Keys to Starting A New Business

A lot of people think that starting a business is hard but this in fact is the easy part. When starting a new business it is important to have a solid foundation from the start because that will allow you to thrive and succeed well past the immediate future. A successful business is never made overnight but is a long journey.

  1. Brain storm

When brainstorming, take your time. Make sure you find something that is compelling and fills a market need. But as an entrepreneur, find something that interests you makes you excited to get up everyday. If not, you will burn out. Businesses are like babies in the beginning- you have to nurture it and give it the attention it requires.

  1. Build a business plan

Business plans are a dying step to this process but is still very important. A Business plan provides you with a clear and concise path for your business to move forward. As you start your business, you will find yourself referring back to this document more than you think making tweaks.

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  1. Develop Business Name

Pick something that your customers will appeal to. Remember this name is not for you but for your customers. Having a product matters more than having a service based company.

  1. Filings

Make sure you have all of the filings you need with the government. This is extremely important. You want to make sure you are not violating any trademarks. Make sure you have all of your tax info squared away. If not this could cause a lot of issues.

  1. Get finances in order

The financial foundation of a company is KEY. Businesses need to have a solid foundation from the start. Also, make sure you have a back up fund for things that may arise throughout the process of starting a new business.

  1. Marketing

Marketing your new business can be difficult but using social media outlets for targeted marketing like Facebook, Twitter and Instagram is vital. Also creating content such as a blog can help boost your SEO allowing customers to find you easier. As your business grows, social media will help you listen to your customers and have a dialogue.

Follow Me on Twitter @LifeofKM

Photo Credit

Photo Credit

Author: Kevin C. McReynolds

Kevin McReynolds is the Chief Executive Officer of McReynolds Enterprises LLC. He is a consultant for several startups in the Southern California region. Kevin is a former Student-Athlete at UCLA. He studied Political Science as an undergraduate and will complete a Masters in Business Administration from the University of Nevada, Reno in 2018. Kevin is an serial entrepreneur. Follow Kevin online via @LifeofKM!

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