Self Made: NASE's Blog

When you’re starting a business, it’s easy to get caught up in the exciting parts: coming up with a clever name, choosing the perfect logo, and picking out office furniture. But there are also a lot of boring, tedious, and downright unpleasant aspects of starting a business that are essential to take your company from an idea to a thriving reality. From securing funding to applying for licenses and permits, here’s a rundown of some of the less glamorous but important tasks you need to take care of when starting your own business, courtesy of NASE.

Paying for It All

One of the first things you need to do when starting a business is figure out how you’re going to fund it. Unless you have deep pockets or wealthy investors lined up, chances are you’re going to need to take out a small business loan. The Small Business Administration (SBA) is a good place to start; they offer a variety of loan programs designed specifically for small businesses. You can also explore other options like crowdfunding or angel investors.

The Legal Aspects

Depending on the type of business you’re starting, you may need to apply for specific licenses and permits before you can legally operate. For example, if you’re starting a restaurant, you’ll need to obtain a food service license; if you’re starting a daycare, you’ll need to be licensed by your state; and if you plan on selling alcohol, you’ll need to get a liquor license. The best way to find out what licenses and permits you need is by contacting your local Chamber of Commerce or Small Business Development Center.

Choose an LLC

If you’re looking for personal liability protection and want to keep your personal and business assets separate, then choosing an LLC (limited liability company) designation is probably the best route for your new business. An LLC designation can also help you save on taxes and may make it easier for you to get financing. Keep in mind that there are other business structures available (like sole proprietorships and partnerships), so it’s important to do your research and choose the one that makes the most sense for your particular business.

Implement Accounting and Payroll

Setting up accounting and payroll for your new business won't be the highlight of your day, but it is essential in ensuring the financial success of your company. By taking the time to correctly establish your business's financial infrastructure, you will be able to track income and expenses, prepare accurate tax returns, and make sound decisions about how to grow your business.

Additionally, by having a well-organized accounting system in place, you will be able to avoid costly mistakes and potential legal problems down the road. So although it may not be the most exciting part of starting a new business, investing in a solid accounting foundation is vital to the long-term success of your company.

Put Together a Marketing Strategy

Last but not least, no new business can succeed without some kind of marketing strategy in place. After all, how else will potential customers learn about your products or services? There are endless marketing options available these days, so it’s important to spend some time figuring out which ones make the most sense for your particular business. Some popular options include content marketing (blogging, vlogging, etc.), social media marketing, influencer marketing, email marketing, and search engine optimization (SEO).

Additionally, make sure your actual business location makes a good first impression by paying attention to the landscaping and appearance. If you’re looking for metal letters for your business signs, this deserves a look. The goal is for your business’s outer appearance to convey a feeling of professionalism whenever potential customers drive by and see it. 

Starting a new business is exciting, but it also comes with its fair share of boring but important tasks that are essential to take your company from an idea to reality. From securing funding to applying for licenses and permits, be sure to check all the boxes before launch day so that your new venture gets off on the right foot!