Follow these seven silver tips to success, for your new business!
- BUSINESS PLAN
Think you don’t need a business plan, just because you’re flying solo? Then think again!
Even sole traders and contractors just working for themselves, should have a business plan in place.
In this, you will include all the relevant details about your business, including financial information.
This document will be read by anyone wishing to invest in your company – including banks and lenders.
For more information, download our free info sheet on Writing A Business Plan.
- MARKET RESEARCH
Anyone looking to start out in business should first conduct some market research.
Although, within the construction sector, it is more than likely that you will find work, it is still a useful tool to have.
By conducting market research, you will see who the competition is, how much they charge, what services they provide and where they operate. This can be helpful to know where you slot into things and where, if anywhere, there is a gap in the market for your services.
- GETTING FUNDING
The tricky one. Getting funding for your business is not straightforward for a lot of people. This shouldn’t put you off, though.
You need to know exactly how much money you need to start up- and how long it is projected to last.
This information should be included when you write your business plan.
The SBA can point you in the direction of loans available to businesses like yours, in their start-up phase.
- YOUR STRUCTURE
Exactly how you go about launching your business and the structure you choose for it, can affect a myriad of things. This includes the legal situation.
Everything, from how to register as a business, to the type of tax you are liable for, is determined by the structure you choose.
- YOUR NAME
Now you are at the stage of choosing a business name for your venture. This could be as simple as your name.
It might be more inventive. All that matters is that you have a trading name and that it isn’t the same as anyone else!
- GET LEGAL!
Having chosen a name, now you must register it. Whilst you’re at it, make sure you have an Employer Identification Number,
This is the first step on the road to being able to do anything as a business, including getting a bank account and paying tax.
You may also need to have a tax ID for your business. Check with your individual state for more details.
Additionally, you should make sure that you have all the licenses and permits needed to undertake your specific trade, within your home state.
- GET BANKING!
We would always recommend that contractors, whether sole traders or as companies, have a business bank account which is separate from their own, personal account.
This need not be anything complicated, just a simple checking account.
To discover more about starting a business, checkout our upcoming August newsletter!