In one of my recent Q & A videos, I was asked this : “What is one thing you wish you knew before starting your business?”. At first, my initial reaction was “A LOT!” but then I really thought about it.
And ultimately, I went with a different answer than I would now. Now, I would say there are a few things I would prioritize. So, I wanted to pass this knowledge onto you. This blog post is all about five things to consider before starting a business.
Let’s dive right in, shall we?
- First, what is your business? Is it service based or product based? Are you selling a tangible item that customers can order, are you providing a service and action that will help them or is it a mix of both? Figure out exactly what it is you are selling so that you can figure out the best way how to sell it.
- Next, you have to do some legal research. Because once you start, you want things to be legit from the beginning. It will save you stress in the long run. So meet with a professional in your state/area and figure out what will work best for your business. Do you register under an LLC, as a sole proprietor, as an S. Corp or something else entirely? This may all sound overwhelming and you might be thinking “a what sole corp huh?!”. That’s okay! That is why you need to get the help before you start selling anything and making money. It’ll make it easy for your expenses and taxes to have this set up as soon as you can!
- Speaking of expenses, you have to figure those out. Now it is going to look drastically different depending on if you are a business solely online or if you have a brick and mortar type of store front. But ultimately, it costs a lot of money to make money. You need insurance, a domain, supplies, email accounts, equipment and materials and more! So write out a list of allllll your expenses. Don’t let this number shock you and also add in some cushion room too. There are always things that pop up!
- Next, think about your greatest strengths and weaknesses. Yup, figure out where you need help. You may need a lawyer to draft up your contracts so they cover your from your first transaction and you don’t learn things the hard way. You may need an accountant or someone to do your book keeping or accounting. Maybe you need a designer to work on your website and branding/marketing materials. Figure out what you can’t do and find someone to help! Then add that to your expense list.
- Focus on your branding. A business now a days is so much more than just what they are selling. Whether it is a service or a product, it doesn’t matter. People want more than that! They want an experience. So really focus on building a brand that you identify with and that you ideal clients will connect to too!
So there you have it, the five things you should consider before starting a business.
Have more questions? Follow along on instagram or send me a message on my website and submit your question to me! I will answer it on a monthly Q & A or maybe even dedicate an entire post to it!