Anyone with a good idea can start a business, but not every one of us can grow a business to profitability. However, there are steps you can take to increase the likelihood of business success.

Planning, preparation, certification, hiring – there are a lot of steps as you climb to business success, but people do it every day – and you can, too.

Talk to a lawyer. You’ll need to create a legal entity, but you may also have to meet certain accreditation, licensing or certification requirements that a business attorney can properly prepare. It’ll cost a few dollars, but it can save a lot of headaches as the company grows.

Track finances. Daily, weekly, monthly, quarterly – track how much income and outgo the company processes regularly. Look for trend lines up or down. If you’re selling less of an item, drop it. Selling more of an item? Put it on the home page of your website. Know where the money comes from and where it goes.

Take advantage of your bank’s business services. Banking expenses for a small business can nibble away at a small bottom line. To see what Nevada State Bank can help you with, go to: https://www.nsbank.com/business/small_to_medium_business_banking_services/index.jsp

Using online banking services enables you to capture remote payments to increase cash flow, set up automated payments, accept automated cash transfers – and save on banking expenses no matter how big or small your business is. https://www.nsbank.com/business/sign_up_for_online_banking/index.jsp

Call in the government. The Small Business Administration (SBA) offers a wealth of information online, and also at small business conferences and seminars.

This one resource can help you prepare applications for government loans, teach you how to manage expenses, and help you understand how to stay in compliance with local, state, and federal regulatory agencies. This is invaluable help, it’s free, and it’ll give you traction as you start a new venture.

Call the Small Business Administration*, set up an appointment with a local representative, and help set yourself up on the pathway to business success.

You need a business plan. What will you sell? Who will buy it? How much will you charge? Are there other revenue streams? How will you expand in the future? If you haven’t written a business plan, templates are available on the Internet. It’s the best place to start identifying challenges and developing solutions to meet those challenges. Get it on paper.

Get organized. Even a small business generates a lot of data – paper work, computer files, tax forms – and developing a system for organizing all of this information for easy access may save hours in the months and years ahead.

Develop a digital system to keep track of cash flow, and install customer relationship management software (CRM) to track each order or each project your company is working on.

Stay organized. Every day, straighten up your current work, identify what you’ll do tomorrow, get ready for a productive day, turn off the lights and go home to relax. You’re all set.

Join local business organizations. The Jaycees®, the local Chamber of Commerce, industry-specific organizations. It’s a great way to network, and you may even pick up a new client or two over lunch. 

Insure everything! You’re investing time and money into your small business. Make sure you have comprehensive business coverage and that your business is registered with Workman’s Comp and other government agencies.

Insure inventory, office equipment and the building (if you own it). Insure yourself against business interruption and employee theft – have your insurance agent perform a free risk assessment, and then insure everything to help protect yourself as you’re growing.

Starting and growing a small business is exciting, frustrating, rewarding, scary, but you don’t have to make it up as you go along. Use your resources, plan for all contingencies, get legal help, and talk to your insurance agent.

Then hang out the OPEN FOR BUSINESS sign.

*To contact Small Business Administration in Nevada: www.sba.gov/nv

702-388-6611 (Las Vegas) or 775-827-4923 (Reno)

 


The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice.