You are a passionate person with big dreams. The idea of going out and getting a 9-5 job working for some random business never sat well with you. With the soul of an entrepreneur, you have been dreaming of success, of sharing your passion with the world, of providing solutions for people, and gaining freedom to live life on your terms.
The thoughts, the plans, and the goals have been swirling around in your mind for years. You know it’s time to take action. You’re ready to put the planning pencil down, pick up that permanent marker, and create something lasting, something that will sustain you.
Yet, you’re stuck. Dreaming of the company and actually starting it are two completely different things. Every time you look at your detailed, mapped out plan, you hyperventilate and can’t see straight.
There is so much to do, and the worst part is, you don’t know what to do first. You feel like if you could just have someone lay it all out for you, step-by-step, you’d be able to put one foot in front of the other, and get things done.
But, where are you going to find someone who knows the steps you need to take to start your company, knows the order these steps should be taken, and is willing to walk you through each one?
Yes, you’ve come to the right place. You’ve stumbled on the Definitive Guide to Starting a Company for Entrepreneurs.
Read on. When you’re finished, there will be no more excuses. You’ll know exactly what you need to do to start your company and you’ll know just where to start.
Are you ready?
Know The Company You Want To Create
You’ve been in the planning stage for months, maybe even years, so you should definitely know what you want to do by now. However, you may be surprised that many people have an overall idea of the company they want to create, but they haven’t really nailed down many of the details.
For example, they may know that they want to run an online boutique, but they don’t know what they want to sell, they don’t know their niche, and worst of all, they don’t really know why they want to start this business at all. Successful businesses have clarity; they are clear on their goals, their purpose, their why. They are clear on what they are offering and who they are offering it to. They are clear on their values and their mission. They have a reason for beginning, and the entrepreneurs who start them have overwhelming passion for sharing their heart with the world.
You want to start a business. GREAT! Know why you want to, know what you’re offering, and know what makes you unique. Knowing the company you want to create is more than just saying, “I want to own a health and wellness business.” It’s all of the details that spring from that one statement. These details are your starting point.
Do Your Research and Make a Plan
Yes, you’ve already been planning and you’re ready to move on. The good news is, you’re moving on. The bad news is, in order to start moving on, you need to plan again. However, this time your plan is going to be focused and intentional, built on research, and that makes all the difference. Your plan begins with figuring out a number of details that you need to know in order to get this thing started. By researching, you’re going to break down your target market so you know who you’re marketing to. You’re also going to learn about your competition.
Figure out what they’re doing right and what they’re doing wrong. You also need to determine what makes you unique and enables you to stand out.
In this research, you can put all of these essential details under a microscope which enables you to best create a brand that reaches your target market and differentiates you from your competition. These details allow you to move forward intentionally with the other steps in the plan.
Part of this plan needs to be your company’s branding. Your brand is what will make you stand out from the competition, and will make you memorable to your target market. It’s the thing that makes your leads say yes. It encourages connection and lets your audience get to know you.
Your branding will include your logo, colors, slogan, values, message, mission, heart, and soul. It’s the thing that makes your business unique.
As you go about researching, use everything you learn to help you build a unique, relevant brand that reaches your target market.
Figure Out Your Business Structure and Get it Registered
This is one of those steps that is boring and confusing, yet is one-hundred percent necessary. You can’t create a company without jumping over all of the legal hurdles. This includes things such as whether you’re owning this business by yourself or with a partner, if you’re forming a corporation, and the types of tax liabilities and benefits you’re looking for.
The limited liability corporation is the most common type of registered small business, yet there are other options to choose from. Figure out the way you want to structure your business and the legal status you want, and then register. You will need to register your business with the government, using either the Articles of Incorporation or simply registering your name, depending on the type of business you’re starting. Once registered, you will get an Employer Identification Number from the IRS and will file any essential paperwork.
Don’t Forget Insurance
You need a great insurance policy for your business. It will protect you in potential lawsuits, help you through any incidents that may occur, and will enable you to protect your business and your employees.
There are many types of insurance that can be purchased for a small business. Do the research and find the one that best suits your needs. Whatever you do, just don’t forget it. Eventually, you’ll need it and you don’t want to be caught without it when that time comes.
You know what your company is going to be, you know your target market, you’ve created your brand, and you have a plan for standing out from your competition. You have also taken care of legal matters such as registering your business and purchasing insurance. You’re almost ready to launch your baby into the world. Take care of a few last touches by hiring a great team that supports your vision and your brand. Don’t hesitate to hire out for the creation of your optimized website, as well as the development and execution of a relevant marketing strategy.
With all these players in position, your company will be ready to be introduced to the world. No more sitting on the sidelines and dreaming. Take the reins, stand up, and follow these simple steps. Make magic happen.