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Last Updated on January 20, 2024 by Work In My Pajamas
Starting a business is not a decision to be taken lightly. There are some definitive steps that must be taken by any business owner before even beginning revenue operations. The number of steps that should be considered can increase for some businesses based on the size and startup costs, but there are still some basic steps that must be completed for all legitimate businesses.
In This Post:
Write a Business Plan
The concept that those who fail to plan are planning to fail is a valid axiom. Even entrepreneurs who are planning a small business operation should at least have an outline stating the business mission and how to reach that goal. Take the time to record the plan in some form, and especially focus on this task when you also need operational funding from creditors.
Improve Your Business Operational Skills
This step could potentially be started before opening the startup when the business owner also intends to serve as the primary company officer. This could even include enrolling in an online MBA program for those who are serious about their company. Keeping employees active and engaged while at work is vital to the success of any business from the very beginning. The option of learning online is a viable and convenient method of acquiring a certified education while gaining the skills without having to spend a large amount of time in a traditional college.
Consult with a Business Attorney and Accountant
It may not be necessary to retain or hire an in-house legal specialist, but it is always necessary to discuss the legalities of operating a business with professionals who can offer advice on the type of business structure. Establishing a limited liability company can protect personal assets and allow for more manageable tax responsibilities. However, some business operators may choose a sole proprietorship. In addition, some businesses may need workers who are licensed in certain areas and certain types of businesses will be required to comply with government regulations based on the nature of the business operation.
Procure Adequate Funding
No one can run a business without funding. Even if the business begins on a shoestring budget minimal funding will be essential. Any business will at least need expansion funding if the business plan includes a path to significant growth. Teaching the tools necessary for operating a business entity are part of any effective business degree program, including developing a system to keep employees focused on productivity while working. Be prepared with your written business plan and practice your presentation to potential creditors using solid information and showing the energy to make the business successful.
Businesses do not run themselves. It always takes someone in leadership who has something to lose if it fails and much to gain when it succeeds. Experience and drive can be important, but upgrading your personal skill set is important as well.
