Starting A Business In 2022 – 4 Step Process
By VICKY BROWN
Deciding to start a business is heady stuff. It’s exciting to take an idea from, well idea, to an actual thing out in the world. But thinking about getting it off the ground can be a bit overwhelming. There are so many things to think about and so many things to do. Where do you start.
Well, in this episode, I’m going to give you my simple 4 step process for starting a business in 2022. I won’t lie to you and say it’s easy, or it will only take you 30 minutes. We might as well be straight with one another – starting business will take focus, energy and resources – resources of time, and also some money. But I’ll tell you, every minute is worth it.
So, first off – decide what you’re going to sell. This channel is focused on service businesses and digital education products, so I’m assuming your business fits into one of those categories. No matter, whatever you decide to sell, make sure you have the knowledge and skill to produce the thing. If you’re going to be a consultant, do you have experience in the field you’ll be consulting in? You don’t need to be a sage guru, but you do need to have solid chops – so your clients can trust that you really can deliver on your promise of a solution to their problems.
Once that’s sorted, figure out who you’re going to sell to. Who is best suited to get a transformation from what you can do for them. I say transformation because, that’s what people actually buy. They don’t really care about your product features – this process fits nicely into that process etc. They want to know that you can transform their existence. And, if you can solve their problem, you have already transformed their experience – because now they aren’t worried about that ‘thing’ any longer.
So, be sure to think carefully, and do some good research on who will benefit the most from what you can do. Then, when you tell them about you – otherwise known as marketing – you’ll automatically have a compelling story to tell, because you’ll be speaking directly to their pain, in a way they can clearly identify with.
Next up is how will you deliver the service or product. In the beginning at least, it’ll probably be you. But very soon, you’ll find you need help – so start thinking about what that looks like as soon as possible. Even if you aren’t ready to hire full time or part time help just yet, as you’re setting up your processes and systems (basically the HOW), keep in mind passing things off to someone else to execute. That’ll make delegating and training a lot easier later on.
“…You don’t need to be a sage guru, but you do need to have solid chops – so your clients can trust that you really can deliver on your promise of a solution to their problems.“
And don’t forget to do some research on how technology can help you. We’re massively lucky these days because there are lots of tech solutions at our fingertips; to say nothing of the heavy lifting the internet can do. Be sure to leverage these tools for everything they’re worth – they can not only make your daily existence so much easier, they really do work wonders by increasing quality and speed.
And last, but certainly not least – get your foundational house in order. Getting the money side of things organized is one of the most important foundation pieces. Talk to an accountant and attorney – they’ll help you decide what legal structure makes the most sense for what you’re doing. Once that’s sorted, register your business with your state’s Secretary of State, and get an EIN from the IRS. It’s basically like a social security number for your business, and you’ll need it to open a business checking account. Which you definitely need – because the number 1 mistake entrepreneurs make is co-mingling their personal and business funds. You absolutely have to keep them separate – and a business banking account can help you do that.
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And while I’m on the subject, figure out how you’re going to track business funds and handle accounting duties. Either get a bookkeeper (which I highly recommend), or commit to doing it yourself (which I don’t highly recommend) by using an accounting application like Quickbooks or something similar.
And don’t forget to get your legal documents and insurance in order. You’ll need some sort of an engagement agreement, and you may need a terms of service or some other legal document. Check with your attorney and business insurance broker – they’ll make sure you get everything you need to be sure the business is properly covered.