Starting a new business is no easy feat, and its intricacies certainly can’t be explored in a single blog post. What Keye Strategies can do, though, is get you started thinking about the major steps that need to happen before you open your doors or launch your store. Then, check out our other articles coming out over the next couple of months for more in-depth information on business startup.
Create a Business Plan
Before you even spend your first dollar setting up your business, you need to determine whether or not it’s even viable. Run your numbers and gauge the community’s interest. You need a business plan that includes some honest, professionally accounted financial projections. Simply put, if you don’t feel that you’re going to be pulling in enough sales to cover the costs of your business, it’s probably not a good time to open your business’ doors.
File the Proper Paperwork
There are several different kinds of paperwork that need to be filed at both a state and federal level. Start by applying for an Employer Identification number, or EIN. It will be necessary when you open your business bank account. It allows you to identify yourself without using your social security number. You’ll also need a business license. While how many and what kind vary based on the industry and location your business, the Small Business Administration makes it a bit easier with this online tool.
Create Your Domain Name and Website
Jump on board with a website developer. Do your research, because a lot of your marketing efforts will be funneled through your website and the associated social media accounts. Your web developer will help you get the word out about your business using targeted blog content and interesting social media posts. Also, talented web designers can draw more users to your website based on its interface and aesthetics.
Open a Business Bank Account
Before you pay your first license fee or rental payment, set up a business banking account. While it can be tempting to use a personal bank account, it can create hassle later as you try to figure out what expenses are tax deductible. Make sure that every business expense comes out of your business account to save yourself time and hassle later. This is one way to assure that your business startup is off to a smooth beginning.
Hire a Business Coach
A great business coach can help you through the bumpy beginning of starting your own business. They are especially helpful for those who have not had small business experience for very long. A business coach works with you to pinpoint your strengths and utilize them as tools that play a role in the success of your business. Keye Strategies, in Minneapolis, has over 30 years of experience helping small business startup companies achieve their goals. Find success with the help of Keye Strategies!
