5 Things You Need To Do When Starting Up A New Business

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5 Things You Need To Do When Starting Up A New Business

Jul 30, 2019

It’s no secret that starting a business can be an incredibly stressful experience, because it can seem like that there are hundreds if not thousands of things that you will need to get done at once.

No matter how well you plan out every stage of your business, there are going to be a lot of things popping up that you didn’t anticipate.

Fortunately, you can manage your expectations successfully by taking decisive action, and specifically by taking action on five critical elements that too many other new small business owners overlook.

Here are five things that you need to do when starting up a new business:

1 – Open A Separate Business Bank Account
Never, under any circumstances, should your personal bank account be the same as your business bank account. Not only is it simply unwise to be mixing your personal and business finances together, but you can run into legal trouble if you do so down the road.

Instead, one of your very first acts as a small business owner should be to open up a new bank account in the name of your business (and not in your own name).

2 – Seek Company Culture Consulting
Culture, as it relates to a company, is that company’s collective behaviors. It’s precisely these behaviors that will have the most major impact on the competitive advantage of your business.

By seeking company culture consulting, you can work with a consulting agency who will instruct you on the best behaviors and habits that your company, you, and your employees should be adopting in order to be competitive.

Many new business owners neglect hiring a company culture consultant because it’s an upfront expense. Nonetheless, it’s also an expense that can be well worth it over the long run.

3 – Actually Count Costs
Have you actually counted costs, or do you just have a general idea in your head? Too many  small business owners are afraid to look at the cold hard figures of what their startup costs or their burn rate will be.

You need to factor in literally every expense, including rent, supplies, marketing, taxes, fees, and so on

Then, once you’ve come up with the actual cost of starting up your business, double it. The reason you want to double it is because you need to be prepared for running into costs that you did not project.

And even if you don’t end up paying double your projected costs, at least you will have been prepared for it.

4 – Speak Up
Marketing is essential to running a business, especially in its early stages when you cannot rely on repeat customers or strong word of mouth.

You really need to learn how to sell your products or services, and you really need to learn how to speak up and put your name and brand out there. This can be intimidating to a lot of new business owners, but it is fully necessary.

Online marketing is great, but you also need to show up in person. Actually go to business networking events in your area, conventions elsewhere, and introduce yourself to people. Be a part of your community by sponsoring youth sports teams.

Yes, you’re going to have to get out of your comfort zone, but if you have the drive for your business to succeed that won’t really matter. Learn how to speak confidently in front of large groups, and you’ll have a major advantage over your competitors.

5 – Start Your Business While Still Being Employed Elsewhere
Ideally you won’t start your business while you’re unemployed, because you still need to bring in an income to live off of, right?

And keep in mind: it can take months if not years for a business to be profitable and begin making you a livable income.

Ask yourself how long you can live without an income. Chances are it won’t be long. For this reason, keep your day job while working on your business on the side until your business is consistently generating enough money that you can leave your day job behind. Set aside more funds for an emergency fund as well.

Starting Up A New Business
When taking the steps to start your new business, make sure that the above five are in your list of things to get done.

Meet The Author:

Susan Melony

Susan Melony

Susan is an avid writer, traveler, and overall enthusiast.

The opinions expressed in our published works are those of the author(s) and do not necessarily reflect the opinions of the National Association for the Self-Employed or its members.

Courtesy of NASE.org