How to Set Your Business Up Properly: Part 1 (5 Steps)

Starting a business is a dream isn’t a small endeavor; it’s a major undertaking. Each year, people steady themselves to make this incredible journey, but in so many cases they underestimate what it will take which ultimately leads to failure. Here’s the important piece to understand – failure doesn’t always start with a balance sheet, profit, and loss, or cash flow statement. No, all too often, small businesses fail because the foundation for success wasn’t properly established. They say the devil is in the details and if you plan on being a success and having a business that is in it for the long haul, your first order of business before opening any door is making sure you’re ready, and a real business plan helps ensure you’re ready.

If you’re planning to start a business now or in the near future, here are a few key areas that must be addressed.

Plant Your Flag

Dreamers say they have a business, doers actually roll up their sleeves and establish their business and this is the mentality you’re going to need. Select a business name, one that you can stand behind and be proud of and claim. Do your research to make sure it’s not already taken and if it isn’t, it might be a good idea to secure a trademark. This way, no one will ever be able to claim it and that’s one less thing you’ll need to worry over.

Location, location, location!

Having an address legitimizes your business which makes securing one a must. Some business owners opt to use their home address until they’re able to afford a true office space. While this is a common practice, we advise you to move as quickly as possible to secure an alternative address. Mail vendors offer affordable monthly rates and will allow you to use their address, complete with a suite number. This move legitimizes your business while separating your home address from your work address.

Open a Business Bank Account

Nothing says you’re serious about your business more than opening a business bank account. This is a major step and one that you’ll definitely need to do as you move deeper into your launch phase. Be sure to do your research and find a lender with a suite of banking and finance solutions that align well with where you see your business going both now, and well into the future. Don’t just settle for the same bank you’ve been affiliated with for years because your personal accounts reside there. Just because they’re good for your personal banking, doesn’t necessarily mean they’re the right one for your business so do your research and choose wisely.

Create an Internet Presence

One of the first if not the first thing a potential customer will do when you mention your business is go online to review your website. The last thing you want to happen is for a customer to do a search and come up empty. Coming up empty is a major red flag and will cause potential customers to question whether or not you’re ready. Having a website, even one that’s considered basic or starter in nature, is better than not having one at all. Remember, websites can always be revamped and revised, but the impression you make when a customer is unable to find your website, will last forever. Contract with a reputable web designer with the ability to guide you through the web development process and build a destination that suits your needs and represents your business well.

Set Up Your Business the Right Way

Starting a business is a challenge which makes taking the necessary steps to establish your is important. Little things make all the difference in the world so don’t skip or shortchange the dream that you’re finally ready to embark on. Do the homework, make the sacrifices, and set your business up the right way. When you do, you’ve positioned your business in ways that will pay dividends for years to come.

The Coley Group Creates Business Plans that Guide Your Business Towards Funding Success

For more information on ensuring your business is properly set up, contact us. Our staff of MBA professionals can help in a number of areas including developing the all-important business plan you’ll need to guide your day-to-day operations.