One of the most advantageous benefits of starting a new business or building on a current one is the professional and personal development we provide you. Our system is leadership-centered, training, and education-focused.
Experienced entrepreneurs, coaches, and business mentors are motivated to help you learn and succeed. Register for the Business Training Workshop.
One of our key focus measures is to help more people start and grow a successful business. That means helping people get the business credit, working capital, grants or funding needed to start and grow their business and give them access to the training, tools, and technology they need to help them be successful.
Starting a business takes planning, dedication, organization, critical decision-making skills, and completing the legal process. This 8 step process will get you started.
1. Market research
Conducting a market research campaign is a great way to gather information about potential competitors, potential customers, and other businesses already operating in your area. This is an excellent way to find a competitive advantage for your business.
2. Business plan
Start with writing a detailed business plan. Your business plan is your blueprint for building your business. A well-written business plan will map out the course of the company for the first 2-5 years and are reviewed and revised regularly as the company moves forward, and the goals evolve.
Although writing a business plan is not a direct indication of success, it has been proven that businesses who create business plans also tend to become successful entrepreneurs. Make an effort to create a business plan.
3. Set up a professional support system
Find a mentor – someone knowledgeable in your industry who has been through the business startup process before and can offer firsthand advice.
Find an accountant – it’s critical to keep comprehensive and detailed records of the financial health of your business. Depending on your industry, you may also need to engage the services of n attorney.
Find a virtual assistant – you will have many technology needs, such as social media, business website, website development, email follow-up, marketing campaigns, IT support. If something goes wrong, who will help you or provide support? It’s a good idea to have solutions in place when you're building the foundation of your business.
Having the right professionals in place from the start will help you accomplish 2 major goals; they’ll have a complete understanding of your business from day 1, and delegating such task means your time will be freed to start and run your business.
4. Register and get legal
Your business will need an employer identification number (EIN). An EIN is used to identify a business entity. The IRS can provide you with details.
Your business may also need a federal license and permit if a federal agency regulates your business. Keep your business running smoothly by staying legally compliant. The license and permits you need for your business will vary by state, industry, location, and other factors.
Create and register your “doing business as” business name (DBA), typically done in the state or country where you live. It’s important to note that you can’t open a business checking account or get a business credit card without having completed this step.
Then you will need to determine the legal structure of your business; this is where an accountant, lawyer, or business mentor can help.
· Limited Liability Company (LLC)
· Sole Proprietorship
· C Corporation
· S Corporation
· Nonprofit Corporation
5. Local resources
Take advantage of startup financing or unique programs available to micro-businesses, women business owners, and other groups.
Also, consider joining a local chamber of commerce community, small business association, or networking groups to join forces with other likeminded business leaders in your area and tap into their network and insights.
6. Open business banking account
When starting a business, it’s important to open a business checking account and a small business credit card account in order to separate your personal finances from your company finances. Many banks now offer online banking and mobile banking app for on-the-go money management and end-of-year summaries.
7. Plan for hiring employees and staff
Determine if you will need employees and how many you will need and in what role. Sales or management? Full-time or part-time? Think carefully about the logistics of bringing on staff and ask yourself thee questions: what will you pay them? Where and how will you recruit them? When will you need them on board?
8. Consider insurance and benefit plans
Obtaining the right business insurance is essential. Contact local insurance agents and brokers to get a quote and information on what fits your unique business needs.
It’s Time To Own Your Future
The Financial Act
9375 E Shea Blvd, Suite 100, Scottsdale, AZ 85260