How to Start a Successful Company
Disclaimer
Here on Selfmadesns.com I’m only giving you my life experiences. So, you may learn and benefit from my mistakes along the way. As well as learn from all of the good decisions I made. What may work for me in some different experiences is not always what you should be doing on your own. Always do your own research or speak with a professional on the subject. Better yet do both guys. It will be way more beneficial for you at the end of the day. If you want more information on our terms, please visit our terms and conditions page along with the privacy policy page as well.
You know my friends some of us enjoy the simple things in life. We like when things are planned out, Stays on track. Life seems easier when you know the outcome. You know that if you put in 80 hours over two weeks at your job that your paycheck will be there waiting for you. And that paycheck is going to cover your bills, take care of your family, and leave you with some money in your pocket. On the other hand, some of us don’t choose that path. Some of us choose to get it the unpredictable way. Not knowing if we’re going to make a cent one day from the other. But we enjoy the unpredictable days because that makes the paydays that much sweeter. This post will be for the ones who gamble on themselves. Today’s post is going to be how to start a business my friends.
Business Plan
Today my friends this one is for everyone who is looking for the first step to starting a business. Willing to step out on faith. In order to start a business, you’re going to need a business, plan my friends. So, today I’m going to go over what’s should be in your business plan my friends. I like this topic because you may not know how important this part is but hopefully by the end of this post you all will. Let’s jump right into it!
First
First your business plan should be flexible. The reason why is because you have to be able to adjust to the time. Nothing is forever my friends. The best businesses are able to adjust to the times. Next you want it to really be a guide that outlines the goals you want your business to reach. Once you reach the first set of goals you make new ones. That’s why it must be flexible my friends, see it comes around. So set an overview of your business strategy and milestones, and don’t forget responsibilities. And the most important part is your financial projections for the business. This basically is how much you think it will take to start and run your business. As well as how much and when it will profit my friends.
Standard
Any standard business plan will outline these things.
– Executive Summary
– Products & services
– Market Analysis Summary
– Strategy & Implementation Summary
– Company & Management Summary
– Financial Plan
– Appendix
There is no exact length for how long your business plan should be as long as it hit all of these points my friends. Now you can have a very detailed business plan that’s pages long but I think short and to the point is the way to go. Unless you’re trying to get a loan than you might want to go with the more detailed one. If it’s just for you, your parents, or employees than go with the to the point one.
After you have a business plan you should review it every six months to a year I would say. Just to check the data and adjust it to such. A lot can change in a year so just being ready to adapt is going to be key in your success.
There you have it a quick look at what should be in a business plan. This will be the first step to bringing your idea to life my friends. I hope this helps someone out there. As always do your own research my friends before you make any decision. Good luck and let’s keep going to the next step.
Name
You’ll have to start with a company name for your business. One thing I noticed with companies’ names is that a lot of the big companies are family names like Hilton, Chanel, Kellogg’s, McDonald’s, Forbes, Disney, and Harley-Davidson. Knowing that maybe will help you make your decision a little easier.
LLC
Next, you want to go get your LLC with the company name you came up with. An LLC is a structure for business in the U.S that allows someone to do business and be protected as the owner from debt and responsibility or liabilities of the company. So, you will need one of these my friends.
EIN
After that you will need a Employer Identification Number or E.I.N. This will be basically a social security number for you company that’s on your LLC. Just imagine everything you can do with your SSN for yourselves you can do with the EIN for your company.
Banking
Right after you get the company name, the LLC, and the EIN. You want to go out and get your company a bank account somewhere you trust. Once you choose a bank my friends and get that account, you now have a company.
Tips
I know everyone is here today for more knowledge. Knowledge on starting a business or when you have a business. These tips are to help improve your business in all areas of business. These areas will range over every area in business. Hopefully some of these areas are in places that can help your business. I know these things really helped me out and I feel they will help a lot of you out there. So, if you are just starting out on your business journey or you feel your business can do a little better. This is the post for you!
Tip #1
In any kind of business, you want to think of the consumers always. They are the lifeline to any business. So, what they think and want to matter the most. Get to know your targeted market as much as possible. They way I think it should go is, the consumer first, the stakeholders second, and the company itself last. You want to stay away from the (I think mindset) because what you think doesn’t really matter. That’s because your just one person. Your consumers are the ones who points your business in the direction it should be going. For example, you may not like red shirts. But everyone who comes to your store is looking for red shirts. You’re not going to miss them sells because you don’t like red shirts. You’re going to get you some red shirts.
Tip #2
Next you want to actively protect your market. You want to focus all your energy on keeping your market share. You want to be pushing something fresh to your market as much as possible, while doing what you do business. Don’t be afraid to expend and try new things that make sense with what your business offers. So, if you’re selling shirts, it may make sense to try and sell pants. Because it goes hand and hand with what your business is already doing. Your market is more than likely going to be looking for them anyway. So, why let them go somewhere else and get it when you can save them a trip.
Tip #3
This next one goes hand and hand with the last point. That is be consistent with your branding so that your company leave a lasting impression. Nowadays that’s more than likely you can do this by being active in your community. You can do some sponsoring with a little football team for kids, food drives, or maybe have a block party for back to school. Also, try and be consistent with your social media presence. Videos and post are very important nowadays.
WARNING
WARNING
You must keep your business account, and all its expenses separate from your personal expenses. If not, it can come back and bite you.
You can also go out and get you an operation agreement if you would like. Do your own research on this and decide if you want one or not.
Last thing my friends is you don’t need a whole different location for your business, your home is just fine.
Summary
There it is my friends how to start a company. As easy as it is to start a company, it’s definitely not as easy to run one. It’s going to be hard my friends. It’s not for everyone as well. But if it’s something you want to do, I say go for it. Visualize it, have a plan, set goals, and reach them. Thanks for your time today and the visit. Please come back and see what we have going on. Tell your friends and family about the blog if you feel it may help them. Good luck out there.