You have a great idea and have finally decided that now is the time to share it with the world and start your own business! Making the decision to become an entrepreneur is exciting, but there’s also a long road ahead.
Here are 8 steps you should take to successfully start a business:
Let’s say you have a great idea for an app to help people keep track of of their medical prescriptions.
What do you know about the industry?
What kind of medical privacy issues could potentially arise?
It’s important to research the industry thoroughly, even if you already have experience in it. You may find new information that could help hone your business idea.
Contact your local community college, or the Small Business Administration and take a small business class. Learning the basics of starting a business will enable you to make sound decisions, and provide a rough timeline for starting your business.
Now that you have researched the industry, and understand the process of starting a business, it’s time to interview potential customers.
Is your business idea a viable one?
Are there barriers you hadn’t thought of?
Is the need large enough for you to have a large base of customers?
Interviewing potential customers will provide you with valuable insights for starting your business.
How will you obtain the funding to start your business?
You could “bootstrap” it, which means that you fund it yourself as the business grows, but this can provide to be challenging. Many successful business owners take out business loans or find investors to to help fund their new business.
A professional accountant can help you take a look at your assets and options and help you come up with a solid financial plan for starting your business.
Now that you are armed with all of the information you need, it’s time to develop a business plan.
This plan should include:
This document will change over time, but will provide a road map for starting out.
Whether you are starting an LLC or a corporation, you are going to need to file paperwork with your state. Each state is different. Certain businesses may need to acquire certain licenses before operating. Contact your secretary of state’s office or contact the chamber of commerce in your city for details.
Starting a business can be challenging and it’s important to lean on family, friends, and your community for support. Join a networking group, or find a meetup in your area for small business owners. Developing these relationships early on in the process will help you gain insight, perspective, and support during rough times.
One of the most important relationships you’ll have in your journey of starting a business will be with your accounting professional. No matter how awesome your business idea may be, without a sound financial plan, your business could bust before it even begins.
For more information about how our Raleigh small business accountants can help your business to succeed, contact our team today by calling 919-420-0092 or by completing our contact form.