Starting a business isn't just something that you walk into blindly. Instead, it's something that you need to systematize. Unfortunately, there's also not a one-size-fits-all checklist you can use and follow line by line. One crucial aspect to consider when starting a new business is choosing the right legal structure; to help with this decision, research how to get an LLC to understand the benefits and process of setting up a limited liability company.

Depending on the industry and type of business you're starting (service or product-based, local or national, etc.), you'll also want to seek mentors in a similar space to get first-hand knowledge of what they wish they had known before starting. From needing HVAC website design to ensuring that you have the right marketing strategy to gain new clients, you need to ensure that your new business is on point and will be a success from the get go.

While there might not be a checklist, here are a few things to consider as you begin your entrepreneurial journey.

Meet with your local small business development center

You need to determine the viability of your concept on a small scale before abandoning your current job to pursue it. Many entrepreneurs believe in their vision so much that they have blinders preventing them from seeing the potential hiccups or obstacles that may deter their progress.

Meet with your local small business development center if you can, and ask them to review your business plan. Then, if it's feasible, try your business as a side-hustle first and identify weak links, threats, or opportunities to adjust your strategy.

Establish a support system

If you're going to do something as big as starting a business, a support system is critical to your success. Identify local professionals who may be willing to help you with essential business functions like accounting, marketing, or IT services. Then, when you're knee-deep in trying to keep the new business moving forward, this support system will be incredibly valuable.

Register a website domain early

Any good business worth its salt needs a recognizable domain. Unfortunately, after registering and naming their business, many business owners have been disappointed to learn that the domain name they wanted is unavailable.

Before you name your business, do a domain search to ensure this doesn't happen, and carefully consider where to register your domain. While this might seem like an insignificant decision, it can impact you later on as you set up your website.

Set up a virtual mailbox

If you don't have a physical address yet or don't want to share your home address publicly, you'll want to set up a virtual mailbox. These are essentially standard mailboxes maintained by a third-party organization. You use the mailbox as your address, and then the virtual mailbox company either scans or forwards all your mail to you, depending on your wishes. 

Incorporate with the right structure

Don't assume that you know the proper legal structure for your business from the outset. Instead, consult with an accountant or attorney, and ask for their opinion on the matter. They're usually able to provide you with tax-advantaged status and show you how to make the most money while avoiding unnecessary or additional taxes. 

Invest in a professional website

Nearly 93% of all potential customers turn to the internet before making buying decisions. Especially in competitive industries, a professional website sets you apart and helps reinforce your message and unique value proposition. 

For product-based businesses, it's wise to have a product or two already on the eCommerce website so curious customers can buy from day one. For service-based businesses, ensure you've included a list of the services you offer, price ranges, and how to contact you. 

And, while you’re setting up your website, go ahead and get your online scheduling tools in place to make it easier to book group meetings, experiences, or appointment-based services.

Open your business bank account early

Before the first sale, open a business bank account. It's difficult to disentangle your personal finances from business ones and easier to make this distinction before the business even begins. 

Local banks often offer competitive rates and low fees to small business owners, so it's worth shopping around for the best deal. If you're planning to make international transactions, ensure the bank you choose is capable of handling this type of transaction, as well. 

What would you add to this list? Are you planning to start a business this year? Tell me about it in the comments below!

Until next time,

Andrea

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