The idea of running a company seems enticing, but it’s not that simple. If you don’t do the right things, your company may crumble before it begins.
You need to figure out many things before starting your company. Moreover, even after figuring out what you need to start, it doesn’t end there, you have to thrive to keep it going.
If you have plans of starting your company and want to know what to do, carry on.
You might learn a few!
1. Market Research
Starting your company with market research will help you understand whether it’ll break through or have a hard time. You need to gather information on existing competitors, potential customers, operations, etc.
This can give you a competitive edge over existing companies. That way, you can figure out what your competitors are doing and what you can do differently to stand out from them.
2. Draft your business plan
Your company needs a plan, or you won’t have a direction for running your company. Draw a roadmap for the structure, budget, strategies, operations, and other important information.
You can use this to persuade people or investors to work with you and prove that your vision isn’t a pipe dream. Your business plan should have the executive summary, company description, market analysis, organization and management, service or product line, marketing and sales, funding requests, and financial projections.
3. Fund the business
Money is important to run your business, or your plan and idea are nothing. You need to figure out how to fund your business. While you may have money saved as initial capital, sometimes, it may not be enough.
You can use your business plan to source funding, investment, or get a loan.
4. Choose the right location
Choosing your business location is a crucial decision. This could make or mar your business, whether you’ll run a brick-and-mortar or online business.
For instance, if you live in Canada, you’d know that the location of your business affects taxes, legal requirements, restrictions, regulations, and revenue. Some cities are known to have high tax rates over others, so choose the one best suitable for you.
However, if you are considering a city like Edmonton in Canada, it will be best for you to get an Edmonton commercial lawyer to help you sort out legalities. Apart from the lawyer helping you with the legal requirements, they can also help you sort out your insurance policy, and draft and review contracts, lawsuits, and other related situations.
5. Choose your company’s name
Then you move on to choosing your company’s name. Ensure someone else hasn’t chosen it; it resonates with your business idea and is easy to pronounce and remember.
What then follows is to register your business with your state and federal governments, and get tax IDs, licenses and permits.
6. Determine the company’s structure
Do you plan on owning a sole proprietorship, limited liability company, partnership business, or other? Is the structure flat, matrix, hierarchical, divisional, or functional? Whichever company structure you pick will affect your taxes, business registration requirements, and personal liability.
You also need to determine your team structure if you’re not running the company alone. Identify roles and responsibilities, emphasize teamwork, and provide feedback.
7. Advertise and market your company
You need to put your company out there so people can see you. You’ll need to do a lot of branding that involves building a website, social media presence, logo, CRM, adverts, etc.
You need to showcase your business in the right light; the way you want people to perceive it and it has to be convincing so they can buy what you’re marketing to them.
Your company will smoothly run if you don’t skip any important process. You also need to hire an Edmonton commercial lawyer to advise you and take care of legalities, so you don’t clash with the law of the state or country you’re operating in.