Starting a business is a thrilling experience as you get ready to open your door. But there’s a lot of work that needs to be done before you meet your first customer. For starters, if you’re selling a product, you will need to find a reliable supplier — one that meets your budget and delivery needs. You must also study your competition to weight the advantages and disadvantages you have against them. In addition, here are five more important things to do before the big day.
Select a Catchy Name
It’s advantageous to select a business name that is germane to your product line or services, as it can help you attract more traffic in search engines. Before you register your name, check with the US Patent Office to see if your name is actually available. An appropriate trade name separates your business from others. And going through the U.S. Patent Office first can protect you from a costly trade name infringement.
Write a Business Plan
A well thought-out business plan better prepares you for running your business the first couple years. Some items to include in your business plan are product line descriptions, your company structure and a first-year sales forecast. A sales forecast can help you obtain financing from a bank or lending institution should you need it for expansion purposes.
Get Proper Licenses
If you’re starting a retail store, you will need either a seller’s permit, a vendor’s license or a comparable permit, depending on the state in which you operate. You may also need a federal permit to sell certain items such as liquor or firearms. If you’re running your business from home, check with the local zoning ordinances. Some zones may limit certain activities, including customer pickups and even operating a business in a residential area.
Hire as Needed
It’s best to remain conservative when starting a business with respect to hiring, until you start making money. One thing you can do is have your children and spouse work with you until your business takes off. You can hire professionals like accountants as your business grows.
Get Proper Training
Training applies more to franchises, where they send franchise representatives to your market to assist you your first week. But if you’re a consultant who wants to attract business clients, it pays to have worked in that particular field before becoming independent. Getting more education is another consideration. For example, consider obtaining an MBA finance online degree as an entrepreneur to enhance your understanding on raising capital and saving on taxes.
Prepare for you grand opening well in advance and take some of the aforementioned tips into consideration. They can enhance your success in the long run and get your business started off on the right foot.