So you have done your due diligence and have picked the right company to work with….now what? In this post, I will share a few ideas on how to get organized and start your business on the right foot.
1) Understand your “why”
Before undertaking any major task, it is really important to understand your reasons for starting your business. What are you looking to accomplish? Did you decide to start you business because you are looking for away to earn income so that you could be home with your kids or are you looking for a way to become your own boss? There are many different reason why people decide to start their own businesses but it is important for you to really understand your reasons because this is what will drive you to keep moving forward when you hit those dips and challenges in your business.
2) Meet your support team
The beauty about this business is that you have a whole team of people to support you through your journey. Don’t be shy….pick up the phone and introduce yourself to others on your team. You will be surprised by the amount of support you will receive. Your support team has a vested interest in your success and so they want to make sure they provide you with the tools and resources that you need to succeed.
3) Work with your support team to build your business plan
By building a plan, I’m not talking about a ridged plan with numbers and details but more along the lines of determining what you would like to accomplish (what is your goal), how will you fund your business, how much time can realistically put into your business, and understanding what systems your support team has in place to market your business. Your plan should include calendaring, your action plan and tracking. Set a schedule and establish a daily, weekly, and monthly routine that fits your lifestyle and is realistic for you.
Also, involve your family with your plan. They need to be involved in the process so that they have an understanding of what you will be doing and how you will need their support in the process.
4) Set realistic expectations
I know that I just addressed it in the last bullet point but I think that this point is so critical it warrants repetition. Don’t have unrealistic expectations of becoming a millionaire overnight. This is a business and it requires treating it like a business and not a hobby. Remember that this is a marathon and not a sprint.
Become a lifelong learner. There may be skills that you will need to develop, ideas you need to experiment and implement. Be patient with yourself and be persistent and consistent in your activities. You’ll have a great story to tell in the end.
5) Create a Tax file – track income and expenses
There are amazing tax advantages when you own a home based business. In most cases,these tax savings can help pay for your business expenses. Take the time to learn more about the tax advantages of having a home based business. One great resource is the Home Business Tax Savings Learning Center. This site has many resources and tools that you can use to learn more about tax savings and tracking your business’s income and expenses.
Make sure you have a list of business expenses you should keep track of and have a system of collecting and organizing your expenses. There are other great financial tracking programs such as Quickbooks, Quicken and Mint etc. There are also a number of paper based systems that you can use to track your expenses. Any system works just as far as it allows you to keep track of your business’s cash flow.
6) Build your “other” support team
Your “other” support team should consist of a lawyer, accountant, financial planner etc. Counsulting with your team of professional advisors will help you determine the legal and financial implications of operating your business (sole proprietor, partnerships, limited liability corporations etc). Ask others in your business who they would recommend. Make sure you work with someone who has experience with home based businesses.
7) Set up a separate business work space
Try to separate business and personal space. Not only will this be helpful in your productivity but also helpful in tracking business expenses for tax reasons.
These are a few ideas to help you get started on your exciting adventure. If you think that this information would be useful to others, “Tweet”, “Like” or “Share it” at the top of the page.
Are there any others that you would add to the list? I welcome you comments below