4 Steps for Starting a Business

Like it? Share it!

You have a great idea for a business, so you write a business plan to map it out. There are certain steps you need to take to put the plan into motion. This checklist can help get you started.

1. Create a Budget

Put together a list of the basic things you need to be operational. This list probably includes a location, insurance, inventory, furniture and equipment. You also need to plan for the first few months of payroll. Finally, consider your organizational needs, such as accounting and business intelligence software.

2. Make it Legal

You must register your business with federal and state agencies. You also need a tax ID. If your industry requires special licensing in order to operate ethically, make sure you have obtained the correct certifications before you open. Get every permit you need to be in compliance with both laws and industry regulations.

3. Fund your Start

Your business plan should give you an idea of how much money you need to get started. It can include not only the basics listed in your budget but also provide a little cushion of working capital. You may not have that much money saved, but there are several ways to fund your new business so that you can get it up and running.

4. Organize the Finances

Many new small business owners try to operate their business out of their personal accounts. This can get tricky, though. You need a separate bank account for your business. Not only does it increase transparency but it also helps you organize your finances so that you can get a clear idea of both how much money you are making and how much money you are spending.

Once you have all the steps in place to start, you can furnish your office and open your doors. Good preparation increases your chance of success.

Like it? Share it!

,

No comments yet.

Leave a Reply

Powered by WordPress. Designed by Woo Themes