- May 22, 2017
- Posted by: Smith & Smith
- Category: Advisory Services
There are plenty of success stories out there that might have inspired you to start your very own business. The very idea of quitting your mundane job in favor of your dream is a tempting one.
Tempting ideas are easy to brainstorm, but when it comes to carving a path in order to turn our ideas into a reality, you might be faced with plenty of obstacles.
Imagine baking an amazing chocolate cake from scratch. You have a crystal clear picture about how it would taste like and how you would carefully decorate it with ribbons of buttercream icing.
You know that when you serve it to your guests, they will compliment you on its flavor and presentation. None of these fantasies will matter if you do not have a successful recipe for that epic cake.
The same concept applies to creating your company. You need a proper guide on how to do things right without the risk of drowning in a sea of financial troubles.
The following tips will help you get started, giving you a metaphorical flashlight to shine on the important steps to building your empire.
There is no Business Without a Business Plan
Writing a clear plan is the foundation to any successful business. It will help you build your company on solid ground.
You need to state your business goals, budget, your target audience and the services you will be offering as well. Picture your plan as an umbrella covering all aspects of your business.
Write a List of Dream Clients
As an entrepreneur, your dream is to offer your services or products to companies or customers that will help you spread the word about your business and become loyal to your brand.
In order to achieve this, you’ll need to create an ideal client profile, listing the age, gender, location, occupation and other vital information that will help you reach your preferred clientèle.
Consult with an Accountant
You should consult an accountant before going into business. Different ways an accountant or CPA can advise you on your startup plans include:
- Working with your attorney to establish the right business structure to minimize your tax burden and maximize profit potential
- Checking your numbers to help you arrive at the best price point
- Advising you on the best accounting practices for your situation
- Assisting you in setting up your record system to make financial reporting easier
- Teaching you how to analyze financial statements to make better business decisions for the long term
Quit Your Job the Right Way
Leaving your job to dedicate both your time and energy into achieving your dream should be done right the first time. Start off by working on your own company during the weekends and not during office hours.
Write a short and polite resignation letter and hand it in when you are a hundred percent sure about leaving for good.
Make sure to maintain a positive relationship with your former employer and avoid stealing any of his/her clients.
Develop a Marketing Strategy
Once you have figured out who your target audience is, make your presence known online using social media platforms such as Instagram and Facebook.
Interested customers can then access the link to your website and read more about your company and its many offerings.
Collect email addresses and send out newsletters to your new clients, or create a contest to encourage people to buy your product and re tweet about it.
Training is Key
As adults, we learn lessons each and everyday. However, there are certain aspects of running a new business that require constant training.
This training will provide you with the necessary tools to better deal with this exciting yet uncharted territory.
It will also keep you up-to-date with the latest strategies and help you sharpen your skills and stay on top of your game.