By: Joyce Wilson

Turning a great idea into reality requires some hard work, but there are definitely some resources available to help young entrepreneurs these days. From figuring out your business structure to making sure you and your employees can collaborate easily, there are tons of online tools, apps, and software dedicated to taking small business dreams to the next level.

You can also look for people and services that can help you along the way, and Riddick & Co Entrepreneurial Finance is a great place to start when you need help with business structure, tax considerations, and wealth planning. 

You have the idea ready to go; now think about how you can start off on the right foot.

Get the legal business out of the way

Protecting yourself and your business idea is essential, and choosing the right business structure is the best way to do so. It’s best to get some professional guidance from an attorney, accountant, financial advisor and or other trusted advisor on your business structure. Creating a corporate entity like a C-Corp, S-Corp, Partnership or LLC may help keep your personal assets safe, it will allow you to make the most of tax time. Some people choose a limited liability company because it sometimes requires less paperwork than a corporation, which means you can focus all your energy on more important things. There are several steps and a few fees involved, but you can save quite a bit of money by using a formation service to file rather than an attorney. However, depending on the type of business an attorney may give you more specialized advice and recommendations.

Network to your advantage

Starting a business is about more than paperwork; it also requires a fair amount of networking. To make the most of your face-time when networking, be sure to create business cards that stand out and clearly communicate who you are and what you provide. Not only will this help you spread the word about your company, it will allow you to find mentors, collaborators, and even investors. 

Surrounding yourself with the right people early on will allow you to avoid mistakes and build support around your ideas, which can be tremendously helpful in the first year. Look for conventions and other local events based in your field, and get out into the community in order to meet other business owners. Reach out online, as well, and use social media to your advantage.

Get your business to the right people

Just as important as the people you surround yourself with are the people you’ll be selling your product or services to. Finding your target market is a major aspect of creating a solid business plan, and there’s a lot that goes into the process. You need to research and engage with your competitors, find out where, when, and how your ideal customer shops, and consider the most budget-friendly ways to market your business. Social media campaigns go a long way these days, but you can also use old-fashioned advertising methods to reach certain demographics, such as billboards. 

Stay flexible

Startups require a lot of time and energy to build, and even with the right networking and marketing strategies, it can be challenging to run things smoothly if your plans aren’t flexible. Giving your employees more scheduling options and the freedom to make decisions can go a long way toward creating a collaborative environment—which is advantageous for everyone—while being able to adapt to your customers’ changing needs is a wonderful benefit for small businesses that usually don’t extend to larger companies.

Building a startup from the ground up takes time, so as tempting as it may be to jump in with both feet, give yourself a bit of room in the beginning to feel out the options and think through your decisions. This will help you prevent major mistakes and give you peace of mind as you create the kind of business you’ve always dreamed of.

This article is brought to you by Riddick & Co Entrepreneurial Finance, today’s modern financial advisory firm designed by and specializing in entrepreneurial business owners and executives. We understand the complexities of growing and managing your wealth especially with your businesses being a large part of your assets. For more information, please visit our website or contact us today!

Photo via Pexels

Links and references to outside sites are for reference only and are not an endorsement or recommendation of any kind to anything contained in the referenced website.

Author – Joyce Wilson is a guest blog writer for Riddick & Co Entrepreneurial Finance and is not affiliated with the firm in any other capacity.