By Evan Vitale
It’s exciting to dream, plan and start your own business and you’ll be super-charged the day you turn the key, flip on the “open” sign and earn your first customer or client.
However, until that day comes, you have a lot of work to do to help ensure your business will be successful, increase sales and earn a profit.
In our previous post, we revealed five things you should consider before you start a business. You can see the full post here.
Now, in our second-part, here are some more items you should think about before you begin:
* Write a business plan, including all financial and marketing details. Business plans are necessary even if you’re not planning on presenting it for lending opportunities. Remember, business plans should be updated at least once or twice a year.
* Be prepared financially and give proper consideration that it could take some time before your business begins to make a profit. You need to make sure that your business can pay you the same salary as your current job. If it can’t, you might consider starting your business on a smaller scale while keeping your current job.
* Get a few clients or customers lined up before your business officially starts. This will help you with a quick launch knowing you already have some customers before your official launch.
* Make sure you fully understand all the legal requirements of starting your business, including local, county and state license requirements; tax paperwork and forms and insurance needed.