We have received a lot of questions recently from people who own companies that are less than two years old. Specifically, about how to properly work on the structure of their new business. A lot of these folks have made some money, maybe went from part-time to full-time, and now are at a point where they want to ramp things up. If you’re in the same boat or you’re starting a new business, here are four foundations to think about:
You must have your legal entity set up. A lot of people go online and use really inexpensive resources to set up their legal entities. Online legal resources are enough in certain situations, but when it comes to setting up your entity, we recommend connecting with a qualified attorney. Please keep in mind that I’m not suggesting you spend a lot of money on this, especially if you’re new to business. It just doesn’t make sense.
By the way, we’re not attorneys, so we don’t provide these services ourselves. We can however help you plan out the process and connect you to the right people!
I don’t really recall ever recommending anyone to do their own books. Most people hate it. Maybe if you have a background in accounting and you love it, then go ahead and do your own books. Otherwise, you really need to get a bookkeeper in place. There are a lot of different options depending on your business.
Like with your legal entity, what we do is we help you get all set up, but we don’t actually do any bookkeeping for you. If we know of someone we think is suitable for you, we’ll recommend you to that person. It is crucial because, from a coaching standpoint, you need to know your numbers and have accurate data, in order to grow and forecast growth. So make sure to get your accounting going. This is often one of the first goals we help people work on when they first start using our coaching services.
Do you have a solid marketing plan/structure for your new business? If not, then you need help with that! Great marketing is what’ll allow you to create more qualified leads and grow quicker.
Similar to marketing, you need to have a set sales strategy in order to succeed, and we can of course help tremendously with sales as business coaches.
So if you’re within the first two years of starting your business, and you have your legal, accounting, marketing, and sales groundwork all done, you are in great shape. I know I didn’t go into too many details in this post as it’s meant to provide just a general overview, but if you have any questions about this topic, just reach out to us. We’d be happy to go into more detail in a future blog article or podcast episode!
For now, go out and make it a better than amazing day!