So I recently started a new business idea. It's a simple little venture that I am starting with some people I know to possibly bring in some "extra" monies. I won't go into too much detail about what the product is but I wanted to talk about things that I'm looking at to get this business started off the ground.
It is extremely good to have friends who understand what is going on in the world of business. My original ideas of how to set up the company, what is needed to get the business off the ground, and how successful this idea could be were drastically different then what ideas have been given me lately. If it wasn't for the people I've been talking too I don't know what I would have done.
First things first, you need an idea. If it is a clever idea or even if it is something that you are looking to start, try brainstorming with some people you trust. This not only let's you see flaws or problems that you might want to address, but it will also give you the incentive to keep things going if you have other people's opinions helping you out. There are many times, since I started this idea, that people have asked "So what is new with your project" and I can tell them what is going on and what is happening.
Second, get some insight in Business Entities and/or Structures. There are thoughts and ideas that I didn't even know existed out there that are extremly helpful in protecting your assets and finances. I thought that I had a good handle on certain items and events. I mean I know what C-Corps, S-Corps, LLC's, Partnerships and Sole Proprietorships are, but some of the things that can be done with these things are pretty cool. I am definately not a person to talk to about what is right for you or what is the best for your situation, so I would talk to an accountant or lawyer at some point during your start-up or growth phase of your company.
Third, find out about protection needs. If you are selling products, find out what type of liability insurance may be needed so that you don't loose your shirt if something happens. Find out what warning labels, Advisory warnings, notifications, etc. is needed to make the business flourish as best as possible. If you are retailing make sure that you have protection for your inventory, etc. If you are in services make sure that you are covered with all aspects of liability. We live in a day and age where people love to sue other people for any reason under the sun. It is best to protect yourself as best as possible and not wait until the last minute.
Fourth, Find a good accountant and a good finanical planner to help with the proper flow of finances. A good accountant will help with tax preparation, Accounts Recieveables, Payroll, etc. A good finanical planner will help your money grow instead of sitting in a bank earning 0% interest. Finding a pair that work well together will help get the most out of your profits. If you are really successful a strong financial team will help you look towards the future to make sure that success can grow.
Fifth, Marketing is a must. If you can't get sales then you can't go anywhere. This is where a lot of people get lost, struggle or just give up. There are more companies that couldbe successful, but fail miserably because of poor marketing schemes and/or poor promotion management. Find a person who is good in this area and can help your company grow. Or better yet a person who can teach you to understand all the things that are needed to better yourself.
So who do I have? Well I have a number of people whom I have talked to and are willing to help out in my different areas and problems. All of these people have been great and I highly recommend them.
Legal: Dexter & Dexter - http://www.dexterlaw.com
Financial Planner: Alan Boyer - http://www.boyerwilliams.com
Accounting: Dave Larsen - Main Street Financial
Marketing: Bryan Pope - http://www.MSICommunity.com
These are all fantastic people that I have worked with and helped get me on the right track. The big thing to remember is that information is easily available to gather, but the practical application of that information might not be the simplest thing to understand. Why try to venture alone if you have guides that have been there before? Use them, because generally, they want to guide you.