Here’s 5 Surefire Steps to Launch Your New Business Successfully:
1. Get a Plan.
No contractor would dare begin a project without a blueprint. But chances are he’ll take a second mortgage on his house, quit his job, and open a new business without first writing a simple, no frills Business Plan.
2. Set Yourself Up to Reduce Uncle Sam’s Tax Bite.
85% of new business owners take the path of least resistance; they operate as Sole Proprietors. This can cost them their home, their savings, and other personal assets. Incorporating or forming an LLC is simple, inexpensive, and necessary.
3. Ditch Your “Field of Dreams”.
“If I build it, they will come” may have worked in a movie script, but is not an effective marketing approach. In today’s economy, your education alone isn’t enough to succeed, and experience and expertise alone won’t make it rain. The sole function of business is to attract and retain customers, and the wise new business owner will develop a solid marketing plan to achieve it.
4. Know Your Numbers.
The bottom line of business is profits. The keys to increasing your profits are hidden inside your Profit and Loss report. Without a monthly review of the numbers, a new business owner is simply an employee of a business that is running out of control. A good profit expert can help you assess your numbers, monitor trends, and develop strategies to help you increase your income and reduce taxes. How well do you know your numbers?
5. Don’t Get Stuck in “The Daily Grind”.
Owners easily get trapped in the day to day operations, busily working in their business instead of on it! Don’t become a worker-bee in a business that continually demands your time and attention. Step back, take control, and craft a new business that works for you, rather than you working for it.
While this may not be an exhaustive list, these are certainly five critical areas in operating a successful business. What’s your experience; can you think of others? Please let me know; post your response!