Creative

FIND WHAT TYPE OF BUSINESS ENTITY YOU WANT

Whether it’s a sole proprietorship, partnership, LLC, corporation, etc., figure out what entity you want to enlist as your business. Most start-up’s and generally businesses, register under LLC as it is the easiest, most cost effective and protective entity type out of the rest. 

• Once you have decided on the entity type, you must now register it with the Internal Revenue Service (IRS) for tax purposes. You will receive an employer identification number (EIN). This is how they will identify your business. 
• After registering and receiving an EIN number, you must open a business bank account. 

HIRE PROFESSIONAL FINANCIAL EXPERTS

Whether it’s an accountant, or a CPA, or a tax advisor. No matter how big or small your business is – you need to have a proper financial expert . They advise you in important financial decisions and help prevent negative cash flow. Sorting your numbers is extremely important as 82% of business failures are due to poor money management. 

Financial professionals make sure everything is in order. Bookkeepers, for example, are responsible for recording ALL transactions made by the business. They produce reports, financial statements, and keep track of them.

CREATE A PRESENCE ON SOCIAL MEDIA

Possibly one of the best marketing strategies out there. Social media puts your business on a pedestal which helps it connect with clients, investors and people who are interested in your company. It helps you stay relevant and have attention directed towards you. Being active on platforms such as Twitter, Facebook, Instagram gives you an advantage of reaching your target audience with ease.

HAVE A BUSINESS WEBSITE

Having a social media account does not equate to having a personal website for your business. You have to house your services in an area where people can find more information about your business. Your website does not have to be top-notch. A simple web design will suffice. You do not need to hire an expensive web developer/designer in the beginning, you can build your own site by using templates through web development sites such as Squarespace or Ionos. 

1. Are they knowledgeable in your industry?

Speaking of industry jargon! Just because a consultant throws around a few terms doesn’t mean they have real knowledge.

Most successful business plan experts will be able to provide you with:

• proof of experience researching and writing for your market
• examples of previous work in your industry
• success rates

Research each firm’s reputation in your field. Remember, if they don’t have any industry experience, they may only be interested in taking your money.

2. Have they listened to your questions and answered them clearly?

Pay close attention during your interview. Does a potential consultant seem more interested in selling you services than listening to your idea? If so, that’s a major red flag!

They should listen to your questions, concerns, and needs. If they don’t, it’s unlikely that they’ll offer you more than a generic, cookie-cutter plan down the road. Your business is unique. It deserves a custom business plan!

Furthermore, the business plan expert should give answers that are clear to you. If they throw a bunch of meaningless statistics or industry jargon at you, ask them to clarify. If they can’t, it will be difficult to work together on a business plan that you can actually use.

3. Have they explained their development process to you and asked for your input?

Finally, make sure the firm you hire lays out their plan development process for you. They should begin with a thorough interview. If they don’t ask questions about your idea, research and basic business strategy, beware. A truly great business plan expert will want to work directly with you to create your business plan. After all, it’s no good to you if you don’t understand it!

The process should also include opportunities to revise your plan. A good business plan is a living document – it changes as your business grows and your market fluctuates. Look for a company that provides a 5-year outlook for their plans.