Jump Start Your Business!
I woke one morning and checked my calendar as I typically do to see what I had on my plate for the day. I had a couple of discovery calls set for some potential clients to look forward to! During these calls, I get the opportunity to talk with people about their ideas and dreams, where they need help and unpack how I can help them catapult their lives and business.
At 9am I grabbed my warm mug of water and lemon and jumped on my first call of the day. As I sat on the call listening to this awesome woman spill out her amazing idea, within a couple of minutes I already knew what she needed. She stated…
This is something that people come to me with all the time and within a matter of weeks I absolutely love the excitement in their voice after they have accomplished a business milestone by setting their business foundation!
STEP 1: Evaluate Your Business Idea
You want to ensure that you have an idea that is marketable and have the ability to make an impact and profit! Every idea that you have may not be one worth taking to the next step on right away so ensure that your idea is a solution to a problem that people are having in the world. If you have a solution to make people's lives better you may have something worth pursuing!
STEP 2: Develop Your Product or Service
It is very important that you take the time to develop in full detail what you plan to offer to your consumers. Before even thinking about the audience you will serve, understand what product you will offer and its benefits. When you invest the time in developing a product and have done some testing, your product will tell you who your audience is! The greatest thing you can do is allow your skills to develop the product and your product attract your audience instead of trying to please a group of people with a product you do not have the skills to build.
STEP 3: Develop Your Business Model & Plan
Your business model details how your company will run and how you will ultimately make money, while your business plan is the action behind the strategy! YOU NEED BOTH so do not skip this step!
STEP 4: Register Your Business
Determine how you will structure your business (LLC, nonprofit, corporation etc). Once you have determined your business structure, you will then need to register your business in the state that you will be conducting business. Also, you will want to ensure that you attain any business licenses that are required to have in order to run your business!
STEP 5: Register For Your EIN
Your EIN is an employer identification number, which is your social security number for your business. The EIN number allows the IRS to identify taxpayers and keep track of a business’s tax reporting. You will need this in order to open a bank account and pay your required business taxes!
STEP 6: Develop Your Operational Agreement & Open Your Business Bank Account
An operating agreement is a legal document that outlines the ownership and member duties of your Limited Liability Company. This agreement allows you to set out the financial and working relations among business owners ("members") and between members and managers. Even if you are the only member in your LLC, have an operating agreement on file. Once you have this agreement complete and signed along with your EIN and articles of incorporation from your state, you can head to the bank to open your business account.
With these 6 steps you should be able to jump start your entrepreneurial journey! Remember take this journey step by step, do not overwhelm yourself and know that no one is rushing you!