If you are in the process of launching a new company, you are not alone. According to recent statistics, the number of business applications has been steadily rising over the past ten years.
While turning an idea into a reality is an exciting prospect, many entrepreneurs underestimate the challenges they will face when trying to get their new operation up and running. Luckily, you can find yourself on the road to success if you think and act strategically. Consider these critical first steps to get you and your company off to a good start.
Choose the Best Name
While the name of your business is one of the first decisions you’ll make, it can have a lasting impact on the success of your company. It plays a vital role in your brand’s reach and growth, and if the name doesn’t properly reflect what you are trying to sell, sales and profit can both be impacted.
An optimal name should also be easy to say, spell, and remember. If potential customers can’t understand, pronounce, or recall the name, you risk losing that share of the market.
To help you pick the best name for your business, consider using an online name generator. After you provide the generator with relevant keywords, you receive a list of catchy names that capture the essence of your business. As a bonus, the list only includes names that are available and not already trademarked by another organization.
Look for Ways to Reduce Expenses
Managing your company’s expenses is critical if you hope to make a profit. While some expenditures are unavoidable, others can be eliminated or, at least, significantly reduced. For example, rather than hiring full-time employees, it can be more strategic to use freelancers for certain tasks. With contractors, you are able to avoid a long-term commitment, as well as the expenses related to employee benefits, such as Social Security, paid vacations, retirement benefits, and health insurance.
Another way to save money is to run your new business out of your house. By using your home as your office, you incur fewer risks and virtually no overhead expenses. You may also be able to take a home office deduction on your taxes, which will save you money during tax season.
Use an Online Virtual Assistant
When you are first starting a company, the way you treat customers can strongly impact the future success of your company. For example, you need to be responsive to potential customers who call if you hope to build a large client base.
Since it’s impossible to be personally available to customers 24/7, strategic business owners use a virtual receptionist to ensure they never miss an incoming call. An online assistant works remotely and can ensure your customers always reach a live person when calling your company. These professionals can:
- Provide customers with a personalized experience
- Present a customized script that is tailored specifically to your company
- Offer bilingual services to better cater to today’s diverse population
File for LLC Status
When you start a new company, you will need to register with the government as a specific type of business structure. Many entrepreneurs choose to file as a limited liability company (LLC) because LLC status provides the most flexibility, protection, and cost savings for small companies. For example, having LLC status allows you to shield your personal assets from any liability. Also, you can classify business profits as personal income on your taxes, a move that often reduces your tax burden.
Make a Business Plan
A business plan is a detailed document that serves as a roadmap for your company and how it operates. Most business plans include detailed information on all facets of your operation, including:
- Industry overview
- Target market
- Product description
- Organizational structure
- Financial plan
- Marketing strategies
- Success metrics
- Future projections
You can draft a business plan by using online examples or special software to guide you. However, if you don’t feel secure doing it yourself, online business plan providers can do it for you. Once you have a solid plan in place, it can serve as a blueprint for current operations as well as future decisions and strategies. Starting a new company is an exciting but challenging experience. Therefore, entrepreneurs need to think and plan carefully when making early business decisions. By doing your research, planning well, and taking the necessary steps, you can successfully impact the direction and future of your new company.