Been Thinking of Starting Your Own Business?

Here are 10 Start-Up Tips That Will Help (Part One of a Two-Part Series)

Are you hesitating to start your own accounting practice simply because you’re not sure where to begin? We know how intimidating starting a new business can be. You may feel like you’re forever sitting on the shore of your real life, too timid to leave your beach towel to test the waters. Often a little knowledge can empower you with the confidence to move forward and get started. Here are five of 10 start-up tips to help you do just that. Come on in - the water’s fine.

1. Name Your Business
Some suggest that when starting a diet, you should start by fasting; seeing pounds come off quickly inspires dieters to continue. Naming your business can be like that dieter’s fast; creating the name of your business could be just the inspiration you need to move forward (and it’s less painful than food deprivation). Will your name be part of the business name? Will you include a motto or slogan?

Recognize that naming your business is just the beginning of creating a brand for yourself. Before you brainstorm a business name, ask yourself the following questions:

• What are your competitors calling themselves, and how can you differentiate your services and stand out? (see #3).
• Who are your potential clients and how do you want them to view you?
• Will you limit your ability to expand by localizing your name?
• Will your name be memorable and easy to refer?
• Will your business name excite and inspire you?

2. Choose a Business Structure
There are many business structures to choose from when starting your own business. The entity you choose depends on your objectives. If you’re partnering with a friend or family member, you’re looking at different structures than those going into business by themselves. There are many factors to consider when deciding which structure is best for you. To learn more, read our article on “The Pros and Cons of Different Business Entities.”

3. Get to Know Your Competition
Knowledge is power. This is the perfect example of how a little knowledge can catapult you to the front of the race. Find out what your competitors are calling themselves, what services they offer, and who they’re marketing to. You can only stand out from the competition when you know who your competitor is and what they’re about.

4. Be Legal-Minded
This is somewhat related to number 2. It’s important to start your business off on the right foot. File the proper papers and pay the required fees. It’s also not a bad idea to consult with a lawyer to ensure you’re headed in not only the right direction, but a law-abiding one. Also, as you begin working with clients, document your correspondence and save your files.

5. Tread Lightly (financially, that is)
Perhaps you’ve been saving money to use when you start your business. Perhaps you’re on a shoe-string budget and don’t have much wiggle room. Regardless of how fat your pocketbook is, you should be frugal, especially at the birth of your startup. Prioritize your spending, and avoid buying things you don’t need.

Don’t overwhelm yourself. Take your time and do it right. If you get anxious and move too quickly, you might miss an important and crucial step. But remember, procrastinating your future, procrastinates your success.

Return in two weeks when we will cover the final 5 startup tips:

6. Pick and Prepare a Business Location (even if it’s just in your basement)
7. Create a Business Plan
8. Begin Marketing, NOW!
9. Hire Well, Fire Quickly
10. Hope for the Best, Prepare for the Worst

Universal Accounting Center Can Help You Prepare

Are you ready to start your small business today? Consider how earning $80,000 a year with your own accounting practice might contribute to a wonderful and bright future for you and your family! Would you like to learn how Universal Accounting Center can help? Order our video, “Start Today, and Have Your Own Bookkeeping Service” for just $9.95 and discover what your future could hold! For less than $10 you can change the course of your life and start living your dream, today!