Small Business: Getting Started

"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!!!!