10 Tips for Starting Your Own Company

When starting your own company, it is important to pick something you are passionate about. Remember to tap into your courage and connect with your vision for what you want to accomplish and grow.

Here are some key tips for starting your own company:

1. Create a business plan - It's critical to develop a comprehensive business plan that outlines the goals of the business, strategies for achieving those goals, and estimated financials.

2. Develop an online presence - An effective website and social media strategy is essential to building brand awareness and connecting with potential customers and partners.

3. Secure funding - Look into different sources of capital such as personal savings, loans from banks or investors, or grants from organizations such as the Small Business Administration (SBA).

4. Register your business - Check with the Secretary of State in your state to determine what needs to be done for registering your business and obtain any required documents.

5. Choose a legal structure - Consider the advantages and disadvantages of different options such as Sole Proprietorship, Limited Liability Company (LLC), or Corporation before making a decision.

6. Set up accounting systems - In order to manage finances efficiently, choose an appropriate accounting software program and keep accurate records of income and expenses.

7. Get insurance coverage - Protect yourself from potential risks with insurance policies such as general liability, workers’ compensation, property damage, etc., depending on the nature of your business operations.

8. Hire employees - Once you have established the business and hired staff, set up an employee handbook with details on policies and procedures, benefits, salary expectations, etc.

9. Stay organized - Make sure to keep track of important documents like contracts, permits, licenses, etc., in order to stay compliant with regulations.

10. Market your business - Utilize different marketing tactics such as email campaigns or social media advertising to promote products and services and reach potential customers.

"Consistency is key. As my Uncle Rick always said, 'The key to success is showing up every day'."

THINK BIG!

Jon Dwoskin, Business Coach