do business with them again? Over time, bad customer service will stifle your business growth. Unhappy customers result in loss of business as potential customers avoid you. 
  
• Business outlook/strategy - Only you can direct your business toward growth. Sure you may get ideas from others but in the end you are the sole determinant factor in whether your business succeeds. Directing your business takes creativity, being humble, accepting failure, and success with an eye to the future growth of your business. View success and failure as temporary. Always look to the future of your business as only you can do. 
  

Next time you see one of those ads guaranteeing growth of your business, increased traffic to your website, consider, "What do they know that I don't?"

Here's a quick checklist for small businesses in advance of any holiday: 

• Decorate your business for the holiday
• Clearly advertise your holiday operating hours at your store and on your website
• Stock up on products and supplies
• Create holiday sales pricing for products that are not moving well
• Staff up if open on the holidays as more people are off and may come your way
• Take time to prep for higher traffic volumes - straighten shelves, move inventory to the floor, and find other ways to prepare for busier times ahead
• Make displays of products that may be used during the holidays - e.g. cooking utensils, decorations, fun things, and consider craft and hobby items as people have more time to indulge

Thinking in advance can help you take advantage of the holidays, increase your sales volume, and have a more enjoyable experience as you help your customers. 

Whether you are just starting out or have been in business for a year or two it is important to look to the future, imagine what your business will look like in a few years. Will it have grown, have added products and services? 

There are a lot of opportunities for you to prepare your business today to meet future growth. 

1. Educate yourself - Whether you are a service or product based business, now is the time to begin learning more about how to operate your business, and new innovations in your product or service line. Adding skills to your personal business inventory will prepare you to grow your business. Consider other areas of your business such as accounting practices, supervision/management, marketing, or learning new skills to make you more productive and efficient. 

2. Look for opportunities to upgrade - Do you have a production machine that is nearing it's productive life cycle, or have business technologies that are nearing the time for replacement? Consider an upgrade that will help you improve your business rather than replacing with the same equipment/technology. Having the infrastructure already in place will help you meet business growth with little effort. 

3. Build capital - When you start seeing profits, put some away for a rainy day and for when you are ready to expand your business. We call these funds our "Fall Back, Fall Forward" money. Having the necessary capital without having to borrow is a safer, not to mention a less stressful way to invest in your business. Building capital, business savings, will help you in so many ways. Also, investing in your business before you grow can provide some interesting economics for your business. Consider taking on new product lines without having a large upfront investment because you already prepared for it. 

4. Be mindful of "pop-up" opportunities - Depending on your business, there may be opportunities that just materialize. Maybe a competing consulting service is going out of business, or a local retail competitor. This may the opportunity your business needs to grow. Some call it environmental scanning. Take a few hours to scan your business environment to identify opportunities, and of course risks so you can plan accordingly. You might be able to take on clients from failed or closing businesses, or buy up supplies from a competitor to help you grow your product line. 

Overall, practice, "Think Now for Tomorrow" - As you navigate the business world, thinking about what you are doing today, as compared to what you will need to do tomorrow, will allow you to make strategic planning decisions. 

For example: One of our clients who had been in business for about a year ask us to review their existing technology and business infrastructure to determine what it would look like when their business expanded. We provided a picture of what it would look like. As service contracts expired, they upgraded, they invested more in their marketing, and technology. We assisted in developing company policies, mapping key processes, employee training programs, and procedures that would accommodate growth. Eighteen months later their business did grow exponentially and they were prepared. One employee that had been with the company since the beginning commented, "It's really hard to remember what it was like the first year we started because we always new it would be like it is today."

We think the key to their growth was their vision that they would in fact grow their business even when they were small. They never considered they would not. Keeping your vision on the future while keeping an eye on what you can do today to prepare is a great way to grow.