We have completed the planning phases for the new Business. Now its time to implement. My next story arc will be on a different trajectory, so I want to wrap this up.
There are a lot of mechanics to opening a new business. I don’t recommend a Sole Proprietorship, but they do go much faster than LLCs or Corporations. I won’t do any recommendations on structure, you should talk to a Business Law Attorney about that. Most of the issue relates to liability and separating personal liability with business liability. But again, talk to an attorney.
I live in Santa Rosa, CA and here we have to have a City Business License to open a business bank account. That in turn depends on any State or Federal Tax IDs that are going to be issues. Each city is slightly different, but this is one of the bigger time sinks in the process.
You probably need to talk to a Business Insurance broker about at least liability insurance. Some businesses of course will need performance bonds and other insurance products as well. So, this is another person to talk to.
You need to consider what you are going to do for Bookkeeping. Most small businesses use Quickbooks (I use the online version), but there are several worthy products. If you are going to have a large number of company transactions (my coaching practice does not), then you will probably want to hire an bookkeeper to help.
Then, there comes the time to consider various consultants. I operate as a Business Coach but I also do specific Consulting work for clients. These projects can range from Marketing, Operations, Human Resources, or Sales. If you are not an expert in a particular area of the business, you need to consider hiring an outside expert to help you with one or more of these functions. IT support is a place where many folks outsource some of the work.
Last but not least, should you consider a Business Coach. As a new business, you might consider this an extravagance. 90% of all new businesses fail in the first 5 years. If hiring a coach can get you into the 10% then it is very likely worth it. If you look around you will find Coaches that can give you a sense of how to move past issues and get your business up as quickly as possible. For example, I have various ways that I have built my curricula to address specific business functions. The difference between Coaching and Consulting this way is that as a Consultant I am doing the work (I am fishing). As a Coach, I am teaching the Business Owner to do the work (Teaching him or her how to fish). Depends all on your needs. Feel free to contact me, if you need help.
Onto the next Story Arc!
Focal Point Business Coaching
Change Your Business – Change Your Life!
Business Coaching, Sales Training, Web Marketing, Behavioral Assessments, Financial Analysis