Daily Archives: August 16, 2018

Opening a New Business the Right Way

Shoes Behind The Start Line

Shoes Behind The Start LineEvery successful business started with simple ideas. Entrepreneurs worked hard to achieve their goals. If you’re considering opening a new business, you will need the same dedication and persistence to reach success.

News Breakthroughs

According to the Small Business Administration, there are about 28 million small businesses in the United States. However, only two-thirds of businesses survive for a year and only half can survive for at least three to five years. These figures only show the cutthroat competition you may face in the future.

Starting a Business

Before you quit your day job to start your own business, make sure you have a concrete business plan. This should include your financial forecast, marketing strategy, business model or structure, and other key points. Miller & Steiert, P.C. reminds every entrepreneur to learn the basics of the laws surrounding the industry you’re about to pursue.

Here’s a quick overview for your guidance:

  1. Financial Forecast

You can’t run a business without knowing your finances. List down all the expenses, including the capital markup, overhead costs, labor fees, and equipment. Make sure you have a safety net for three to six months. Check the inventory regularly to avoid discrepancies.

Pro Tip: Consider offering promotional items or services to keep the cash-flow running. Putting up introductory rates will entice consumers. This should help you build your market, as well.

  1. Legal Procedures

Register your business and start working on the permits. Complete the requirements needed, including the tax policy.

Pro Tip: Hiring an experienced business lawyer can simplify things for you. They can do the paperwork and provide consultancy to ensure legal compliance.

  1. Marketing Strategy

Every successful business owner knows how important it is to have an effective marketing strategy. Find new and innovative ways to promote your products and services.

Pro Tip: Digital marketing has become a primary tool to increase brand awareness. Having a strong online presence can help you build and expand your network.

There are always risks to every decision you make. Be prepared with these challenges. Be creative and resourceful. Anticipate the possible changes and make necessary adjustments.