Starting Your Own Business? What You Need to Know.
There are many aspects to small business ownership that people don’t consider. Karen Stern, partner in charge of BSW Small Business Services, lists some key elements you’ll need to get your business started, and keep it going, in this month’s “Financial Fitness” column, as featured in Small Business Monthly.
The time has come for you to start your own business and become the entrepreneur you have always wanted to be. You’ve thought it through, and from what you’ve heard you know that owning a business is tough and the challenge can be overwhelming at times. While you are focused on the rewards, you also know it’s not going to be easy. You will be continuously striving to perfect your business model and adapt to change. Here’s a checklist of a few things you’ll need to know before starting your business, and then continue to refine as it grows:
- Discover the value drivers for your business.
- How can I increase business profitability and reduce risk, while minimizing liability?
- Increase return on investment.
- How do I leverage distribution channels, target markets and technology?
- Find out the federal and state legal and tax requirements you are subjected to, both personally and in your business.
- Don’t go it alone.
Successful business owners understand what they do well and what they do poorly. Hiring professionals to provide services and solutions to offset those weaknesses will strengthen your business position. Trusted advisors are just as important as having enough capital to float you through hard times. They will help you navigate when you have to go back to the tough questions again and again.
- Retain a competent attorney.
- Hire a trusted accountant.
- Outsource as much as possible.
These are issues that require a realistic, and sometimes creative, effort in finding solutions for each stage of your business. Keep this list close, and you’ll remain one step ahead of the game!