The Top 5 Things You Need To Do To Start A Successful
Business
So you're geared up to start you own business. You have come up
with the plan of all plans; so what's next? Plan, Prepare AND Promote! Most
people have great business ideas but let's face it - everyone is not meant to
be a successful business owners. Some people are meant to be employees. Now
don't get me wrong; there is nothing wrong with being an employee. You just
need to know where you fit in the universe - the front office (as a business
owner) or the back office (as a non-business owner).
If you are meant to be in the front office then I want to make
sure that you set up your front office properly. So many people start-up a
business to fail right from the start. There are 10 things you need to start
your business off successfully otherwise it is doomed for failure. I am going
to share the top five with you to be sure you get going and get going in the
right direction!
1. Run your business like a business. There really is not much
to say to this. If you want to be a successful business owner you have to act
like a successful business owner; dress like a successful business owner; and
talk like a successful business owner.
2. Know what type of business you want to run. Before you do
anything else, you need to know what type of business you are going to run. And
by that I don't mean the products and services your business will offer. I mean
HOW are you going to operate - as a limited liability company (LLC) or as a
corporation. Will you be the sole owner or will you have partners? These
questions are important in helping to determine the necessary forms you need to
file to establish your company as a business.
3. Register with the IRS. Once you have determined the type of
business you want to operate you need to obtain a federal identification number
with the IRS. If you have done step #2 already, you can properly answer the
questions on the federal identification application. These questions help
establish your year end and the type of tax forms that need to be filed
annually.
4. Register with your state. The next step is to register your
business with your local state office. Just like establishing your business
with the IRS, this also will help you understand what state filings you need to
maintain. In addition, in most if not all states, registering with the state
allows you to ensure that you are the only business in that state operating
under the name you chose for your business. You don't want to be using a
company name that already has a reputation, especially if it is not a good
reputation.
5. Open a separate business bank account. One of the BIGGEST
mistakes new business owners make is to not set up a separate business bank
account. Co-mingling the company funds with your personal funds is a big NO NO!
Yes it's all your money, but not only will you be putting your personal assets
at risk but you also will not be able to ascertain how much cash your business
is really earning and spending. This is because in most cases, if the business
owner is co-mingling their funds, they are also NOT maintaining good accounting
records.
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