Starting a business is an exciting time. You have thought hard about your business idea, developed a plan, did your due diligence in your future market, and now it’s time to turn that idea into a real business.
There are, however, challenges for any new business owner. And there is certainly plenty to do. From setting up your business structure to promoting your new business via marketing channels, it can be a bit stressful at first.
To help you hit the ground running we compiled five essential tips to get your business running. Let’s take a closer look!
1. Getting Your Business Structured
Many new business owners will set up a website and payment processing system without giving much thought to their overall business structure. What is business structure exactly?
This is the type of legal business you wish to have. It could be a sole proprietorship (Sole Prop), partnership, limited liability company (LLC), or corporation. The type of business entity you decide to go with will have an impact on your business’ liability and taxes.
The good news is that you are not necessarily stuck with the type of business structure you choose. You can always change it later. However, it is better to just get it right for at least the foreseeable business future. You should also consider where you will do business. For instance, if you plan on doing a lot of business out of state, you may need to consider a foreign qualification for your business.
2. Register Your New Business Name
Your business name is very important. It will be part of almost every aspect of your business, from tax filings to brand marketing. This makes it very important to choose one you won’t mind having for awhile.
Once you have a strong business name ready to go, it is time to check if it is trademarked. You can use the United States Patent and Trademark Office search tool online. If it is in use, or active currently, you’ll need to move on to your next business name.
After you have ensured your business name is available, you can register your business with the state, as well as with the IRS. This is where the type of business entity you chose above plays a role, since you’ll need to choose an entity like LLC for instance.
3. Do You Need Any Licenses Or Permits?
It is a very good idea to check if you need any licenses and/or permits in order to do business in your state, or any other state you plan on doing business in. For example, if you are starting a manufacturing business, there will most certainly need to be paperwork filled out and filed.
You will need to do your research on this, because if you fail to do the right paperwork, you may find yourself in trouble with local authorities. Think about the paperwork you need and get it done.
4. Set Up Accounting
Accounting is a very important part of your business. It helps you get a very clear overview of money coming in, as well as out. Having accounting in place also helps you keep ahead of the game when it comes to taxes. Tax season can be pretty challenging to navigate for a new business owner.
You will also need to think about if you want to do your own accounting. You may want to simply focus more on running your business and employ a professional accountant to manage your business accounts. This can really take the stress off of you.
5. Start Marketing Early
Marketing, whether inbound or outbound, will be essential to the growth and success of your business. Especially when your business is new. You want to begin marketing as soon as possible, because building your brand and getting the word out is how you can start turning a profit.
A few marketing must-dos when starting your new business include setting up Facebook, Instagram, LinkedIn, YouTube, and any other relevant social media channel. Next, set up Google My Business. This is especially important if you are a local business. And start building your link portfolio. These are the backlinks you need to rank higher in Google SERPs.
In Conclusion . . .
The above five essential tips to get your business running are not the be-all, end-all essentials. There are plenty more must-dos to take care of in order to really solidify your business. This is true for both online and brick-and-mortar businesses. Get your business structure and entity set up first and build a strong brand with marketing. Are you ready to launch?