Starting a business is hard so we created a guide to help you through the startup process. Our goal was to provide entrepreneurs with a base of information, resources, and services that a typical business needs to get started.
The following guide is broken down into 5 phases to best help perform actions in a specific order and help you break the startup process into easier chunks.
Phase 3
If you are thinking about starting a business in Monroe or you are growing an existing business, you should always be learning. See below for our highly recommend business books.
We are of the opinion that every business should have a working business plan. Start and operate your business with a live business plan that allows you to easily share your thoughts and directions with others. Our business planning software also lets you track and compare your budgeted vs. real finances.
Every business these days should have a life online. Even if you don’t have or want a website, you should at least have a domain name. Domain names are mysite.com or mybusiness.net. Domains names are like your physical address online, it gives customers one single location they know where to find you.
Communication, organization, and productivity is key to business success. Although most people know Gmail and Outlook for email, these tools are only a small piece of the overall productivity suite available from Google and Microsoft. Don’t piece mill your productivity tools, get one of the two leading email and productivity suites from the worlds leading tech companies. The amount you get for the low cost is way worth it.
In business, it is good to “have an attorney”. In the beginning, you need to know and understand business formation. On a continuous basis, you will need to create contracts and agreements. There will be times you may need to track down customers for money. What can you legally do if someone is blasting you on social media?
Legal advice doesn’t have to be expensive either. There is a plan that allows you to pay a small monthly fee for unlimited consultations.
Your business will need two tax ID numbers, one federal and one state.
The Federal Tax ID number, or Employer Identification Number (aka EIN), is the identifying number for your business with the IRS.
You will also need a State Tax ID number (aka state EIN or state employer ID). This number is used for hiring employees and paying state taxes.
You can create these numbers yourself online or have a professional do it for you. Either way, you will need them to set up a business checking account.
IRS Tax ID App >> | Pro Feder Tax ID Help >> | Pro State Tax ID Help >>
Forming a business means creating an entity that is separate from the founders and entrepreneur. Except for the formation of a DBA (doing business as) for a sole proprietorship, the other formation services create a completely separate legal entity.
These formation types are INC (corporation), LLC (limited liability company), and LP (limited partnership).
You will need formation paperwork to create a business checking account.
Business insurance helps companies protect financial assets and property from loss. A suggestion you make can cause another company to lose money. A product you sell can harm someone. Insurance helps cover these examples.
Insurance, although not required, is a cheap preventative solution to a potential large financial problem. The median price of a General Liability Insurance policy is about $36 per month.
Your business needs a unique look that distinguishes it from other organizations.
A brand is not just a logo design, it is the name, symbol, colors, and other supporting designs that come together that form an overall look and feel of your business.
Branding is used across administration documents, hr, marketing, and advertising.
Stationary is office and administrative type items that include the companies branding on them. Stationary as commonly referred to as business cards, letterheads, envelopes, and notepads. These items are the “basics” of operating a business including the companies branding.
MyWants can align the printing and delivery of stationery for your business.
When we talk phone systems, we mean modern cloud based phone systems that you don’t even need a physical phone if you don’t want one.
Many small businesses turn their computers and existing cell phones into their work phones. You can get your calls anywhere from dedicated business phone numbers.
If a business has employees, you have to do payroll. Payroll refers to the process of calculating and distributing wages and taxes. We actually also suggest creating a payroll process even if you are the only employee/working in your business.
A payroll system will ensure you, employees, and the tax man are paid correctly. Don’t try to figure it out all alone or try to worry about holding back money in separate accounts to pay tax bills.
Oh, bookkeeping. It is often an overlooked process of business that can quickly become a regret if avoided. Bookkeeping refers to the financial records management of a business. Bookkeeping records the information regarding each transaction.
The major need for bookkeeping comes at tax time. Categorizing, aka reconciling, your transaction will help to process tax filings.
Maintaining a solid bookkeeping system will allow owners and managers to focus on sales and customers instead of processing financial records.
Customer Management, in this view, is referring to a Customer Relationship Management tool. This is also known as a CRM. All businesses need sales, and a CRM helps manage sales. CRM tools provide a framework that accounts for cost of sales, market position, processes of the product/service and other factors.
We only have 1 tool that we recommend for a small business CRM. Sell smarter, better, faster.
A website is your home-base online. Social media sites can come and go. Directories can gain and lose popularity. But, your very own website that you completely control can keep your brand consistent and provide a way to give information and lead to a sale.
We have DIY and Professional website development options.
Once you start a business, various local web directories will automatically create a profile for your business. Unfortunately, the information is usually wrong or not filled. Inconsistent listings can actually hurt your website rankings.
We help businesses ensure their business is listed in the major directories and maps applications and then make sure everything is correct and synced together.
Being able to measure and analyze marketing data is important in understanding how your business in being found and how it’s growing.
A marketing dashboard displays marketing analytics using customizable visualizations. The dashboard provides entrepreneurs and/or teams with instant visibility of marketing performance.
Paid search ads can increase your visibility on search engines and drive traffic to your website, and ultimately help generate sales.
Search advertising can become a very cost effective lead generator.
Shown in the title, SEO stands for Search Engine Optimization but what does it actually mean? The short answer would be that it is the process of getting traffic from the free, organic, editorial or natural search results on search engines.
Maintaining a relationship through email with a bulk of people is email marketing. Email marketing can be used to convert leads into buying customers and existing customers into loyal fans.
Every email sent to a potential or current customer could be considered email marketing. We can help with that strategy and setup.
Social Media
Social media is one of the best “free” ways to establish your business online. However, it is not free when you start calculating the amount of time you can sink into it.
Having a professional manage your social media can usually be performed for a lower cost than internal resources.
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