Have you been thinking about launching your startup but you aren't sure where to begin? While it's important to think through your plans, it can also be easy to put off taking the first steps toward becoming a full-time entrepreneur. With these tips, you can shake off the inertia and get started building your business better.
Deal With Debt
You might not be able to pay off all of your debt before you launch your business, but you can at least try to reduce the interest you are paying and better organize what you owe. While your business and personal finances should not mix, this can still help you get a better understanding of how much you need to live on and can reduce some of the stress of running your own company. For example, if you have student loans, you might want to consolidate them with a private lender. These lenders aim to make borrowers' lives easier if they are juggling multiple loans with different payment terms, minimum amounts due and due dates. A consolidation can mean you just have one easy payment each month, and this gives you a little bit less to worry about as you are getting your business started.
Your Business Plan
You do need a business plan even if you are only planning to start a small business that you run on your own without any investors. Think of the business plan as doing yourself and your startup a favor. It will force you to think through various elements of how you will run the company that you may have overlooked in your enthusiasm for your idea, such as who you will market to and how or where you will get additional funding if you need it. You can find templates online that will help you create your business plan.
Line Up Your Professionals
It's easier to do something right from the start than to go back and try to untangle something that you have been doing wrong for a while. Take the time to sit down with an attorney and an accountant or bookkeeper. An attorney can help you determine whether you need to establish yourself as a certain type of business entity and can also advise you regarding contracts and similar issues. You should also find out if there are any local zoning regulations you need to be aware of, paperwork you need to complete or additional taxes that you should be filing.
Time Your Leap
Worrying about making money can affect how you run your business. Keeping your day job as long as possible can help you make decisions without concerns about how you are going to support yourself. Of course, the ultimate aim of your startup business is to make money, but in the early days, not having to worry about the bottom line can allow you to make decisions that are better in the long run. It's not always possible to juggle your day job and your startup, but when you are able to, be sure to time quitting the regular job as advantageously as possible.
