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A Guide to Starting Your First Business

Getting Started in Business

12-22-2022

TABLE OF CONTENTS

It’s been said that the only people that start a business are crazy.  First, because 90% of new business fail - or at least don’t succeed as expected.  Who in their right mind would ever think of opening a new business?

Okay, it might be you, and we don't blame you! Here’s something that might cheer you up.  It’s never been easier to start a new business.  New businesses today can be started with less risk, less capital, and less time than ever before.   And, there is an incredible amount of information and resources available to help you.  Here’s a brief list of things to help you get started.

  1. Your business needs to provide something of value.  The more value you offer, the more uniquely you can provide this value the more likely you are to be successful.  Spend lots ot time thinking about this.  This is the MOST critically important factor to consider when starting your business.  And, it doesn’t have to cost you anything.
  2. Set up the proper legal structure for your business.  Typically your choices are a sole proprietor (you own everything and are liable for everything,) partnership (you and a partner own everything and are responsible for everything,) an LLC or S-Corp (your ownership and liabilities are very varied).  There are legal and financial implications for all of these and you should likely be talking to a lawyer and accountant before investing lots of your other resources into your business.
  3. Location - Hugely important when a physical location is needed.   Not very important if you’re servicing the world through the Internet.
  4. People - At the beginning, it’s usually you and possibly very few others.  Over time your people will likely be one of your major assets.  It’s critical you hire, manage, recruit, motivate, and create the culture you want.  Often times in the rush to get started errors are made, such as hiring an employee that sends out bad vibes to clients and hurts employee morale.  Avoid these mistakes. 
  5. Financial Planning - I know.  You hate this, may not have the skills for it, find it boring, or think you don’t need it.  Let’s just say this may be the No. 1 area where you can decrease your likelihood of failure.  And, it doesn’t have to cost you much more than that squirming feeling when you have to consider some difficult questions.  Better to face them while you're enthusiastic and planning, rather than later on when you’re desperate. 
  6. Review our areas to control costs, increase revenues, and decrease risks.   Even if you can’t focus on them today, you should be aware of them.  
  7. Every company today needs a website. Your website presents your brand, identity, products, and services locally and beyond.  You may want a free simple website or something complicated. For more information about websites and people that can help you Click here to learn more

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Getting Started in Business

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