If you’re starting a second business, then you know everything that’s involved with a business launch. However, there are a few business basics that every entrepreneur should revisit before diving into another enterprise. Consider these business basics and then put them into a well-thought-out business plan:
- Determine the proper legal structure—Will you set up an LLC (limited liability corporation) or form a partnership? It’s important to determine the best option for your new venture, especially when it comes to reducing liability and keeping your personal assets protected.
- Develop a marketing strategy—How will you attract new customers? Who is your audience? What is your messaging? What communication delivery tools will you use to get your message out, and does your plan include social media? Expect to spend significant time figuring out how to market your new product or service, and be sure to work up a budget for your marketing program.
- Work through the financing—Will you need a business loan? Will you enlist the help of investors? Will you create a crowdfunding campaign? Think through all of your financing options before you move forward with your launch.
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There are other aspects of a business plan that should be considered as well, such as your organizational structure, revenue drivers and staffing needs. So, if you have any questions, please reach out to Steven M. Ellard, CPA. We are here to advise you.