100+
Tactical Things You Can Do Today
To
Prepare for Your Small Business
LEGAL / LICENSE
-
Secure a trademark name
-
Setup your legal structure
-
Register your name with the state
-
Obtain a
county business license
-
Obtain a federal tax id
number
-
Obtain a
sales tax collection license
-
Find
a lawyer who you can use as needed – consider pre-paid legal advice
·
FINANCE /
TAXES / ACCOUNTING / PRICING
-
Research cost of producing/delivering your product/service
-
Research the cost for retail or office space
-
Research other overhead cost
-
Determine estimate of pricing necessary to make profit based on project sales
and expenses
-
Increase your rate of savings to build nest egg
-
Open
a business checking account and start relationship with bank
-
Inquire with bank about a credit line that you may need down the road
-
Obtain a business credit card
-
Look
for silent investors / private funding
-
Find
a business accountant
-
Get accounting software and set-up accounts with accountant
-
Consider impact on your personal tax situation when reviewing legal structure
options
·
RESEARCH /
COMPETITION
- Call
competitors to learn about their offering and cost – compare to your projected
pricing
- Try
to identify unmet needs in your marketplace
-
Think about how you will be more competitive – price / offering
-
Start a business plan
·
YOUR BRAND
-
Review competing brands and see how they position themselves
-
Define promise and your brand
-
Write a tagline that summarizes what your company will stand for
-
Document processes (your bridge)
- Find
vendors to help you fulfill on your promise
·
ORGANIZATION /
TEAM
-
Create an org chart of all positions necessary to run the operation.
-
Review help wanted ads online and in local newspaper to see how positions are
advertised
- Review
salary
range paid for positions
-
Review key roles and determine any weak areas – consider business partner
-
Create job application
-
Write employee handbook documenting policies, vacation, sick, etc.
-
Write exercises used to test applicants you may hire
- Hire
first employee who will likely perform multiple roles
-
Document job descriptions including performance measures and expectations
- Write a
Non Disclosure Agreement (NDA) and
Non-Compete agreement and have employees and contractors sign as appropriate.
·
INFRASTRUCTURE /
OFFICE
- Set
up initial office in your home
- Get
basic office equipment – PC, Fax, desk, etc.
-
Setup business email account
- Get
second telephone line for web and fax
-
Consider adding DSL or cable access if web is important part of business
-
Setup business long distance plan
- When
appropriate, lease first office
- Exempt
vs. non-exempt status
-
Internships - fresh ideas
-
Termination issues
-
Performance reviews
- Employee
privacy
-
Use
a payroll company
-
Consider setting up a 401K and profit sharing plan
-
Research cost for health insurance for small business
-
Consider setting up a section 125 health plan
- Get
ability to accept credit cards
-
Write benefits package overview for future hires
-
Review business insurance policies
-
Consider using a company that manages your staff & HR functions
- Get
mandatory posters for office
-
Consider mailing software
·
WEB
-
Register domain name – consider multiple domains if appropriate
-
Create first version of your web site
- Add
interactive functions including mailto inquiry forms and surveys
- Get
web site added to search engines and directories (see report "maximizing
search engines" for more details on the process
-
Investigate possible link exchanges with other web sites
- Get
@ your domain email in place
- Viral
email marketing
- Opt-in
email marketing
·
MARKETING
-
Define your target market in demographics terms
-
Define your target market in psychographics – why will they buy from you?
-
Consider various ways to reach your target market
-
Create a logo
-
Order business cards
-
Create letter head or print as needed on your computer
-
Review how prospects will take action based on your direct marketing
- Do
mock up of sample direct marketing campaigns – include compelling offer,
respond methods, and creative ideas
-
Create a marketing database to track prospects
- Buy
prospects marketing lists and put names into your database
- Get
cost estimates for various marketing options
-
Review & execute guerilla (low cost) marketing efforts
-
Review PR options
-
Execute your first marketing effort
- Use
testimonials
-
Setup a loyalty program to reward current active customers – send birthday
cards
- Do
an email marketing campaign
-
Consider ad specialty products that carry your name and logo
·
SALES
-
Review who will make sales calls
- Is
there another business in a non-competitive position who might help sell for
you in exchange for a commission?
-
Document how to conduct a sales call including opening, client objections, and
closure options
-
Practice sales call on friends and other business people
- Take
a sales training class
- Call
prospective clients and test the offer
- Use
your marketing database to track prospect and client contacts
- Get
proposal software and integrate with your sales tracking software
- Ask
what other services your customers might need (discover cross sell
opportunities)
- Ask
for referrals – offer an incentive
·
DURING THE DAY
CHALLENGE
-
Partner with another established company who has a front office and back end
processes that can work jointly with you
-
Consider a shared office which is already up and running
- Use
a voicemail that can page you when you have calls
-
Consider an answering service that can personally take your calls
-
Offer to do a free job for someone who can serve as a reference to get new
paid business
- Use
your vacation and personal days to make progress
-
Consider option to change full time job to a part time job to free up more
time
-
Inquire with a salesperson if they could also sell your product for a
commission
-
Advertise for commission only sales and give a high percent commission for
closed orders
- Join
network groups that meet in the evening / weekends
·
CONTACT ADDITIONAL
SUPPORT & RESOURCES
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