Guest Post: Planning Tips for the Novice Entrepreneur by Marissa Perez by Marissa Perez
If you’re tired of being an employee and you have a business idea that gets you excited, entrepreneurship may be just the thing for you. While it can feel overwhelming at first, entrepreneurship is just like anything else: it’s much more feasible when you have a plan. From hiring remote workers to choosing the right business structure to getting loans, this article from Laundry and Dishes will provide planning tips for those who are new to the idea of entrepreneurship.
Hire Remote Workers
These days, you can hire workers across multiple time zones. AllBusiness points out that this not only can turn out to be less expensive than hiring on-site employees, but it can also gain you better workers since you’re pooling from a larger group of qualified professionals.
When you’re looking into remote workers, you will need to decide between hiring freelancers and employees, both of whom have their pros and cons; which works best for your business will depend on several factors as SmallBizDaily explains. Think through things like whether you have the steady workload needed for permanent staff or whether a flexible, by the project plan would be better for your business.
Read Up on Employment Law
Whether you choose to go with freelancers or employees, you will need to study up on employment law so that you can be sure to keep your business operations legal. Many companies get in trouble for unknowingly violating things like the Family Medical Leave Act, the Equal Pay Act, the Americans with Disabilities Act, worker’s comp, and employment tax. Having a basic comprehension of employment law will help you avoid legal tangles. You might even decide to enroll in some classes so you have a better feel for it all.
Cybersecurity (e.g., anti-malware software, encryption, etc.) is a must for companies of all kinds. The US Small Business Administration recommends small businesses to enact cybersecurity strategies to protect them from falling victim to a data breach. Be sure to research things like password policies and firewalls to keep your data safe.
If you’re running your business from home, there are a couple of other considerations as well. Ramping up home security is a smart idea, protecting not only your new venture but your loved ones from potential danger. You should also check local zoning laws to ensure you’re allowed to run your business from your location. Nolo explains zoning varies by location and is intended to protect your neighbors from unwanted noise, traffic and so forth. The last thing you want to do is be up and running, only to discover you’re in trouble with both your neighbors and the law!
Find a Business Structure That Fits
An integral part of starting your business is choosing a business structure. Small Business Trends explains that the main types of structures are sole proprietorship, partnership (LP/LLP), limited liability company (LLC), corporation, and cooperative. The business structure you choose will influence things like personal liability, paperwork requirements, taxes owed, and fundraising. Consider consulting lawyers, accountants and/or other professionals knowledgeable in business when deciding on this pivotal point.
Look Into Help
Many entrepreneurs need outside funding when they’re trying to get their business up and running. There are various types of loans offered – from SBA loans to business lines of credit to equipment financing – and the best type for you would depend on several factors (credit score, experience, profit, etc.).
Another option to consider is to go through an incubator and/or accelerator program to move your company forward. Of course, there are plenty of other ways to get funding as an entrepreneur, like bootstrapping, crowd funding and angel investors. Decide what works for your situation and dive in!
Set the stage for success in your new venture with research and planning. Remember to consider hiring remote workers for key roles and to become familiar with employment law. Look into the many tech options that can help your business operations, choose the proper business structure, and explore the various methods of funding that could help get your business off the ground. With the right foundation, you’ll be up and running soon!
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