Too often, we jump right into a business venture before we even set a good foundation. It is of utmost importance to plan for your business prior to starting it.
A good business plan sets the foundation and covers all the basics.
With that being said, I assume you already know what type of business you want to start.
If not, I wrote a blog post, “23 Simple Small Business Ideas You Can Start Today”.
Go check out that post. I drop a lot of nuggets!
If you already know what type of business you want to start, it is time to cover the basics first and plan for your business.
We will cover some of those basics shortly in this post as well as present to you an offer towards the end.
Keep Your Expenses Low When You Plan for Your Business
This may go without saying, but in the planning stages you should aim to keep your expenses low.
However, don’t skimp on the backend service you provide for your business.
This can be things like business phone number, website hosting, insurance(if applicable) and marketing.
Plan to Fund Your Business with At least 3 Months of All Expenses
When you plan for your business, it is a good idea to make sure you have at least 3 months of your business expenses set aside before you start.
Ideally, this would be closer to 6 months and even up to a year worth depending on how fast you have determined your business can bring in enough revenue to sustain itself.
This cushion will provide a safety Net in case your business doesn’t do well for a week or two for some reason.
Plan for Unforeseen Expenses
Once you decide to plan for your business by creating a safety net first, you should definitely consider tacking on up to 50% more for expenses that might come up that are unforeseen to you.
In a perfect world, that is what creating a budget and safety Net for your business should negate.
However, it’s not uncommon that a surprise expense comes up.
Plan for The Actual Structuring of Your Business
We know it costs money to run a business, but it also costs money to actually form your business.
Make sure to include that when you plan for your business.
When you open an LLC, it comes with costs in itself such as; filing fees, money for a registered agent(you can be your own, but we don’t recommend that) and money for an EIN.
Part of The Making a Plan for Your Business is The Actual Implementation of That Plan
You can write notebook after notebook of business plans with expected expenses and the like, but if you don’t ever do the next step which is actually implementing the plan, it will go nowhere.
You will have spent all this money on notebooks and writing utensils, and have gotten nowhere.
Not to mention your wasted time, effort and the time you miss out on actually running your own business and being your own boss.
Chances are, if you’re interested in this topic enough to read this far you already have at least one business plan.
I want you to write a list of all the reasons you want to start a business. Seriously, do this now. It will help you move out of the stage of analysis paralysis. Then, move on to the offer.
Conclusion
We said we had an offer for you. To help you get started, we partnered with Bizee by Incfile to provide you the best service for forming an LLC.
Bizee by Incfile has your LLC formation, registered agent wrapped into one. You can also add on the EIN(which you will need). The Bizee platinum package is the opposite of bare minimum. It is going to give you everything you need for one price of $299 + state fees. This comes with the registered agent service free for 1 year and a TON of extras’.
The registered agent service is then only $119 per year after that which is the cheapest we have seen.
Use Bizee like thousands of other business owners and form your business today!