Your brain has been teeming with this business idea for a long time, and you feel like you’re ready to pursue your dream of being an entrepreneur. You may have a job or be between jobs, but that feeling of being ready is too strong to ignore.
Before you jump into the startup pool, step back and take stock of what that decision means to you on multiple levels and decide if you’re truly ready to be as vulnerable as the process will make you.
Establish Your Funding
Entrepreneurs with a great network will find this part easy, but for many, it’s a challenge. Many business owners self-fund with a little help from friends and family. Others are able to get financing from lenders. In all cases, calculate your startup costs and come up with a timeframe and plan for spending your capital.
Get a Mentor
Despite the fact that nine out of 10 entrepreneurs agree that mentors make a positive impact on the survival of a business, less than a quarter of small business owners had a mentor when they started their business. That’s an opportunity to start your business on the right path because mentors shorten the learning curve, especially if that person worked in your sector. One place to find your own Miami-based mentor is SCORE.
Choose Your Business Structure
Formalizing your Florida business has numerous benefits for you as an entrepreneur. There are tax advantages to establishing your startup as a limited liability company (LLC), for example, as well as the ability to protect your personal finances from business liabilities. One of the biggest benefits is that with a formalized business entity, you stand a better chance of being taken seriously by a lender when you need to apply for a loan or a line of credit. The rules for registering a business vary by state, so check those out before starting the process.
Invest in the Right Technology
There are several types of technology entrepreneurs need to invest in, such as accounting software. However, one of the most important is a customer relationship management (CRM) system. Customer service is a dealmaker when it comes to brands standing out. CRMs help businesses understand the value of their customers over the lifetime of the business. A good CRM that provides insight into purchasing habits and opinions has an average ROI of $8.71 for every dollar spent.
Create Your Business Plan
Putting ideas on paper can be the difference between a dream and a goal. Planning your business not only makes it real but more viable. In fact, entrepreneurs who create a business plan are more likely to follow through on starting their business. They become tuned in to the business’ performance and strategies, making it more likely that the business moves beyond the startup phase to growth.
Give Yourself the Best Chance for Success
Having a great business idea is one thing, but there’s a lot more to entrepreneurship. You’re the biggest investor in your business, so make smart choices before you start.
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