Congratulations! You’re starting your own business.
This is one of the most exciting and exhilarating times of your life. There are so many big decisions to be made. And in the midst of it all, it’s easy to mistakenly overlook details … seemingly small things. So here are a few tips and details to help you lay the foundation so you can build the business you’ve dreamed of.
5 Steps to Take within 30 Days
There are five extremely important (and often overlooked) things in the infancy of your business that cannot be missed.
1. Select and set up a business structure.
If you’re just getting started, setting up a sole proprietorship is the quickest and easiest way to get into business. It requires minimal legal documents and record keeping, but it lacks any type of significant protection. If you fail to set up your business entity you open the door to a multitude of possible problems down the road.
2. Get a lawyer and an accountant right away.
Both of these consultants will get you out of more binds, and help you in more ways, than you can imagine. Hire a bookkeeper or an accountant that specializes in small business accounting to ensure he or she knows exactly how to help you. Then, find a good lawyer that can help protect what you’re working so diligently to build.
3. Hire smart people.
Always hire at least a few people smarter than you in certain areas. Maintain a balance of people who will inspire positive change and growth, and those who will physically carry out those tasks.
4. Focus on what’s important.
There are a million ways to make a million dollars, but if you don’t focus on at least one initial plan, then you’ll never make anything.
5. Trust no one.
The History Channel has a show called Pawn Stars, and the owners of the company have a line they constantly use on their customers: “It’s not that I don’t trust you, it’s that I don’t trust anyone.”
3 More Things to Consider
1. Don’t Overlook This Small Detail
If your business is products-based, it’s important to know how shipping services actually work. This one small detail could prove disastrous when it comes to cash flow and profit projections.