As of 2018, the share of startups in the US economy was 10.5%. Most of these enterprises are launched and managed by people who used to work for bigger companies. At one point, more propulsive people realize thatthey’ve gained enough experience to become business owners.
Still, it’s good to know that going your own way in business is a quantum leap. It doesn’t take only enough knowledge and assets to start a business. There are other things you have to take care of before you register your venture. We’ve narrowed down this list to five crucial aspects that will help you start off your career of a business owner.
Making a business plan
Launching a business for its own sake isn’t the smartest thing you can do. When you’re working for someone else, you don’t have too much freedom but the responsibility is also limited.
You simply do your job and get your paycheck every month. And more importantly, you don’t have to bother with in-depth planning and organization. You carry out the tasks that others create for you and make a good living.
However, running your own business gives you much more freedom but you also carry all the responsibility on your shoulders.
If you make a plan on what you’d like to achieve with this business, it will be easier to keep it in order.
Therefore, you have to create a business plan. Be it a one-page document with basic business prompts or a full-scale plan, it will come in handy in business management. It’s also important to enlist the monetary goals you want to achieve and the approximate deadline for each of them.
For instance, on the website of Small Business Administration,you can learn more about a traditional business plan and a lean startup plan. They even provide examples for each of these formats so you have a look at them to see which type suits you better.
Consulting an accountant
Now that you’ve decided what you want to achieve with your business, it’s time for the financial construction.
Needless to say, the best option for an entrepreneur-to-beis to save some assets before the launch.
A large number of experts claim that you should have enough money to survive six months without income. This backup fund will help you keep your head above the water at the beginning.
Apart from that, you’ll have to get familiar with the tax regulations. Your taxes will depend on the business type you opt for. This decision will determine the level of personal liability for your enterprise.
For all these reasons, you should consult an accountant when you’re only planning to launch a startup. That way, you’ll find out more about the initial funding and taxation, as well as different business types.
When the time comes to register your business, you’ll at least know the basics of business management.
Apart from that, you can ask the accountant to have a look at your business plan. They have more experience than you in those things and they can advise you how to be more productive.
Using productivity tools
The saying that no man is an island is perfect for the contemporary work environment. Today, you can’t work separately from the rest of the crew. Even if you are a one-man business band, the notes you’re playing have to be in accord with your competition.
In other words, if you want to keep pace with your rivals, you need to use productivity tools.
For starters, you need a cloud-based storage drive. Keeping documents on the cloud makes it easier to use, edit, and send them. Google Drive and Mega have pretty generous free packages. TechRadar brings a detailed review of free and paid online storage options.
Even though you’ve consulted an accountant, choose one of the accounting apps to track your accounts payable and receivable. What’s more, accounting tools are great assets for calculating taxes. If you each and every transaction you make is tracked by an accounting app, it’s highly likely that you’ll pay all the taxes.
Setting the visual identity
While keeping your finances in order is essential for every business, being recognizable is also of great importance.
Because of that, you need to set the visual identity of your business.
A rule of thumb is to come up with logo and a tagline that should resonate well in people’s eyes and ears. In line with that, it’s crucial to choose the colors that can be easily connected with your business. You’ve probably noticed that blue color dominates the water industry, while ecology is marked with green.
Even if you are an artistic person, think about speaking to design pundits, like the crew behind this web design company based in Houston. Professionals will direct you toward your business goals and save some of your precious time.
Also, you’re not done with your visual identity once you have your logo, colors, and tagline. It requires constant work and thinking if you want to keep leaving a good impression on your potential audience.
For instance, promotional videos and presentations are practical tools to highlight your business results. Together with a continuous presence in social media, this combo of visual and textual features can work miracles for your visual identity in the long term.
Finding outsourcing assistants
At the beginning of their business-owning life, people are usually eager to work on their own. Still, such an approach can lead to quick entrepreneurial burnout.
That’s why you should think about outsourcing part of your work from day one. It doesn’t have to be any of the core activities but some additional things that you don’t want to bother with. For instance, hiring a real or virtual assistant is a great way to get rid of some time-consuming. That way, you’ll be able to focus on the real thing.
As a matter of fact, Forbes claims that hiring a personal assistant should be the first thing a business owner should do.
What’s more, as time goes by, the growth of your business will require outsourcing some of the core activities. This can be a bit tricky in some professions, especially the creative ones. What you can do to find top-notch professionals is practice outsourcing a fraction of your work from the beginning. That way, you’ll always have someone by your side who can help you with a project or take it over from you.
Once you’ve started thinking about launching a startup, it’s high time you also started planning the actions from this article. When you define your goals and put them in a plan, it will be easier for you to project your finances. Working with an accountant will help you organize all these features into a cohesive financial unit.
Moreover, an authentic visual identity will ensure better visibility and competitiveness in the market. Finally,when you’ve surrounded yourself with one or more reliable assistants, you’ll ensure higher productivity. All these actions should be planned and taken before you register your business. As a result, you’ll be able to successfully compete with the big shots from the first day in your own office.