Today’s economic climate has set the stage for people to follow their dreams and become business owners. The question most have: Where do I begin? It’s important to have a clear focus and do your research before getting started. Here are a few tips:
- I “can’t” mentality
Get. Rid. Of. It. – This is the time to have the most confidence in yourself, no matter what you’re feeling inside. If you’re really serious about becoming a small business owner, you must adopt the mentality to leap without fear.
- Keep things simple
Although you may have the entire blueprint for a multimillion-dollar business in your head, it’s best to start small and work your way up from there. Master the basics first and lay the foundation for everything else to grow.
- Choose the right entity
Make sure you consult a legal professional and accountant to determine which legal structure is best for you. You also want to check with your local government to determine which licenses and tax documents you need.
- Protect your intellectual property
This is KEY. There are so many stories about people stealing business names, logos, and ideas. Copyright and trademark your information as soon as you can. Your very first sale is proof of concept, so it’s important to preserve what you have from the very beginning.
- Don’t underestimate the costs
Business expenses quickly add up. Make a list of everything you think you need, and the things you may not need but that have been a consideration. Add those numbers, then quadruple it. Even though you are figuring out your business expenses, make sure you factor in your living expenses as well. This will help determine your path – whether you want to pursue a small business loan, or you want to start with your own funding.
- Make connections
The best thing you can do for your business is to make connections with others. How will anyone know about your business if you aren’t talking about it? It may be a little daunting at first, especially if you aren’t used to speaking in front of others. Once you start, it becomes easier.
These are necessary steps to take when starting a small business. Knowing what to do will save time and money in the long run. If this is your dream, it’ time to start making it happen. Good luck!
Every good business owner knows the importance of a good cup of coffee. Whether your business has a breakroom and you need to supply your entire staff with snacks and java, or you have a smaller office with only a few employees, BostonbeaN Coffee Company has the products and services you need. As you create your business plan, be sure to include a strategy to stay stocked-up on great coffee!