Each day someone is faced with what to do with their career lives. What is a good fit for one person won’t be a fit for another. Some are perfectly content working on an assembly line, doing the same routine every day. It is steady and doesn’t require making decisions or coming up with new ideas or solutions, or taking work home, etc.
Other people like for each day to be different or be responsible for developing new and creative ideas regularly. Still others prefer more challenges or solving problems or fast-paced work routines. Yet, others savor intense and exhilarating thrills (driving fast cars, planes, etc.).
Today there are those who are willing to take great risks in their work lives or even be able to manage tedious and extreme detailed efforts that would be nerve racking to others. With our world being one with constant and unexpected changes, more people are choosing to become Business Owners, though that usually involves even more risks.
Before anyone chooses that career path, he/she is encouraged to hire a Career Coach to help them examine all aspects and choices available. One reason many new businesses fail is usually due to not doing enough research nor understanding how to manage such a different work life. If you ever wondered why your employer chose to do one thing or another, you can be assured that there were many factors to consider of which you were not aware.
Being a Business Owner is a HUGE commitment. Some believe as an owner, you can set your own hours, but you also need to know how to effectively market your business and be accessible to those clients. Without a strategic and effective business plan, you won’t have any idea how much funding is needed, what supplies are required, what types of skills your employees must have, or how to develop a reasonable budget. In addition, it is a matter of knowing how to manage your entire business process, if you even have enough finances, and have received the best strategic advice for your type of business.
Other steps to handle at the beginning include: applying for your state and local business licenses, research and register the business name, select an appropriate setting (office or work space), apply for the proper inspections, identify the types of insurances (property, fire, liability, etc.), determine what signs are permitted, and many other particulars, depending on the type of business you choose. Even choosing the business or industry, which is doing well and more likely to be successful is a giant decision. You should never make assumptions that friends, family, or other associates might be willing to work with you or for you. This often backfires on the person planning a business. Otherwise, you could be in for a rough ride.
These topics lead to another set of decisions: what professional experts do you need to be of support of you? Accountants, (multiple) Insurance Agents, Marketing and Advertising professionals, IT Support for your business email and website development, and before any of these, a very good Business Attorney is absolutely critical. Again, be careful if choosing a friend or relative for any of these roles. Their good judgement, high ethics, and clear communication is absolutely a PRIORITY. All agreements must have “clear expectations” with NOTHING “assumed”.
These decisions you have to make are REALLY important and will directly impact and make a huge difference on how you and your business develops. Your business attorney needs to be experienced and completely trustworthy, providing you solid and accurate information and advice. The same is true for your Accountant or CPA. Each professional resource is important, but these first two are the “heavy hitters”. You must completely trust each other.
Another important “business partner” is your Bank. Research carefully the different offerings each bank provides to businesses. Some can cost you large sums for fees. Talk to your CPA and attorney as they should both have good insight of the different banks. Then make a list of the services needed from your business bank and compare what each bank promises.
You also need to become aware of many business resources, which can be extremely useful. Hiring a professional marketing firm can help you to select a business name that doesn’t conflict with other businesses and then help to design your business’ logo, company colors, stationary, business cards, etc. In order to look professional all of these should complement the others. Compass Career Management Solutions are experts in “transitions”, and this would be a BIG one!
As mentioned earlier, the initial steps of choosing your specific business should be one with which you have a passion or at least be more knowledgeable. So much of what to do in starting a business requires a lot of research, planning, and calculating. Once all these details are worked out, the next BIG hurdle is selecting the right people to be on your team. One mistake many have made is to hire others like themselves. However, you need people who are able to tackle the areas where you are weaker. Of course, you need to understand what they are doing, but don’t duplicate yourself. This article is to help you to determine if being a Business Owner is for you and for you to know the initial steps, but use credible resources.