Next Steps For New Business Owners
You’ve Started a Business. Now What?
Over the years, we have talked with hundreds of entrepreneurs and small business owners about their journey. The general consensus seems to be that there are resources to help people get started and succeed, but they wish they knew about them sooner. The ideas are plenty, which makes it challenging to know which steps to do first, second, or at all.
So, now that you have started a new business, how do you decide what to do next? We’ve got some ideas and wanted to share them with you. These steps for new business owners will help protect, grow, and market your business.
- Protect personal assets by creating a business entity and operating agreement. Most small businesses set up as an LLC. But, check with a business law attorney, so they can help you make the right decision. Then file the appropriate paperwork with the Corporation Commission.
- Get an EIN from the IRS. An Employee Identification Number (EIN) will help keep personal and business separate and distinguished. When it’s time to pay yourself and/or additional employees, the business will be ready to go.
- Start a business banking relationship. Separate your business from personal finances from the beginning. It will make tax time a lot easier. It is important you don’t co-mingle personal and business funds.
- Hire a bookkeeper and an accountant. A bookkeeper tracks income and expenses through a program like QuickBooks while an accountant can file taxes and analyze reports, so you understand the financial position of your business. Knowing your numbers will help you make good financial decisions about your business.
- Get a financial advisor to help you not only understand your personal investments but to seek financial advice as a business owner.
- Utilize Canva for creating marketing materials like logos and social media graphics. It’s free and there is also an upgraded version. It is important that you and your business look professional. Having good graphics will help.
- Establish your brand online. Create a website for your business. Then create professional LinkedIn, Facebook, and Instagram pages. After all, how you show up online is the first impression many prospective clients will have, making it important to create a well-branded presence.
- Be a part of the community. In addition to social media, get out and network with organizations like Local First Arizona to share products and services and build business relationships. Being a part of 3 organizations, associations and/or non-profit boards will help build your referral business.
There is a lot to do when starting a small business. Utilizing this list of next steps for new business owners is a great start! It will set you up for success in the future.
If you’re thinking about starting a business or would like an audit of what you already have in place or plan to do, feel free to contact the team at KLM Consulting. We are here to support you in any way we can. Schedule your free consult HERE.
Series | Business Operations