If you’re planning on starting your own small business, it probably seems overwhelming. There are so many things to think about, but where should you start? If you feel like you’re in over your head, start with the following.
Having a small business lawyer on call is beneficial no matter what you specialize in. Not only can they help in legal emergencies, such as being sued by a former employee or being investigated by the government or law enforcement, but they may also be able to prevent such situations by spotting them before they get out of control. They can also walk you through more mundane issues like leases, employee contracts and some tax forms.
Insurance isn’t just to protect yourself if an employee or customer falls and hurts their hip, but can help you rebuild and recoup losses in the event of a natural disaster such as a flood or fire. It may also cover some expenses if you’re having legal woes.
If you are the only one on the payroll, you probably can skip this step. However, if you bring other people on board, you might need a little extra help. You don’t have to be a multimillion-dollar business to have an HR department. Several services offer tools to help small businesses with some of those duties.
Everything in your store might sell like hotcakes, but how do you keep track of the money after? This might become complicated if you’re not good with math. Whether you can afford your own private accountant or need a subscription to something like Quickbooks, you need to invest in money management.
A Business Plan
Last but certainly not least, you need to have a long-term plan for your business. You need to establish:
- a budget and list of expenses
- your audience and how to reach them
- a realistic starting point as well as a growth estimate
- investors willing to back your vision
While it might be fun to focus on the interior decorating of your store or the designs on your business cards, those steps should be saved for last. By getting the “boring” behind-the-scenes stuff taken care of first, you’re ensuring that your endeavor is more than a pipe dream.