So you’ve decided to take that leap of faith, and you’re starting a new business. That takes a lot of backbone, and it’ll be a lot of hard work, extra hours, and plenty of blood, sweat, and tears. The reward? Potentially, freedom – both career-wise and financially. In order to get there, though, you need to start your business off strong. We’ve got a few tips for starting your business that will pay dividends in both the short term and the long term!
Tips for Starting a New Business
Nobody ever said it was going to be easy, but as long as you stay in-the-know about your finances, product, team, and laws… you’ve got a great chance of being successful. Let’s dig in a little further:
Know Your Finances
It all starts with the finances. Cash makes the world go ’round, as they say! As the owner of a new business, it’s going to be almost entirely up to you to make sure your business is well-funded and profitable.
It’s not just about how much money you bring in – you’ll need to have a keen eye on how much it costs to make each one of those dollars. That includes things such as:
- Licenses and related fees
- Equipment rental fees or financed payments
- Office space
- Productivity software
- Taxes, Taxes, and More Taxes
- Employee wages
- Employee benefits
Many businesses don’t turn a pure profit for years, and that’s something you need to be prepared for.
Know Your Product
What does your business do? It sounds like a simple question, but you’d be surprised how many businesses only have a vague idea of how to answer that… and sad to say, those are the businesses most likely to fold before reaching profitability.
Will your business offer a new, revolutionary specialized service or product, or will you be hoping to elbow your way into a crowded market by doing things better? These are questions that need to be answered, and as the business owner, you have the final say in what you do and how you do it.
Be sure that your company’s product is clearly defined to yourself and your employees.
Know Your Team
You’ve got a financial framework and you’ve got a product or service to sell; but unless you’re planning on doing the whole thing yourself, you’re going to need a team.
When hiring your squad, understand that they are there to complement your strengths and shore up your weaknesses. A common pitfall with new business owners is they hire a handful of employees that have the same background or think and act just like they do. You don’t want yes men – you want people that can help you get the job done better, or come up with approaches to problems you’d have never thought of.
Know Your Laws
With good finances, offerings, and employees, the core of your business is strong. However, there’s one last hurdle to contend with: the law. Knowing and complying with all the local, county, state, and federal statues and regulations that govern your business is not just a good idea, but critical to the long term health of your business.
We’ve seen it time after time: businesses with great plans and financing fail to thrive because of delayed paperwork or costly fines.
Don’t let that be your business! Constant and steady consultations with business law experts (like the team at Gilliam & Mikula) will make sure your business gets into the green, and ensures that you stay there.
Looking to Start Your Business? We Can Help.
We wish you the best in your new business venture, and if we had one more word of advice, it would be this: give us a call before you get started.
We’ve worked with hundreds of businesses throughout Virginia, and we’ve got the experience and skill to help you navigate through the thousands of codes and regulations you’ll encounter. Whether you’re just starting a business or want some extra legal protection and auditing for a long-time company, we’re here to help.
Gilliam & Mikula is centrally located in Richmond, Virginia, and serves clients throughout the Commonwealth of Virginia. Our attorneys have over forty years of combined experience in various practice areas, representing individuals and businesses. We are licensed to practice in all General District Courts and Circuit Courts of the Commonwealth of Virginia including Central, Tidewater, and Northern Virginia areas.
The attorneys at Gilliam & Mikula are here to smoothly guide you through the “legal maze” and ensure that you achieve the most favorable outcome.
The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information.