If you are thinking about starting your own business or already have and are experiencing problems, then here are some key tips for your future success.
First and foremost, find the RIGHT IDEA for you new business. To succeed, you will need to differentiate yourself in some way. This does not mean you need to invent some fantastic new product, but instead consider ideas that improve on existing business models.
Second, create a BUSINESS PLAN, which will be the detailed road map outlining steps to follow as you start and grow your company. It is much for than just a financial budget. A good business plan will define your markets, layout strategies to attract customers and creates your company structure and culture. If you have never created a business plan, hiring an advisor to assist you with this could be the best investment you make.
Third manage your ACOUNTING and TAXES. Accounting is the language of business and doing it right will not only let you monitor the progress of your business, but also create financial statements that can help you get need financing from banks or other investors. As to taxes, nothing can end your dream faster than a run in with the IRS, which can be unforgiving of your ignorance. This includes not just income taxes, but also payroll taxes and unemployment taxes, of which many small business owners are unaware. Hiring a good accounting firm and payroll service will be critical to your success.
Fourth, get the right business INSURANCE to protect your company from unforeseeable risks. This will include general liability, property and casualty, business interruption, and workers’ compensation insurance, the last of which is mandatory. Additionally, these days, some sort of data breach protection may also be worthwhile.
Lastly, get ONLINE. No matter what business you are in, having an online presence is essential today. A company website is a must, but also a presence in the various social media is critical. Depending on your business, creating an online market place to make sales may also be important, especially if your selling to millennials.
Hope you found this helpful. Total Team Solutions provides payroll services to small businesses and can also help them develop cost efficient options to provide health benefits and retirement plans for their employees. We also provide human resources support to assist them with regulatory compliance, policy development and employee issues that can often distract owners from their primary job of running and growing their business. For more information, contact John Morlock at firstname.lastname@example.org or 800-836-9678.
ABOUT TOTAL TEAM SOLUTIONS: Total Team Solutions (TTS) is a full service human resources outsourcing company with locations in Trumbull, CT, and Glastonbury, CT, providing payroll services, employee benefits solutions and human resources support to small businesses in Connecticut, New York and Massachusetts. Check out our website at www.ttspro.com for more information on our services and how we can save you time and money in managing your human resources needs.