You’ve conceived of your new business and thoroughly planned every detail. But now that it’s time to turn your ideas into a reality, you may be unsure where to start. These are four of the steps you need to take that signify your new business is, beyond a doubt, official.
Register Your Business
When starting a business, you are generally required to register it with a number of entities, including your state, your city and the IRS for tax purposes. You must secure any necessary permits for doing business. You will also need to decide what type of organization your business will be, whether it should be a sole proprietorship or a C corporation. It is often advised that you consult a business attorney during the startup process to ensure your business is established correctly and ideally.
Secure Commercial Office Space
Signing a lease for office space, or agreeing to buy it outright, is a critical step towards being open for business. A physical location where you can set up your office, put up logos and meet with clients makes a new business venture feel more real and professional than any documentation can. Using a commercial leasing service like Hartman Income REIT or someone similar can help you find a space that is ideal for your startup’s needs.
Craft a Business Plan
Research shows that by writing something down you are much more likely to follow through with it. This is, in part, why a business plan is so important when starting out. It gives you an official blueprint to work off of when starting and building your company. A business plan also helps make your business official by being a necessary tool for securing loans and funding in most cases. Remember to review your business plan occasionally and reassess your goals. It’s not meant to be a static document.
Get Your First Customer(s)
There is nothing that makes going into business more official than making your first sales. When this happens, you have officially been paid for your work and you can rightly consider yourself a professional in your field. Of course, the work doesn’t end there. Keep customer service and satisfaction at the core of your business model so your customers will keep coming back.
You will be able to see the fruits of your labor in setting up a business firsthand once all of these elements are in place. It can be exhilarating to know that you are now officially a business owner, but opening your doors for the first time is only the beginning. Hire the right people, learn from your mistakes and work towards meeting your goals for growth, and with any luck, your new entrepreneurial adventure will be successful.