The first things you must do to start your business

(Last Updated On: October 23, 2014)

 

starting a business
Photo by Stephen D

The first thing you need to do in order to start your new business is to start. Stop waiting for the perfect time, people or money.  If you wait, you are wasting valuable time. Time is not helping you grow your new business.

Go to moo.com and order some business cards. Let everyone know you are in business. Along the way you are going to make some mistakes, you will learn many lessons and you will apply those lessons to become a better business person.

In the beginning of the business development process you will need to do the following things.

  • Open a checking account. Keep your business money separate from your personal money.  Track of what is going in and what is going out of your accounts. The goal is to have more money coming in than going out. This might seem obvious, but you would be amazed at how many business people ignore this basic idea.
  • Develop a business plan. Your business has a better chance of success if you write a business plan (Here is some help)
  • Decide if you need financing to run your business. Can you self fund it? or do you need investors? If so, go find them.
  • Develop and implement a marketing budget and plan.
  • Hire quality professionals to support you. Good accountants, lawyers and consultants will save you time and money over the long-term.
  • Network, develop partnerships and sell everyday.

These are not all the things you need to do. Along your path you need to improve your product or service, develop better processes and reinvent yourself. Starting a business is easy, making it successful takes a lot of work. If you are not doing the work, you will never have a successful business.

What would you add?

 

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