START SOMETHING HERE Start My Business
Although no two businesses are exactly alike, there are a handful of things every business must do. Registering with the secretary of state, getting your federal tax ID number, and opening a bank account to name a few. These are not the most glorious aspects of running a business but incredibly necessary. This section should serve as a general guide for businesses looking to get started, but it is imperative to do your own research and make sure you have taken all the necessary steps for your specific business.
A great resource to help with that research is linked here.
1. Register Your Business
Before registering, take time to review the different types of business structures to find what works best for you. Some common structures include:
- Sole Proprietorships – Someone who owns an unincorporated business by themselves.
- Partnerships – The relationship between two or more people to do trade or business.
- Limited Liability Company (LLC) - A business structure allowed by state statute for which each state uses different regulations. LLCs offer protection for members by separating personal and business liability.
- See Link For More Information
If you are planning to register your business in the state of Louisiana, register here.
2. Get Federal and State Tax ID Number
Follow the link for guidance in registering.
3. Open a Business Bank Account
It is always good practice to open a bank account specifically for business use, separate from your personal account. Choosing a bank to open a business bank account with can be very different from opening an account for personal use. Take time to consider a variety of banks, keeping in mind what the needs of your business will be.
4. Financials
When starting a business, there are many financial actions that must be taken. The most pressing are listed below.
- Create a Balance Sheet
- Pick an Account Method
- Determine Your Tax Obligations
- Determine Your Federal & State Filing Requirements
- Determine Your Necessary Licenses & Permits
- Insurances Needs vs Nice to Haves
Book Recommendations:
- The Messy Middle: Finding Your Way Through the Hardest and Most Crucial Part of Any Bold Venture - Scott Belsky
- The Great Game of Business, Expand and Updated: The Only Sensible Way to Run a Company - Jack Stack
- The Founder’s Dilemmas - Noam Wasserman
Take The First Step
Great startup ideas don’t need to start big—they need to start with clarity and purpose. Start noticing the gaps and challenges around you, and then focus your efforts on crafting solutions.
Your company brand is the first thing that will come to mind when customers think about you. Ideally, a company’s brand is something that aligns perfectly with their offerings, mission, and market position. If done well, a brand will be consistent and immediately recognizable to the company it represents. Some great examples are Apple, The New York Yankees, and Coca-Cola.
Think through these handful of tips before getting started creating your brand:
- Think about the human on the other end
- Make sure your brand aligns with your offering
- Use colors that are easy to digest
- Sometimes simple is best
Be Ready To Launch Your Business
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Once your brand is completed, now it is time to share it. There is a wide world of marketing and sales strategies out there. What could be a perfect strategy for one company could be a waste of time for another. Going into this step, take time to read back through your business model canvas, customer discovery notes, and customer personas. Keep in mind where your customers are likely to be and where they are likely not to be.
1. Sales Strategy
A strong sales strategy can make or break a company in the early stages. Below are a handful of resources to help you learn and grow in your sales ability.
Following these courses should give you a place to get started, however, remember that selling is something that you are always doing every time you talk about your business. It should be a dynamic message that adjusts to who you’re talking to and adjusts to the market you are in.
2. Develop a Marketing Strategy
Marketing differs from sales as it is typically something more passive where sales is more active. Think of marketing as putting your product or brand in front of your potential customer as often as possible, hoping they notice. If any of those pieces is missing, it is ineffective marketing and ultimately a waste. If you are placing your product where your customer isn’t, or if your product does not catch your customer’s attention, your strategy will not be fruitful. The resources below are a great place to start learning.
Book Recommendations:
- To Sell Is Human: The Surprising Truth about Moving Others - Daniel H. Pink
- Made to Stick: Why Some Ideas Survive and Other Die - Charles Kahlenberg
Be Ready To Launch Your Business
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