Assuming that you've determined what type of successful business you want to build (a provider of products or services, or a distributor) and you've established a name for your company, for tax purposes you'll need to decide on a business entity. Will you file as an individual or sole proprietor? Or will your business be identified as a LLC or a Corporation? Consult with your business attorney and public accountant before making a determination. Here's how to start building your dream.
- Business plan. Create a business plan and pen it to paper. This will help you to establish boundaries for your business. A business plan is essential in that it is a constant reminder of and helps you commit to a purpose for your business. It helps you and your partners set limitations on what you're willing to accept or not accept for the success of the company.
- Business records. Proper recordkeeping is essential for maintaining a successful business. Whether it be inventory; purchase orders; invoices to request payments; receipts for payments received; or proper accounting, all itemizations are crucial for building and maintaining proper records. You may need to hire a bookkeeper, public accountant, and/or controller to manage your money matters. This will allow you to be more of an overseer of your business, rather than a micromanager for each intricate detail concerning the business.
- Advertising and marketing for business success. Invest in good advertising and marketing strategies and then follow through. These are very important elements of successful businesses and can be a bit costly, but each is well worth the trouble and money. Posting flyers, setting up websites, renting billboards as well as broadcasting your successful business on television and radio segments are just a few ideas for getting the word out about the business you've worked so hard to build.
- Quality control builds business. You always want to be sure to provide your customers with top quality products and services (including customer service). Without quality control, you will not build a successful business. You may receive first-time customers, but they will not return if low quality products and/or services are the company's protocol.
- Top customer service and successful business. Your business will benefit well to hire personnel to follow-up with clients in order to build successful customer-provider relationships. Good customer service will prove itself to be priceless when it comes to strengthening those relationships your business has already established.
- Happy business employees. Hopefully by now, your business is on the road to success. Depending on the capacity of your business, you may need to hire other employees. It is important to show your employees that you care and value their efforts. Reward them for work done well and pay them competitive salaries and rates; they will continue to be loyal and help you build a successful business.
- Business Taxes. Isn't it funny how we started on the topic of taxes and we're ending on the topic of taxes? In business, nothing is certain except for taxes. So make sure that you do not neglect to pay Uncle Sam - he most certainly will not forget you and your successful business. Consult with your business attorney and public accountant on tax-related questions and concerns.