Commit to Success

Full On Commit

Starting a business is an all-out bare-knuckle brawl. You will encounter the obstacles throughout your journey. There are a few things to you can do to prepare for the fight and a number of things to consider.

To Do

Things to do before launching a business. Most successful business ventures are well planned and thought through. There might be a few business owners who fell into that position due to circumstances and timing. Even then these questions need to be answered towards the beginning of the venture as they help form the overall Company.
• Decide your value proposition, or the value you bring to the market place.
• Business Structure- Sole Prop, LLC Partnership, S-Corp, C-Corp
o All structures have different regulations and requirements to consider. Consult a accountant for your situation.
• Roles and Responsibilities
• Comprehensive business plan, here’s a great resource to get you going here.
• Invoicing
• Accounting

All the above plus many more items should be carefully planned for and laid out in a clear document. This will help you reference it and stay focused on your goals.
While you can plan the above aspects, there are some that need careful consideration. Not only from a legal stand point but an operational one as well.
For instance, your business structure. While these various structures have differing tax implications they may also affect your operations.

Partnerships

Take a partnership for example of two business owners. While you might be motivated to succeed, is
your partner? Business ventures are not like college or high school project. You know the ones where a
few of the group members do the work and the others contribute very little. In order for a partnership
to work effectively each partner should have set roles and responsibilities.

If you have a two-way partnership typically both are responsible for the debt incurred. So, no matter if the other cannot pay you are still liable. So it is extremely important both parties are pulling their weight and fulfilling their responsibilities.

Business Plan

The Business plan is the ultimate guide to success. If you read our last post, Fail to plan- Plan to fail you realize the importance of this document. Before your get too consumed with the day-to-day of business make sure you have a solid plan to guide you. Visit the small business centers in your local community and ask a professional to help assist you. There are numerous resources out there and don’t be shy or too prideful to utilize them.

Accounting

The accounting function of your business is one of the most important. If you can’t track your money you will likely get in debt quick. It is common to think you have more than you actually do. Business owners often free about this expense or that which can lead to the belief you have more available cash than you do. Its highly recommended to get a good bookkeeper to setup your business then maintain your monthly books.

As you get going in business a solid foundation to build from will lend to years of success. At least give you a fighting chance in this battle. So, make sure to slow down and get things in order before it’s too late.

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