Posted: 4/30/2010
Starting a business can be an exciting but equally as daunting endeavor especially if this is your first venture. A well-planned business has a much better chance of beating the odds of business failure than one created without organization and detailed preparation. The
U.S. Small Business Administration Office of Advocacy reported in 2008
, “there were
627,200 new businesses, 595,600 business closures and 43,546 bankruptcies. Seven out of 10 new employer firms survive at least two years, and about half survive five years.”
Getting the facts on everything from marketing to bookkeeping then creating and implementing a solid business plan is a must. Reputable resources for the new business owner are plentiful and will ensure you get off to a great start.
Starting a Business
Launching a new business successfully takes know-how and a thorough understanding of the industry or niche you are entering. First, you must scope out the competition and determine what makes them successful. Is there a proper niche for your business? Have you chosen the proper location? Will you have a web presence? Once you answer these important questions, you will be better prepared to embark on a business path of your own.
When making your startup “to do” list be sure to include creating a business plan, determining a business and tax structure, getting required licenses and permits, finding a business location, and locating product sources. Starting a business takes a great deal of planning and tenacity.
Marketing Your Business
Before getting the word out about your new business consider how you want others to perceive you. What is your business brand? Do you want to base your business on principles such as reliability, trust or quality? What's your demographic?
Qualities you plan to highlight will need to be incorporated into your logo and tagline. Be sure to keep marketing materials consistent across all media channels. Your logo, colors and tagline should remain the same on business cards, website, envelopes and stationary. If you have a brick and mortar business then your storefront and signage should reflect your brand as well.
There are many new ways to market your business. Aside from the traditional elements like pens and promotional products, Internet marketing has surfaced as one of the premiere ways to garner attention and sales for your business. Makreting your busines on the web takes more than just an understanding of business. Today's consumers are extremely Internet-savvy and can detect obvious social media or website ploys. It pays to do your homework and learn the ins and out of social media marketing.
Hiring and Managing Employees
Employees can be a business’ biggest expense if you don’t have a handle on how to hire and manage them from the start. Hiring for the long term can save you a lot of headaches and increase your profits. Well managed employees tend to be happier and stay with a company longer than those who are employed in a mismanaged and chaotic work environment.
The interviewing and hiring process can be tricky but ultimately, successfully negotiated. Consider what you would want as an employee and what your objectives are in filling a job position. Create a team environment by being upfront about your expectations with employees and make them feel comfortable in expressing their needs and ideas as it relates to their jobs.
You'll also want employees that you can trust. These people will ultimately be your front line, and it's crucial to make sure they are friendly, knowledgable, and trustworthy. Running background checks and calling references can be a great help, as can asking friends and family members for leads.
Going Green
A green business is a healthy business. Going green doesn’t just mean making sure all soda cans are getting recycled; it has to do with deeper concerns like using a sustainable green design when planning your building and using recycled materials. Using eco-friendly products and implementing green practices within your business can be expensive, but it sets a great example and will improve your image in the public eye. However, encouraging your employees to stay green by implementing energy efficient practices in relation to lighting, heating and air conditioning, vehicles, food service equipment and water conservation will save you money and increase profitability in the long run.
Bookkeeping and Finances
Successful management of your business finances is an absolute necessity. The implementation of an accounting system should be a top priority on your startup “to do” list. Who will be in charge of the books? If you plan to do the bookkeeping yourself, do you really have the advanced financial skills to efficiently keep up with all the financial obligations such as payroll and accounting? What system or software will be used? These are just a few questions you’ll need to consider when looking at the financial aspect of your business.
Improperly managed finances can spell disaster for many small businesses. Profit depends on a solid financial foundation, the decisions you make from the start will determine the success of your business going forward.
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