Having recently started my own small business, someone told me that experience could be an interesting blog topic. Since I had already written “the beginning” when I launched the Focus HR LLC Facebook page, I decided I’d try it for those who are interested in the journey.
Now my own business startup has been relatively simple compared to some, but there is still a lot to getting started. None of this is rocket science, but in this article I’ll share my tips based on some of the experiences from the first few months:
Getting Started
Although you can register your business with the secretary of state and pay the associated filing fees online, if you haven’t ever done this you will likely want to utilize an attorney. Although I’m sure this expense could vary widely based on business complexity and how much additional startup work you’ll want done, it was not terribly expensive to ensure it’s all done right from the start. Select an attorney who does business filings and business representation so you have already established a relationship with a legal resource if additional issues arise in the future.
Taxes, Accounting, and Banking
Most small businesses will want to obtain a federal tax id, unless as a sole proprietor you want to share your social security number with clients. The tax ID becomes essential for setting up your bank accounts, payroll service, invoicing, and more. Your attorney may offer to obtain this for you in connection with the work to establish your business.
At a minimum, you will need your evidence of business filing, your tax ID, and your articles of incorporation to open a business account. Depending on the complexity of your business and ownership structure, other documentation may also be required. Some banks offer free business checking accounts for small business or other programs to encourage partnerships. For example, my bank offers periodic seminars featuring speakers with helpful information to support small business success.
Unless you are a CPA, you probably want to consult with one as you get started. Most of us know the basics for business expenses but it’s important to begin your record-keeping in a way that facilitates simple and accurate tax preparation when that time comes. Also, a CPA can offer advice regarding the type of incorporation that might be most beneficial to you from a tax standpoint and a host of other tax and accounting guidance.
Employees
This gets complex, but it’s what I know best! The easiest structure is if you are a sole proprietor and won’t have anyone else working with or for you, but for most businesses it’s not that simple. I’ll discuss this more in another blog post…stay tuned.
Logo
Most companies have a logo and establish a color scheme so they can print it on business cards, invoices, and use it in advertising. Your logo is the first step to establishing the identity of your brand….and you’re going to be using it for a long time, so be deliberate about this. Depending on your creativity and familiarity with graphic design programs, you may be able to do this on your own, but unless you are one, consider using a professional design service or advertising company that can help.
Online presence and Social Media
In today’s climate, social media presence is a necessity and it essentially creates your ‘brand’. Your online business profile establishes a level of professional credibility and businesses without an online presence are at a disadvantage. Different types of businesses will benefit from different types of social media but almost everyone needs something.
Facebook business pages may be enough for some local service and product suppliers, but a company website may be required if you intend to do business to business transactions. If you’re selling products, an online catalog and ordering system could be required. LinkedIn business pages offer a view of your business to your professional network and others who might search for referrals on the site, and your personal profile on LinkedIn is as important as your business profile! Twitter, Instagram, and a host of other social media opportunities can be used to successfully drive attention to your business and attract customers. There are companies that will design and host your website and will also manage an entire social media campaign (ever wonder why so many businesses have great looking content delivered regularly from their social media accounts?). The value of all these options varies depending on your business – and your budget. One bit of advice – don’t let your social media accounts go without posts or updates for weeks and months at a time, but PLEASE, don’t overdo it! Consider the frequency that is right for your business to avoid creating follower frustration due to excessive posts that don’t add value.
My personal advice – at a minimum, get your website done professionally. Amateur-looking sites are noticeable, and may cause doubt about your business credibility. Sites don’t have to be complex to appear professional, and the expense to do your company website well is (in my opinion), money well-spent.
Your Brand
The logo, the website and other social media content are the building blocks for your brand. Think carefully about your mission and goals and how you want your business to be viewed, and devise your external publications and communications in support of that. While normally designed to satisfy the customer perspective, if you are going to be hiring employees, this is especially critical.
I’ll continue to periodically share thoughts from my experiences – it’s only the beginning, but I hope you found something in it to be helpful! If you have a specific question that you’d like to see addressed, let me know and I’ll make every effort to respond.