You’ve had a lifelong dream and are finally ready to fulfill it. Starting your business will likely be one of the most challenging tasks you take upon yourself, but it can also be one of the most rewarding. We’ve got you covered with ideas to make the process as smooth as possible.
Talk to Current Business Owners: No one would know the struggles and strides of starting a business as a current business owner. Talk to existing business owners about their best and worst experiences while starting a business so that you can skip all the hard stuff. (Well, maybe not all of it, but most of it.) If you don’t happen to bump elbows with business owners as friends, join local groups of business owners and attend an owner’s outing to add some helpful contacts into your back pocket.
Write a Business Plan: If you’ve wanted to start a business for a while, you’ve likely brainstormed your business plan. However, if you haven’t begun and don’t know where to turn, check out our blog on the Do’s and Don’ts of Writing a Business Plan. Before you move on to the next step, you’ll need this done, so take this task seriously and prepare yourself for a vendetta of questions from the hot seat.
Secure Investors or a Loan: Your dreams can only move from a business idea to a business venture if some form of capital backs you. It’s great if you have some business-oriented colleagues who would consider investing in your business but have a backup plan for securing a small business loan if needed. Shop for the best interest rates and have your elevator speech polished before pitching.
Get Your Insurance Policies Lined Up: Of course, with any business, you’ll need to be sure you are backed and ready to go with the slew of insurances required. SOGO Insurance can help you check off this item with our helpful team waiting to shop the best deals for your unique business insurance needs. One day, you’ll even need to consider insurance for your employees, but for now, you can knock out the basics.
Keep Track of Every Receipt: Don’t purchase a stick of gum without saving the receipt for tax reasons. You can get a surprising amount of tax deductions since you are starting your own business. Though not every expense will count toward a deductible, you’ll want to track your spending closely so that a tax professional can help you secure everything you deserve.
Consider an Office Space: Are you ready to sign a lease on a business office? Does your product require a loading dock for shipment pick-ups? Are you okay working out of a home office for a few months while you start? These are all questions to consider when deciding whether or not you need an official office space.
Begin to Touch Base with Potential Clients It’s never too early to print some business cards and start spreading the word to your family and friends. You never know who you might meet, so have a mini-marketing plan ready to share with anyone – from Uncle Joe at the family reunion to a well-known public figure willing to invest in your business. Save their contact information safely using a secure CRM tool, and start communicating with potential clients via social media or newsletter.
Whenever you decide to make your dreams happen, remember the passion you began with, and be ready to work tirelessly for your dream job as CEO of your own company.
