Starting a New Business? Here’s the Ultimate Recipe

Businesses start with ideas, but not all thoughts turn into businesses. Only entrepreneurs who brace themselves for the task ahead have a chance to survive and thrive.

Preparing for the challenges means exploring the unknown future of a venture to develop a working, disaster-proof strategy. What steps must one follow to launch and run a startup that will take go to the next level?

  1. Upgrade the identified niche into a Business Model
  2. Get ready to accept Payments
  3. Work on Compliance & Insurance
  4. Gather a Workforce
  5. Identify and enter deals with Vendors
  6. Grow Strategically

Let’s go through each process step by step to understand their critical role.

  1. Upgrade the identified niche into a Business Model

A business model should reflect all aspects of the venture, backed up by a well-thought-out financial plan. Always prioritize stuff like business expenses, capital, liability, ROI (return on investment), legalities, and taxes.

A great model allows for strategic changes if the business idea doesn’t “work the magic” as anticipated.

Lastly, it must discuss the workforce structure, mention the number of staff, and list everyone’s role.

  1. Get ready to accept payments.

The ability to take payments from customers is priority number one for any business owner.

Step 1: Get an EIN. An Employer Identification Number distinguishes a business from its owner and enables it to open a bank account or get finances. Visit the IRS official website to get a free EIN.

Step 2: Set-up payment processing. Step 2 is a must if you plan to take credit card payments or run an ecommerce. It involves partnering with a payment processing company.

These firms are the midway between a merchant or retailer and the issuing bank of the shopper’s credit card, enabling fast, reliable and safe transfer of funds during a sale.

Confirm if your business falls under “high-risk industries,” or is it just a low-risk. Not all credit card processing firms accept companies with a high risk merchant account

Regardless of where you fall, always check for fair per-transaction fees and related costs. Compare deals to get the best offer.

  1. Compliance & Insurance 

Compliance has to do with legal permits or licenses you need to run a successful business. You want to set these straight to avoid rubbing shoulders with the authorities.

Is your firm a sole proprietorship, partnership, Limited Liability Company (LLC) or Corporation or S-Corporation?

These classifications matter to the authorities because where you fall determine your taxes

  1. Gather a Competent team

Your business plan should help you gather a functional workforce. It should also outline each worker’s role in the business.

Ensure perfect teamwork, streamline communication, and provide the best working environment to encourage your workforce.

  1. Identify Vendors

Because you can’t do everything on your own, identify a few third-party service providers that are vital to your business.

These firms are known to handle important business tasks, allowing the company owners to concentrate on the most important functions.

Lastly, 

Grow strategically. Starting small is okay, but seek to grow as opportunities come forth. Expansion is a tricky aspect because it involves taking calculated risks while anticipating the best result.

Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter, and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.

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