Three Steps to Take Today to Start That Company of Your Dreams

Business ownership can seem like an unscalable mountain at times. After all, it can be challenging enough simply being an employee for someone else. There are tasks to do, deadlines to remember, and people to keep happy. Add to that the day-to-day stressors of making a company run and operate successfully, and that can feel like too much on your plate. As such, it may come as no surprise that only 20% of new, small businesses survive past the one-year mark. Burnout is real and obligations can be difficult to balance, but that shouldn’t deter you from pursuing your passions.

If you’ve been teetering on the fence about whether or not to start that business you’ve always dreamed about, there has never been a better time than now to take those first steps forward. The economy is recovering, consumer spending is up, and there’s a general spirit of optimism surrounding entrepreneurship. Yet, getting started is often the hardest part. Not sure what to do first? Here are three easy ways you can get your feet wet and start down that path toward success.

1. Come up with a name.

This is a great place to start, because it’s downright fun and it gets your creative juices flowing. If you don’t already have a name picked out for your business, start brainstorming some ideas! While it might be tempting to choose a moniker that’s crazy creative and off the wall, keep in mind that you want your name to be short and simple enough that it sticks in people’s minds.

In today’s Digital Age, you also want your name to be searchable. For maximum Search Engine Optimization (SEO), your name should be easy to spell and simple to type. If it’s too long, people looking to find you on the web could lose track easily. Also, keep in mind that if your business name is too close to a competitor’s, your audience could end up accidentally clicking on their website instead. So, make sure it’s unique but not too elaborate. Still need a little help? Here are a few tips from the experts to help you with this process. It’s not one to skip or take lightly, as it will identify your brand for years to come.

2. Refine your business idea.

It’s easy to say that you want to open a restaurant, or start a niche marketing agency. Yet, if your business idea is enormous and vague, you could be left scratching your head when it comes to figuring out the nitty-gritty details. Take the time to refine your business idea to include as many details as possible. For instance, you don’t want to open just any restaurant. Here are some questions to ask yourself when pursuing that path:

• What kind of food will you serve?

• Where will you be located?

• Will you be dine-in, takeout or both?

• Will it be formal, casual or fast-casual?

• How many cooks and waitstaff do you anticipate using?

You might not know the answer to every single one of these questions, but asking them and thinking them through can help you narrow in on the next tasks that you need to handle. Start a simple business plan and keep everything in writing. That way, it’s easily accessible and you can reference it throughout the startup process.

3. Understand the rules and regulations.

There’s nothing like spending a ton of time, energy and money investing in a business idea only to find out there’s some legal red tape surrounding it and you’ll need to start from scratch all over again. Before you dedicate any kind of resources into pursuing your business, take the time to read up on local and federal business rules so you understand your boundaries. For example, whether you’re looking to operate a domestic or foreign company, the newly passed tax law still has implications on how and what you’ll be required to pay. Do your research to make sure you're not surprised by legislative requirements or hit with hefty fines at the end of the year.

These types of rules can be complex and complicated to understand. As such, many local chambers of commerce will hold business leadership information sessions to help local entrepreneurs get started. Check with your local chapter to see if this is an option. Alternatively, you can hop online and find digital copies of the regulations you’re required to meet.

There’s No Time Like the Present to Get Started

Opening a new business can be overwhelming at first, but it can also be one of the best moves you ever make. Keeping these tips and steps in mind, don’t be afraid to dig a little deeper and turn your dream into a reality. The world needs more leaders willing to brave the setbacks and the difficulties to create a great product or service. You could be that person, and you’ll never know until you step out and try.