5 essential recommendations for starting a business

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2017-12-20 | Source: SAGE

Starting a business is a complicated process. There are many moving parts to consider, all of which come under your jurisdiction as the business owner. The start-up regimen is exciting: You're connecting the dots of your ideas and putting all the necessary elements in order. Building a company involves more than just an inventive concept, however. Before your start your own business, here are five pieces of advice you should keep in mind:

1. Plan, plan, plan

While every good offering begins with an idea, every business starts with a plan. It's vital that you create an outline of the needs your company will fulfill for its audience, as well as the projected budget, funding and marketing strategy, according to Open Forum. This business plan will help you narrow your focus as an owner and get down to the nitty gritty details of creating an enterprise. In addition to a start-up proposal, you will need to develop a blueprint for every initiative you'd like to launch. Each new idea should align with your company's goals for the future. An outline for every concept will allow you to stay focused as an owner.

2. Find the right name

Your small business will be known by its moniker. Choose something that stands out, while also tying into your offerings. Make sure this name is original and isn't in use by any other company. The title of your start-up should also have an available trademark and domain name, according to Forbes. Ensuring that another business hasn't already laid claim to your inventive label is an important step in creating a business. The last thing you want when your company is just beginning is a lawsuit from an enterprise that already owns the name you've emblazoned on your signage. Check with the U.S. Patent and Trademark Office to see if your name is in use.

3. Listen

Many businesses have gone under simply because they've refused to pay attention to what their market and the needs of their customers. While knowing your audience and how to market to them is critical, your small business should also look to find a solution to their problems with the goods and services your provide. Your business plan detailed how your offerings would serve a particular need, so supplement that idea with feedback from your customers. Treat clients like friends and make them feel comfortable when they're in your store. That way, when you ask for observations and criticisms, you will receive honest answers from people that truly know your enterprise.

4. Understand the laws

While a creative concept can jumpstart your small business, acquiring the necessary licenses, permits and documents will really set your company in motion. Before starting your company, it's crucial to know the regulations that surround your enterprise. From taxes to market standards to small business guidelines, there are a lot of checks to mark off and the process can be time-consuming. Prepare initial research and follow it up with counsel from both an accountant and a lawyer. Completing all the essential requirements will help your small business get started on the right foot.

5. Know you'll have to let go

It's impossible for you as a business owner to complete every responsibility on your own. When your company was at the start-ups stages, it was easier for you to take control of the minute details. Yet, as an owner you also want your enterprise to succeed, and with that growth comes a time when you have to take a step back. Before your start your business, it's important to have a plan in place to deal with the possible expansion of your company. Try to plan what tasks you will delegate to other employees, which you will outsource and the ones you will keep for yourself, Entrepreneur suggested.

Starting a small business requires organization of many different duties from the very beginning. While your company may start out small, with time it could flourish into something more than you initially imagined. Take this advice into consideration during the start-up stages of your enterprise. Soon enough, you'll have your own recommendations to add to the list.

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