“A big business starts small.” – Richard Branson
If you are thinking of starting a business, you’ll find all sorts of advice about how to go about getting your new business off the ground. Indeed, there are entire websites devoted to the topic. Yet, with so many information out there, it’s hard to know what you should follow and what you can ignore.
We’ve compiled a list of six essential strategies for getting your new business up and running with the least amount of hassle and risk.
1. Business Owners Solve a Problem
One of the best ways to come up with a winning business idea is to design your product or service to solve a specific problem. By fixing a problem, you’ll have a solid customer base right out of the gate, who won’t need much selling, provided your solution actually works.
If possible, create your business around a problem you’ve faced yourself, so you thoroughly understand and trust the value your company offers. If your business truly helps improve people’s lives, your success is virtually guaranteed.
2. Stop Waiting & Start your Business
While it may seem counterintuitive, it’s often better to launch your business before you feel like your product is 100% perfect. Delaying your start is often an unconscious way of procrastinating, and besides, you’ll probably never feel like your business concept is totally perfect.
While it may seem counterintuitive, it’s often better to launch your business before you feel like your product is 100% perfect. Delaying your start is often an unconscious way of procrastinating, and besides, you’ll probably never feel like your business concept is totally perfect.
3. Keep it Simple
When you come up with a great business idea, it’s tempting to imagine all of the possibilities of where it might go, and try to add all of those things into your launch. But you should narrow your focus and costs by making your solution as effective as possible, without getting too elaborate or complicated.
Consider the minimum viable product, or MVP, often talked about in the tech sector. What’s the minimum you can offer and get the results you envision for the people you serve? Offer that first, and build upon it from there.
4. Be Passionate but Self-Aware
The most successful business ideas are ones that are near and dear to your heart. Focusing on something you’re passionate about will help keep you motivated to do whatever it takes to succeed. That said, just being passionate won’t guarantee success. It takes a certain mindset to endure the rigors of entrepreneurship, so unless you’re comfortable taking risks, learning from failure, and working harder than you ever have before, you might want to rethink things.
5. Cover Your Business Assets
Although a sole proprietorship is the quickest, easiest, and least expensive way to structure your business, these entities provide zero protection for your personal assets. If your business is set up as a sole proprietorship and your company goes into serious debt or gets hit with a costly lawsuit, your home and life savings could be at risk.
Rather than taking the easy route, invest the time and money to set your business up as a limited liability company (LLC) or corporation. Both entities not only offer you liability protection for your personal assets, but they also come with significant tax-savings benefits as well.
6. Establish A Solid Foundation
Starting a business involves establishing the proper legal, insurance, financial, and tax foundation to support your vision and goals. At the very minimum, you need a legal entity (in the right state and of the right type), some basic legal agreements, and intellectual property protections like copyrights and trademarks. You also need basic insurance coverage, financial tracking and reporting systems, and tax planning.
Get Help Today & Consult With An Estate Planning Attorney
Most small business owners don’t think they need to hire a lawyer, and perhaps this is why roughly half of all businesses fail within the first five years. On the other hand, the most successful companies wouldn’t dream of not having a lawyer on their team. We will offer you the support and guidance you need at Hurban Law.
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