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Many business owners agree that the first year is the toughest. To help, QuickBooks asked seasoned small business owners if they had any advice for people who are about to start their first business. These business owners recommended three things you should definitely do before you start, in this order:. Current small business owners say these three things can increase your chances of success.
And yet, according to the survey, not all prospective business owners plan to follow this advice. Download the full report to find out what current business owners recommend for new business owners and what they wish they would have done differently. Define your vision. Research your market opportunity. Research your competition. Write a business plan. Perfect your sales pitch.
Understand your startup cost. Plan your starting finances. Develop your product. Determine your business structure. Investigate your legal requirements. Apply for permits and business licenses. Create and register a business name.
Open a small business bank account. Set up accounting and payment systems. Keep your finances current. Outsource essential functions early. Learn how to hire and pay employees. Find a business location. Market your business and launch a website. Explore business partnerships. Drive customers to your business. A business without a vision is like a ship without a sail.
Drafting a mission statement should serve as the foundation for your vision. When writing your vision, be as clear and concise as possible. Make sure you include a compelling and motivational message that inspires you to work together towards your goal. What will your business sell, and how do you plan to be different from competitors? In other words, what is your value proposition or unique selling proposition? This is done by:. Who will your business serve? Begin to identify your target market with demographics like age, gender, income, and location.
Then go deeper through personas or create a customer journey map. In the end, market research means quantifying the opportunity your product or service represents. Take time to figure out the total addressable market TAM of your potential customer base.
Estimating the current and future value of your business idea and setting reasonable goals can help you win a piece of the pie. Competitor analysis is one of the key ingredients to a successful business. This means finding the gaps, exploiting them, and reaping the benefits of your improvement on the market.
Writing a business plan can be a daunting prospect. Parts of it will most likely change as you learn more about your market and grow your company. Some experts recommend starting with a business model canvas: a one-page document that covers the critical information you need to get started.
This option can save you time and get you up and running faster. Your plan should cover:. An elevator pitch is three to four sentences that tell an investor:. On top of crafting a unique and optimized pitch, you may also want to include a pitch deck. This is a basic slideshow that gives your elevator pitch imagery and usually includes statistics and more in-depth information surrounding your business. Start by mapping out all of your anticipated costs for the next year. Then determine how much money you need to earn every month to stay in business for example, your operating income and salary , and be mindful of costs like business taxes.
Additionally, consider a plan B. About 1 in 3 people who want to start a business admit that getting funding is one of their top three financial priorities. You can turn to other methods instead, like personal savings, crowdfunding, or loans.
One of the best ways to fund your business is using your own capital. Using your savings can seem daunting, but there are some advantages to consider:. Crowdfunding is a popular route for many new business owners.
You can use it to seek funds from many people, rather than one major investor. If you have a good credit rating, you can take out a personal loan instead of a business loan. You can also borrow against credit cards or a personal line of credit. Just be aware of long-term interest and tax implications. Depending on your country, you may be eligible for grants, either from your government or private organizations.
Last but not least, plenty of businesses get their start through the help of friends and family. This is done by creating a sample of your product to conduct research with. Choose the legal structure of your business entity. Are you better off as a sole owner or proprietor? Do you have a partner? Do you plan to incorporate your business? Each business structure option has its advantages, as well as associated tax reporting responsibilities and regulatory requirements.
This is the number that the IRS uses to associate you with your business. As your business grows, you may wish to change legal structures. Being a sole proprietor could be an excellent option for those with a small side-hustle or day job. Expect to work with a lawyer and a tax professional to layout your partnership type, terms, and tax implications.
Some notable benefits of incorporating your business are tax breaks and liability protection. Due to upfront costs, many sole proprietors wait until they have earned enough funds and are at the right stage to incorporate.
This structure safeguards business owners, managers, and the LLC itself against certain types of personal liability. If you plan to operate from a brick-and-mortar location, personal liability is an important consideration. Should someone get injured on your property, you may not be held personally liable for the damages. There are several other business structures to choose from, depending on which country you live in.
Speak with an accountant or bookkeeper to determine which option best suits your needs. Complying with legal regulations is a top priority for current and prospective business owners, according to the QuickBooks survey. A reliable lawyer can help you solve legal and contract disputes and give advice before you sign a new contract. Different laws apply to every type of business, product, or service. Every country, including the United States and regions within, will have its own set of rules.
Your local and federal government websites are an excellent place to begin your research about legal requirements. You should also consult national consumer and privacy laws for collecting personal customer information. Visit your government services or the Small Business Administration SBA to determine whether your business requires any national or local licenses or permits. Many local governments design special credits to help small businesses grow faster. You will also need an EIN if you plan to hire employees or open a business bank account.
This will also serve as your tax ID so that you can pay federal, state, and local taxes. Your accountant or bookkeeper can advise you on any other tax-related applications you may need to complete. The process may differ by country and region. Seasoned business owners recommend consulting an expert to help you choose your business name, create your logo, and register your business. You can change your name and logo down the road, but try to start with a name and brand that you can stick with.
Before you register your business name, you may run a few options past an expert. Here are a few things to keep in mind before finalizing your choice of business name:.
The quickest way to find out is through an online search. Again, registration sites differ by region and country.
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