Here is what you need to know to get out of that dead-end job and finally open your new business in 2020 in the new year.
Are you making a New Year’s resolution to better your professional life? According to Inc. Magazine, the 8th most popular resolution last year was to start a new job. What if instead of a new job, you took finally took control of your future and started that new business you’ve always thought about?
At this time of year, hope optimistic predictions are abundant. Unfortunately, according to the same Inc. Magazine article, only 8% of us are actually successful with our New Year’s resolutions.
We don’t want you spending the next year dreading going to work every day. We also don’t want you to be part of the masses who fail to live up to their resolutions. That’s why we are here. Read on for a few tips and tricks to get you over the hump and starting your new business with success.
These steps will help you succeed in 2020
1) Create a business plan
Sitting down and writing down your business plan with clearly defined goals and objectives will help make sure your ideas are good and keep you on track. If you hope to obtain financing or investments from others, you will need to have a well-crafted business plan. Your business plan can start with the basics and develop as you mature. It should start at least with:
-what am I selling?
-who am I selling to?
-why would these people buy from me as opposed to others?
-how am I going to market?
-how am I going to deliver?
-what will it cost?
-what am I likely to earn so there is a profit?
2) Figure out which type of business entity makes sense for you
Different corporate structures offer different benefits to business owners, while also dictating different requirements. Be sure you choose the most beneficial structure for you and your business. We offer an easy to use comparison chart for your convenience. Once you have decided on which structure is right for you, file the necessary forms to incorporate or form your business with Swyft Filings.
3) Obtain all required permits, licenses, and tax I.D. numbers
All corporate entities are required to have a federal tax ID number that is used to identify the business (much like a Social Security Number). This identification is used for a variety of financial reasons: paying taxes and applying for credit, for example. Be sure to apply for this number early on, and store it securely to prevent any corporate identity theft. Take the time to make sure that you have all relevant local and state-level licenses that are required for running a business in your industry. With Swyft Filings’ business license and permits service, we can help you locate all of the necessary permits you will need to operate your business.
4) Open a business bank account(s) and obtain business credit cards
Regardless of the size of your business, you need to keep your business revenues and costs separated from your personal. This is easy to do if you open a business banking account and use business credit cards. Swyft Filings’ customers will have access to special offers from leading providers making it easy to get started.
5) Research and purchase any mandatory insurance
Insurance is always a good idea. It’s a cheap way to make sure the unexpected does not crater all of your hard work. While a general commercial liability policy makes sense for most businesses, your specific industry may require additional insurance. Swyft Filings’ customers are provided access to online insurance services that make it affordable and efficient to get the insurance you need.
6) Get to work
Almost everyone has a business idea. The question is whether you have the grit and determination to make it happen. You have done the planning, you have thought about this for a long time. Now, you have to make it work. Don't spend another year wondering what if. Make 2020 the year you start your new business.
Because we know these are just the basic steps, we also have a Learning Center full of informative articles on how to start and grow your business. You can also read our How to Start a New Business From Scratch e-book done in collaboration with crowdspring and Trademark Engine. It provides 95 pages on every aspect to start and thrive in your new business for 2020 and beyond.
Happy New Year and here’s to a successful new business in 2020.