When someone decides to start their own business, they’re faced with a mountain of different things to consider. Some are optional while others are legal requirements. The way a person begins their company often dictates whether it will be successful in the long term. If you get it right at the beginning, it can save you time and money and prevent you from falling down some of the common pitfalls.
Perhaps you’re at this vital stage right now and are in need of some expert help and advice. If this is true, this article will provide you with the essential steps that you need to take.
By getting registered with your state as a limited liability company (LLC) or corporation, you become a legal entity that is authorized to conduct business in your chosen area. You will need to register with the government, which may require many forms and fees. The process can be very complex because there are many different types of companies.
As for so many different things, your journey needs to begin on the internet. If you want to know where to register your business there are specialist websites that serve as a preferred platform for entrepreneurs. You can obtain 100% paperless company incorporation services and receive expert advice and customer support. It’s often possible to gain transparent pricing and assistance with things like accounting and digital signatures.
Make sure your company information is accessible on your website and social media platforms, as well as other online directories such as Google My Business or Yelp.
Get Business Insurance
Having the proper coverage in place is essential to protect your personal assets. Without adequate coverage for yourself and others involved in your business, you could lose everything if something goes wrong on the job. This could include if someone decides to sue because of an injury or other incident at the workplace.
Some policies you should consider taking out are:
- Employer’s Liability Insurance
- Professional Indemnity Insurance
- Public Liability Insurance
- Product Liability Insurance
- Stock Insurance
- Buildings And Contents Insurance
Decide What You’re Going To Sell
You need to identify what goods or services you will be providing – and where, how, and to who. Assess whether there is a market for it, and consider how your product is different or better than the competition.
You need to find out about your target audience. If you already have a business website up and running you can use analytical tools to learn more. For instance: what are their genders and ages, interests, and locations? Your website and marketing activities need to be based on these answers.
Create A Business Plan
Your business plan should outline how you will operate your business, what resources you need to get started, and how much it will cost. It should provide a detailed description of your business and how it is going to make money. Once you’re up and running, all future investments that are made into your company should be done in line with the goals outlined in this document.
Potential investors who are looking at providing their time or resources will want to know exactly what they’re getting themselves into before they commit. They’ll want to view a well-laid-out business proposal that allows them to see the potential risks as well as rewards before making such decisions.
Set Up A Company Website
This is your opportunity to make your business name, logo, and branding public online. It will help to establish company credibility and give visitors an idea of what services or products are being offered by you.
A good company website will have a professional design and a structure that is easy to navigate. This should apply no matter how people access it (i.e. laptop, pc, smartphone, tablet). You can include product pages or online catalogs, as well as blogs to increase your online visibility.
Get On Social Media
The next step would be making sure there are at least two social media accounts created for your company (e.g. Twitter and Facebook). It’s important because these pages have been proven time and again to help increase website traffic organically over time – and more effectively than using traditional forms of promotion such as buying advertisements.
Once you’ve ticked off each of these steps you’ll be ready to move forward into your exciting future. It will be hard work (especially at the start) but further down the road, you may begin to reap the financial benefit. Your company will grow and become an established provider of quality goods or services.
John Pearson is a serial entrepreneur and writer who is passionate about helping small businesses launch and grow. His work has been featured in Huffington Post, Entrepreneur, and Forbes.