New Year, New Business?

Last year was a struggle for everyone. Stay-at-home orders, mandatory masks, and social distancing have caused even the most rugged of us to wish for it to all go away. Now that a vaccine is being administered, we are beginning to see a ray of hope. Maybe life will return to normal. Now may be an excellent time for you to consider opening that small business you have been thinking about but knowing how can make the difference between success and failure.

The Key is in the Details

You may have a great business idea, a world-changing product, or a service that everyone needs, but if you skimp out on developing a detailed plan, your business will be doomed from the start. Before you start a website or open the door to your business, build your start-up on a solid financial plan.

New Business Needs

Here is a list of things you need to do before you can turn on the open sign:

  • Turn your idea into a plan – Invest time into researching your business idea. Check out competitors and develop ways you can do it better. Identify your customer base, lock in your business name, and be firm on why this business is a great idea.
  • Put your plan to paper – a well-thought-out business plan can make or break your idea. A good business plan will include market research, your financial needs, the best business structure for you, and provide an exit strategy in the event of a business failure or sale to another company
  • Make it legal – you will need to register your business with federal, state, and local governments. You will have to become familiar with your federal and state income tax obligations.

Starting a business can seem overwhelming, but success can be yours if you have the proper tools. If you are ready to jump into a small business and need help, give MRD Consulting a call at 763-688-1280, and we can get you on your way!

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