So what do you need to know to start YOUR business?

Updated 6 months ago


We’ve got tips.

Many of my clients and friends are business owners and I have a cozy place in my heart for those willing to take the risk and go forward with their vision to change their futures by stepping out in business. In fact, according to the Small Business Administration, 99.7 percent of US firms are small ones and they are responsible for 64 percent of all hiring. In times of changing employment markets, many folks begin their own business and make their dreams a reality.

Your plan – A business plan may seem like a big hurdle to begin your start-up, but it is an essential tool for you to evaluate your competition, clearly understand YOUR value proposition and what sets you part from the others in the competitive market, and makes you face the prospect of the real success or failure of the firm. You do a SWOT analysis – Strengths, what are the strengths of the firm? Weaknesses? What are firms weaknesses? Opportunities? What market are you hoping to capture that have not yet been absorbed by compettitors? And what are the threats that you will need to overcome?

Business plan also includes your marketing plan. Who is your target market? Not everybody. Everyone is really not your target market. You don’t want folks who can’t [pay for your services, or folks who think they can do a better job. You want folks who appreciate you and think you are professional and capable and who have the funds to support you in business. So you really have to be critical in your marketing plan. What are the tactics to put your plan in place? Are you going to advertise, do social media? It will become easier when you hone in on your target market.

 

Choose a location- This is a critical decision, where are you going to operate your business? Can you operate at home? Do you have the space? What will clients think? Do you have parking? Is working from your residential location a permitted use for the zoning in your town?

It may not matter if you won’t have clients at your location or if you can meet clients elsewhere. But for professional organizations, where you do your business may have tax ramifications.
Funding – Where’s the money coming from to start this enterprise? Do you need to buy equipment or inventory? What money will you use to pay the bills? Is it a credit card? Savings? A business loan?

Business type – What will be the legal type of business for your start-up? LLC? DBA? An S-corp? A C-corp? Talk to a tax advisor or an attorney to figure out the best way to protect yourself from liability and for taxes.

Next week we will talk about the other things you need to know to start your awesome business.
Citations:
How many new businesses? http://www.sba.gov/sites/default/files/FAQ_Sept_2012.pdf
Tips: http://www.sba.gov/content/follow-these-steps-starting-business
Marion Syversen, MBA
NorumbegaFinancial
207.862.2952
Marion@NorumbegaFinancial.com
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Voted Bangor Region’s Best Financial Planning Firm since 2008.
Disclosure:
Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated. (CR9838)


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