As expected, a lot of planning goes into starting a business even if you’re already a licensed entrepreneur. If this is your first entrepreneurial venture, check out these simple tips for building a business:
Write a Business Plan
A sound business plan puts your business on the right track and communicates your value to current and potential stakeholders, such as the carriers who you want to appoint you.
Your business plan should include the people behind the plan, services, target market, marketing strategy, suppliers, risks, budget, cash flow projections and a production forecast.
This is the most important part of building your business. You’ll use this plan to secure financing and loans, hone in on your market, and choose your business location.
Choose a Legal Structure
How you structure your business will determine the amount of personal liability you take on. There are several structures available, such as Sole Proprietorship, Partnership, Limited Liability Corporation (LLC) or Corporation among other various legal structures.
Each structure has its own risks and benefits. A sole proprietorship, for example, is the simplest structure, but it also carries greatest personal liability if the business busts. Any business debts you incur can be collected through your personal assets if you don’t have adequate commercial funds.
Choose and Register Your Business Name
It is quite important to choose and register whatever name you decide for your business. Business owners who choose to be sole proprietors use their own names as doing their “Doing Business As” name. If that doesn’t work for you, ensure you pick a name that conveys your business’ benefits and is easily chargeable. Once that has been settled, register it with your state’s government.
Choose Technology Hardware and Software
As with any business, you’ll need technology solutions that can support your business and help you grow.
Buying specialized business management software is not absolutely required, however it may help be more efficient and effective by reducing the time you spend on administrative tasks.
You’ll also need to determine your hardware needs today – and based on where you want to be several years down the road.
Get Your Business Licenses and Permits
Even though you have been in the entrepreneurship world for a while, you may need a general business permit or license to operate legally. You can find which permits or licenses you must carry by using the Small Business Administration’s Business Licenses and Permits tool.