What You Need to do Before Starting a Business

Launching a business can be pretty hectic. There’s a lot of things to consider at once, most of which aren’t (and shouldn’t) be visible to the clients and customers on day one. The best course of action is to take your time and create a detailed plan of all the things that need to be taken care of. That way even if you miss something or things get out of hand, you’ll have a clear structure to start with. Before any work, it’s important to know that starting a business is always risky and takes a lot of guts – if you don’t think you can handle it, don’t even start.

Legal status

Deciding on the type of the corporate entity you want to start is extremely important. It determines the way the government sees your business and therefore the way it’s taxed. A Limited liability company (LLC) provides you with more flexibility in setting up a management structure and any income or loss will be shown on personal tax returns of the founders. Corporations (Inc) let you get tax cuts for business losses and it limits the number of founders and owners.

Cash flow

It may seem obvious, but people tend to forget – it takes money to start a business. This goes beyond registration fees, getting an office and necessary supplies. There’s a lot of small daily expenses that are often difficult to foresee. Also, you can’t rely on potential funds, it’s important to always have some money laying around for various expenses, permits, and licenses. It might be useful to think about alternative funding options, such as crowdfunding or peer to peer lending, which can be preferable to banks for some businesses.

Creating a visual identity

Your brand should be instantly recognisable, and set itself apart from all your competitors on day one. Approach it seriously and cover all the aspects of the business. That means that the offices, business cards and the website should all look and feel the same. The company should also have a logo and some sort of motto or a tag line. This can obviously be changed, but it’s best not to do it right away to avoid any confusion with the customers. Once you’ve decided on what the company is going to look like, you’re stuck with it for a while.

Setting up offices

The office should be fully functional even before the business actually hits the ground running. There’s a lot of meetings and preparation to do and it’s best to do it in a presentable environment. Professionals dealing with rubbish removal in Sydney will get the place clean and organised, so you can design it any way you see fit. Bear in mind that the office isn’t just for work, it’s also for show. It tells the clients and guests what kind of company they’re stepping in. Think about finding a designer to help you project the right message.

Marketing campaign

The type of marketing campaign depends on the business you’re running and the clients you’re trying to pursue. But, for almost all business ventures, it’s a good idea to build up some anticipation around the grand opening. Raise the interest with a few promotional videos, flyers, and early access features. It’s also a good idea to offer some kind of perks and discounts to those who were interested in your work early on and helped you promote it. This creates a sense of loyalty and community around the brand.

Accountants and lawyers

It’s best to seek the services of these professionals during the planning stage. Their advice and expertise will guide you through the complicated process of setting up a business and find the way to operate with the least expenses possible. You’re also going to need lawyers and accountants on a daily basis once the business is up and running. They can be expensive, but in the long run having the right advice can save you a lot of money.

Personal support

Starting a new business is stressful and time-consuming. Running it isn’t easier either. Before you embark on this endeavour make sure you have all the personal support in place. That means that your family and friends should be somewhat involved in the decision-making process and informed about the possible risk. There’s also going to be a significant change regarding free time (business owners don’t really have office hours), so discuss this at length with your partner and make sure you’re on the same page.  Bear in mind that the independence is also very rewarding and empowering, at least after the initial stress is over.

Running a business is a marathon, not a sprint. Starting one, however, should have a timetable and clear set of objectives. Make sure you go into it prepared and leave nothing to chance. Create a list of things to be done and dedicate proper time and attention to each item on it.

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