You believe in the “American Dream,” including the opportunity for success and prosperity. A key part of that dream and a motivator for many people is the opportunity to create and own a new business. You likely already understand that achieving new business success is hard work and despite the good ideas and hard work, many businesses fail. But, don’t let these challenges daunt your vision and drive to succeed.
Why Do You Want to Start a New Business?
It is probably a good idea to clarify why you want to start a new business before you begin the significant start-up effort:
- You have a unique business idea that may make a difference in your community, fulfill your creative ambitions and leave a legacy. And, you are passionate about the idea. This business idea must attract a strong number of followers and generate sustainable revenue.
- You desire to work for yourself, with the independence and flexibility that ownership can provide. Plus, pursuing your passion will provide the happiness you desire.
- You can define the profit and tax benefits that your new business can deliver.
Note that these motivations go way beyond just getting a new job, disliking a boss, reducing a commute or having more free time.
What You Need to Know Before Starting a New Business
The following are the key things to know and address before you start your new business:
- Do your research so you know your industry and your competitors. Can your business offer something that is distinctive or is the product/service already broadly available? Who is your target market? Can you reach them, will your business be appealing to them and can the products or services be repeatedly purchased?
- You will need to create and own a business name that will set you apart.
- Consider the legal aspects of properly setting-up your business entity for the right structure and to address liability aspects and employment regulations.
- Carefully map-out your finances. Know what (and how long) you will need to live on what you have. Will you have enough capital for start-up and continuing expenses? Will you have reserves for contingencies and business ups and downs? Understand the financial risks.
- Consider your personal situation and where you are in life. This includes your health and stamina to start and run a new business as well as the time and energy required.
- Plan to hire the help you need. You can’t succeed by doing everything yourself.
- Understand the need to develop a careful and thorough business plan.
- Determine to invest wisely in marketing.
Seek Expert Accounting and Financial Management Assistance
Contact Estess CPAs based out of New Orleans, LA for assistance in meeting your new business goals. We specialize in serving the needs of small businesses with accounting, bookkeeping, tax planning, and payroll services to help you succeed.