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What do I do first to start a business?

The first thing you should do is think twice. Starting a business is a tremendously huge endeavor and can take up all of your time. Most people will do this by themselves with no experience and no knowledge of how to do it. BUT... you are here so you have made a great first step

But I digress. Let's look at the reality if what you should be doing. First of all, determine if the business is actually right for you. Franchises do this to make sure that the prospective franchisee is fit for the business, can learn the processes needed and has the financial support to be successful. So you should do the same thing for yourself.

Start by determining what your business really is. Is it a hobby or is it truly something you want to earn a living at doing every day all day? I have seen people turn a hobby into a business that has become very successful. However in reality most people that do this should have left it as just a hobby.

Next, determine your tax structure. Will this be a corporation, LLC or sole proprietorship. There area LOT of determinig factors to this and should not be taken lightly. Don't just wake up and one day say "I'm going to create an LLC" because there are a lot of risks and implicaions associated with this. Talk to the people who know. Business consultants, like BizStart, lawyers and CPA's can all give advice on each structure and the pro's and con's of each to help determine the best model for your business.

BizStart can get you started in your new business. Contact Us us for a free consultation to see how we can help.

Keep reading our Business 101 series for tips on starting your business or contact us for a free business consultation.

Finding new customers - Marketing plan anyone?

Finding new customers today is getting harder and harder. Competition, cost of madvertising, and where to spend your advertising budget are just a few of the factors to be considered. So how do you know what will be sucfessful and what just plain is a waste of time and money? Does Facebook or Twitter marketing work? What about e-commerce websites? All are great places to start, but there is no simple answer. Learn your demographics - who is your target market? Is it women wo work or is it the stay at home mom? Is it children and their parents or is it the 20-40 year old single male?

Don't make the mistake most business fall into which is spending money on advertising and if it doesn't work walk away and try something else. This is a waste of your time, money and most of all your business reputation. A marketing plan should lay all of this our after careful research and planning.

But what is a marketing plan? A markting plan is an outline of your strategy to advertise your business and gain customers. It can be a short term plan for a week, a month or a quarter. It can be long term - say a year or 3 year strategy. It can even be a plan for a single campaign. But to succeed you should strategize what your goals, target and definition of success within your Markting Plan.

BizStart can help new and existing business create their marketing plan. Our research and strategic planning can help you maximize your budget and achieve the suceess you are looking for. Contact Us us for a free consultation to see how we can help.

Keep reading our Business 101 series for tips on starting your business or contact us for a free business consultation.

How do I fund my new business?

Funding your business can become a full time job in itself. Especially if you decide to invoice your customers on a net basis rather than pre-pay or collect at the time the service is completed. So how do you find funding?

The first place to look is withing your own finances. Do you have a savings that you can borrow from without hurting your own survival or providing for your family while you are building your client base? Do you have a 401k to borrow from? Are you funding the business from your hobby? Mortgage the house? All tough decisions to consider when trying to fund a business.

Your bank is another place to look. However banks can either help or hurt you at this point. The wrong loan, or a high interest can destroy you before you start. Banks are there to make money so don't expect them to be your friend all of the time. But etablishing a great relationship with a lender or banker should start well before you sign that loan document. Asking a lot of questions and meeting with them on a regular basis to look at options, discussing your business plan, and starting with smaller short term loans are all options to establish necessary relationships.

Friends and family can also be a source for funding. But family can be tougher on you that you want. They still have to consider borrowing from their savings or 401k to help so make sure you consider your own financial resources first.

But first and foremost - HAVE A BUSINESS PLAN! Without a business plan your are doomed for failure before you even start. Banks and lenders won't even talk to you without first reviewing your business plan and making sure you have a solid foundation for your business. BizStart can helo you write your business plan, or help you update your existing plan. Contact Us us for a free consultation to see how we can help.

Keep reading our Business 101 series for tips on starting your business or contact us for a free business consultation.