First there are legal considerations… what legal issues will I face? Type of legal business entity… why… what is best? What kind of local, county, state and federal regulations will apply? So my first step… would be to have a discussion with a qualified attorney. Not the last time but just the first time.
Next, I would consider the financial funding of the business. Before you approach a financial institution you need to have a “Business Plan”, which is really a marketing task to go about planning your goals, objectives, strategies, time schedules, plans, implementation schedules, costs, sales, and all the functions and ramifications of the business during the first one, three and five years of operation if possible. The more that you can estimate and project, the better off you will be. So now let’s say that you have completed your “Business Plan”. Did you have the marketing background, expertise and tools to accomplish this? Or did you need some professional assistance or tools to help you? We know that the latter is much preferred.
Now, we have our business plan, let’s begin interviewing banks and lending sources to determine what funding is available, at what costs, and on what terms. Let’s say that you come up with several options that appear attractive. Would it be helpful for you to have a CPA or Accountant with Tax Qualifications to assist you in evaluating the best funding program? Yes, most likely.
Now you are ready to determine the location of your business, which will raise real estate questions, tax questions, contractural and legal questions, and financial cost considerations… as a beginning. Where you decide to locate your business will also determine your local and county licensing requirements.
Wonderful… now we have a great location to work… and we need competent employees who would help this business be successful. Now you need to put on your Human Resources hat, get out all the government regulations that apply, develop a mandatory HR Handbook for your business, and begin interviewing… for the anticipated business functions that we planned for our business.
For a beginning business which serves the public your initial functions will consist of an office and business that will provide for Management, Sales, Service,Storage, Reception Area and Conference Room. In reality in order to effectively operate and manage this business you will also need a Legal Department, Marketing Department, Tax and Accounting Department, Collections Department, Human Resources Department, Technology Department, Management Department and Advertising Department. Realistically you will need to perform all of the above functions of a major corporation that has been in business for many years and has considerable resources.
The reality is that for your start-up small business as the owner you may be performing all of the above functions by yourself..personally… for an extended length of time until business volume or funding of the business allows all of these functions to exist and operate. This is a classic example of “I did this myself”.
So how does a small business maximize access and utilization of professionals to give advice on how to accomplish all of these activities efficiently and profitably? Is it possible? Yes, it is… however not too many small businesses know the secrets of doing so. That is the purpose of this document… to acquaint those who are interested with tools, techniques and resources that are vital but difficult to learn about.
The very best ways to do this are through the acquisition of talented people and businesses that offer these services on a very economical basis. With my 58 years of business experience with large corporations and small businesses, I have been fortunate enough to identify many economical tools and services that can benefit small business owners. I provide consulting services and market some of these tools for those who contact me personally. If you have an interest contact me for personal discussion as described below. Thank you for your interest.