Every day, someone, somewhere in the world decides to start a small business. The fundamental difference between the ones that succeed and the ones that fail, is preparation. If you have decided to fulfill your urge to run a small business, get your act together first.
Before you dive head first into the heat, choose your endeavor well by planning ahead and getting everything that you want to accomplish down on paper. Because you can either run with the “big dawgs” or choose to run around like a chicken with its head cutoff. The choice is yours.
Small Business Basics
Make no mistake about it, people say things like “oh, I started on a shoestring budget.” What this means is basically they didn’t have to fund it, but decided to go for it anyway. If this applies to you, just know that it will require all of your attention and everything that you have been saving and there may come a time when you will have to park the car and walk, pawn something or bum money from a friend.
Getting it together and keeping it together is somewhat of a balancing act. Once you decide how you will function, make it known, officially, that you are beginning to new business endeavor. If your budget does allow it, plan on acquiring the best quality of the following:
- A website
- Business cards
- Phone system
- Office furniture
- IT help
- A staff
- Leased or rented office space
- Manufacturing for your product (if necessary)
- Accounting software
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In addition to accounting software to handle your invoices, you will need a designated person to handle your payroll. Or if you do have funding or a small business loan, you may very well want to contract a third party payroll firm.
Of course, not all business start with limited funding. In this day of modern applications such as crowd funding, you could start a small business with help. Don’t neglect the available resources for loans and other types of funding, such as Angel investors and group start-up funding.
But, before you can hire the people and start day-to-day functions, you must first take care of the small business basics. These basics include deciding to incorporate or not; by forming a limited liability company (LLC).
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