The idea of starting your own business can seem like a dream that you’d love to bring to fruition, but you at the same time might not feel like it’s realistic. What a lot of would-be entrepreneurs don’t see is that starting a business can be done, and relatively quickly and simply.
Of course, this doesn’t include all the work it will take to make your business successful, but sometimes taking the very first steps are the hardest part. Once you get past the more technical considerations, such as LLC formation and employer identification numbers, you can move onto the creative elements.
Firms like Anderson Advisors recommend new business owners are proactive with some of the important technical tasks like selecting a business structure and forming an entity.
If 2018 is the year you start your own business, the following are some of the initial steps to take once you’ve done your research and come up with the general premise.
Decide On the Type of Business
Not all types of small businesses are the same. You’re going to have to narrow down exactly what type would be feasible for you to own.
If you have a lot of cash you can invest, you might go with an option like buying a franchise, or creating a brick-and-mortar store. On the other hand, if you don’t have a lot of money to put toward your business initially, you might think about something online.
Other considerations include whether you want a business that sells to consumers or other businesses. Do you want a business where you’re selling your own services, or do you want to sell products?
Do Your Research
There is a tendency among potential entrepreneurs to fall into one of two categories. They may want to immediately jump into the creative components of owning a business to start making money right away, or they sit on the sidelines so long that the opportunity passes them by.
It’s best to fall somewhere in the middle of the spectrum.
You want to have enthusiasm and get started as quickly as possible, but only after making sure you’ve done your research. Save yourself time and possible heartache down the road by researching upfront to make sure your business idea is viable and has the potential to be successful.
Don’t Obsess Over Choosing A Name
According to Inc. a lot of new entrepreneurs spend way too much time obsessing over the perfect name.
This can be an unnecessary delay in making money.
Choosing your company name may be required for setting up things like your Employer Identification Number, but this doesn’t have to be the name you ultimately operate under. There’s no need to feel like you have to wait until you have the perfect name to get the rest of your business going.
Get an EIN
EIN stands for Employer Identification number, and you’ll need one if you’re going to form an LLC or corporation. If you’re starting a business you should at a minimum form an LLC to protect your personal assets, so you’ll likely need to apply for a federal tax number for your business or an EIN.
It just takes a few minutes, and it won’t cost you anything to get an EIN.
The things above may sound simple, but chances are you’re overcomplicating the process to start a business. If you can get the above things done, you’re much more likely to follow through with everything else.
As a final note, don’t worry about knowing everything or having everything perfect. If the foundation is there you’re ready to move forward. You’re always going to be changing and evolving in your business as you learn, grow and adapt to changing demands. You don’t have to have all the answers right now to launch a business in 2018.