5 Things to Know About Starting Your Own Business

OlufisayoJuly 30, 202003,287 views

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So, you’re thinking about starting your own business? Congratulations. There’s nothing more exciting than becoming your own boss and building your empire.

You’re probably already aware that there are many things to know before starting a business. It’s not something to go into lightly. Here are 5 things to know about starting your own business.

The legalities

First things first, let’s get into the boring stuff. There are lots of legal bits to understand when starting a business, like registering the name and federal and state tax IDs.

Once you have employees, you’ll need to know their rights, especially if they get injured (find a workers compensation lawyer from Atlanta by clicking the link). Your best bet is to speak to a lawyer and work all this stuff out collaboratively. You don’t want to break the law by accident.

The numbers

Everyone wants to make money from their business, no matter how big or small. So, you need to have a good understanding of the numbers. To do so, you might want to consider hiring an accountant.

Business finances can be confusing, so it will help to have someone talking you through the basics. As a business owner, you’ll need to understand revenue and expenses, payroll and taxes as a bare minimum.

The goal

What is your goal for the business? Where do you see it in three years’ time? What about five? And ten? Having a clear goal for your business is essential when starting up. If you don’t know what you want from the business, how is it supposed to survive? It won’t happen by accident. So, sit down and work out how the business is going to grow. Think long-term. The future of your business lies in your hands.

The customer

Almost all businesses have customers, whether you’re selling a product, offering a service or giving advice. Businesses don’t thrive without customers, so you need to know who your customer is. Once you’ve established this, you need to learn how to target them.

How will they find your services? Don’t overlook old-fashioned methods. While technology and marketing is a growing field, you can’t go wrong with leafleting and going door-to-door – if that’s something your customer might respond well to.

The people

No business owner does it alone. They have a support network of loyal and trusted employees to help them on the way; whether that’s two, twenty or two-hundred. Picking who is going to accompany you on this adventure is always difficult.

It’s important to hire people who encourage your growth and teach you new things. Yes, you’re the boss, but don’t be afraid to ask questions and learn a little more. The best businesses are full of intelligent people who are willing to work collaboratively and share their skillset.

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