New Year's Resolution: Start Your New Business This Year!
Have you made your New Year's resolution yet? If you've been considering starting a business, it's a great resolution to get it started now. But what's involved in getting your business off the ground?
Here's a quick look at some planning that you can start right now, even if the holidays are in full swing.
Is there room in the market for your concept? If you're looking at starting a plumbing business and your area is already inundated with plumbers, you may need to consider a different option.
What kind of business do you want to operate? This is where you'll focus your concept. Are you going to provide plumbing supplies, residential services, new construction, commercial plumbing?
Who are your key customers? They may not be who you think they'll be at the beginning. If the market has high demand for commercial plumbers, you may want to consider that instead of residential.
What does your budget look like? Will you need to buy a vehicle, rent an office, purchase tools or make payroll? Have a few months' worth of expenses available while you get started.
What kind of structure will best protect you? Are you forming a partnership, an LLC to protect your personal finances or creating a corporation to separate taxes?
What will you call it? You'll want a name that's catchy and easy to remember to help your business spread by word of mouth. Do an online search to ensure it's unique.
Do you need licenses or permits? It's important to get these documents ahead of time instead of paying high fees and fines because you didn't have them before opening.
How will your marketing work? Whether you count on referrals, social media, the local yellow pages or local traffic, you need to have a plan to engage prospective customers.
Starting a business takes careful planning and a lot of work, but the rewards you'll see are well worth the effort. Much of the information you gather from your answers to these questions will feed directly into your business plan. But what if you're not sure how to handle the steps involved in planning a new business? AccountRely has helped countless businesses get started. Please feel free to contact us today to get started on making your dream a reality.