When you start a new business from home, you already have a winning business idea that interests you and provides a need in the market. You already know the service you want or the products you want to sell. But what is next before setting up your small business at home?
The Next Step is to Get a Business Plan
With your business plan, you get clarity as you start and help if you want to apply for a small business loan. So, you have two options available. First, a traditional business plan goes into detail and is needed by most investors and lenders. Then you have the lean startup business plan that focuses on the overview of your business. Finally, you will summarize the essential aspects, which should be about a page long.
What is Your Business’s Legal Structure?
You want the correct legal structure when you run a business. A sole proprietorship is suitable if you want to start without hassles. You do not need to partner with other people and are in complete control.
Still, you remain responsible for debts and lawsuits that your business incurs. On the other hand, you have an LLC, a limited liability company, that is flexible in separating the legalities between you and your business. Still, there is loads of paperwork to fill out.
Furthermore, you need to apply for an Employer Identification Number, a federal tax number to help identify your business. Or you may end up using your Social Security Number, and best to keep it safe. You can apply at the IRS website for free to apply for your EIN.
Get a Business Bank Account
Once your business entity is established, you need a business bank account as it separates your personal and business finances. Depending on your business type, it also helps to get insurance, and looking at a Business Owner’s Policy is an excellent place to start. You can get general liability insurance with commercial property and business income insurance. We recommend talking to an insurer to see what works best for your business.
Setting Up Your Home Office
Find a designated spot in the home where you can work and present you with privacy. For example, you can invest in a virtual office in Calgary if you need to conduct client calls or meet them in person. Having the option available is great when it comes to meeting clients in a boardroom or an office.
Invest in an Accountant
For most people, business tax is confusing and becomes complex when running a business. An accountant can help you structure your business and even set up a payroll to track expenses. In addition, you will be kept up to date with the latest tax laws, and if it needs to be audited, your accountant is available to help.
Create a Marketing Plan
Marketing is crucial to a successful business when you want to introduce your brand. With a marketing plan, you will spend your money wisely and see results. In addition, it will outline how you can get your brand noticed as it provides an overview of your marketing goals, target market, customers, essential metrics to track, and more.
Start Focusing on Making Sales
With a successful business, you need to get the word out to bring brand awareness. While there is no perfect plan to launch your business, it helps to establish yourself with a company that can help get your name out there.
As you need to spend loads of time making sales, it is a good idea to invest in a Calgary Business Centre that offers you a virtual assistant to handle all your administrative concerns allowing you to concentrate on your business.
You can even get a virtual office space with loads of amenities to run your business from anywhere you like.