Business success begins with planning. Assessing your business idea is a critical step. You may be able to turn your hobbies and interests into a business if you can discover a market for your passion. If you’re one of ten people on the planet who have an interest in that hobby, you might have the makings of a successful business.
Assessing your own business management skills will help you decide if you are ready to start a business and if you will need outside help, temporarily or permanently. Accounting, marketing, customer service, public relations, and inventory management are a few of the skills needed to start a business. If you’re uncomfortable balancing your checkbook, you may need to outsource your financial management function until you are ready to handle it or you can hire someone in-house.
Develop a checklist for starting your business, and break it down into small tasks. Include a list of the resources that you need to complete each item, where to find them, and a schedule for starting and completing them.
Decide which legal structure you’ll use for your business. Almost every business startup needs to apply for licenses or permits from local and state governments. You may need to register the business name, too. Review zoning and insurance regulations for your proposed business. Getting a tax I.D. from the IRS is not necessarily required, but many lawyers and accountants recommend it. If you expect to hire employees, add labor, insurance, and occupational safety regulations to your list.
Many entrepreneurs do not want to spend the time to research their business idea or to take all the other steps needed to get a business started off on the right foot. Face it; eventually you will have to do those things anyway. Sooner is better than later. It’s also less stressful than trying to accomplish these steps while running your business. Putting your business startup on the path to success requires patience, along with attention to many details. Plan the work, and work the plan.
Choose Your Business Structure
IRS Guide to Starting a Business
Employment Law for New and Small Businesses
60-Second Guide to Generating Publicity for Your Business
CCH Business Owner’s Toolkit Small Business Tools
Find Your Highest Potential Customers
Building Repeat Business from Day 1
Managing Your Business Finances
How to Choose and Work with an Attorney
Annual Operations Plan for Managing Your Business