Keep the Main Thing the Main Thing
by Brian Acord
Starting a new business can be a very overwhelming process. There are many requirements and demands placed on the entrepreneur who is starting a new business and there is far more to do than there is time to do it. A very short list of to-do items may include the following items:
- Applying for a business license
- Designing a professional logo
- Developing an appropriate website and marketing materials
- Applying for the appropriate tax ID numbers
- Reserving the name of your business with the State
- Opening a bank account
- Finding an office
- Hiring employees
As an entrepreneur, one of the most important decisions you can make on a daily basis is deciding where to focus your time and energy. It is very easy to become overwhelmed with the number of tasks that need to be accomplished on a daily basis but it is crucial that you don’t get lost in the jungle. Remember why you went in there in the first place…to make money.
As a new task comes your way, you should always ask yourself this very basic question. Does this task put money in my pocket? If the answer is “no” and your company is not yet profitable, delay the task as long as possible.
I have seen too many entrepreneurs try to start a business by following the 32 required steps only to later discover that they really didn’t have a product or service to offer. Do yourself a favor. Before you waste time developing a website, creating a fancy logo, securing the perfect 800 number, obtaining a local business license, perfecting the company’s name, ordering business cards, applying for an EIN, make sure you first find yourself a paying customer…or two.
You can follow the required steps for creating a new business after you have proven to yourself that you actually have a business to develop.
Check our blog for our latest articles or return to the library.