Ready to embark on the entrepreneurial journey and turn your business ideas into a reality? Or perhaps you’ve already taken the first step but feel there’s still more to be done to ensure success.

Whether you’re just starting out or looking to take your business to the next level, it’s important to consider all the key elements that go into creating and running a successful enterprise.

To help you get started, we’ve put together a (fairly) comprehensive list of things every entrepreneur should consider when starting or operating a business. So, buckle up, and let’s get started!

1. WHY do you want to start a business? Some businesses can succeed based simply on the owners’ desire to make money. Though real success comes from a passion or a drive to provide a product or service. Finding your why is a good start to your business. Simon Sinek books “Find your Why” is a good read towards this.
2. Conduct market research: Are there really buyers for your product or service? Are competitors’ offerings not complete? Research the market to determine the viability of the business idea and identify the target audience.
3. Develop a business plan: Create a business plan that includes the company’s objectives, market analysis, competition analysis, marketing strategies, and financial projections. Unless you are getting outside funding, this document doesn’t need to be professional. Its point is to get you to think about all these areas and not miss something. We recommend Jim Collins book “BE 2.0” to assist in creation.
4. Choose a legal structure: Decide on the legal structure of the business, such as sole proprietorship, partnership, limited liability company (LLC), or corporation. IRS treatment is also something to think about. A registered agent may also be needed.
5. Register the business: Register the business with the appropriate government agencies such as getting an EIN Federal Tax ID and obtain any necessary licenses and permits. Sales Tax, Payroll Tax, and other registrations may apply. This can be daunting though services like ours exist to walk you through it!
6. Compliance forms and agreements: Operating Agreements, Meeting Minutes, waiver of notices, resolutions, and other documents needed for compliance.
7. Funding: Identify and secure the funding needed to start and run the business, such as loans, grants, or investments from angel investors or venture capital firms.
8. Set up accounting: Choose an accounting system and set up a process for tracking the company’s financial transactions. We recommend Quickbooks or Freshbooks for most of our clients though there are several other good systems available. Compliance in several areas relies on good accounting.
9. Establish a brand: Create a brand for the company, including a logo, tagline, and website, to establish its identity and build recognition among customers.
10. Build a customer base: Develop and implement strategies for acquiring and retaining customers, such as advertising, public relations, and social media marketing.
11. Network: Attend industry events and join relevant business organizations to build relationships and make connections with potential customers, partners, and suppliers.
12. Protect intellectual property: Obtain any necessary patents, trademarks, or copyrights to protect the company’s intellectual property and prevent infringement.
13. Stay compliant: Stay informed about and comply with all relevant laws and regulations, including tax laws, labor laws, and environmental regulations.
14. Plan for the future: Continuously assess the company’s performance and make plans for future growth and expansion.

This is not an exhaustive list and may not contain all considerations depending on your specific business and industry. An entrepreneur should consult with business professionals, business attorneys, accountants, and other professionals as needed to ensure a successful launch and operation of the business. Here at BCA, we act as an experienced guide and business advisor to assist in all the areas above.

There are many other resources on our site ConsultBCA.com to assist you in your journey. Continue to look around and contact us should you have any questions.