Start Your Business!
Starting a business is not easy, and it will require you to make several key decisions. Often times, businesses do not quickly turn a profit and the owner may not be able to afford their own salary. A necessary step to determine in your business plan is how much funding you will have and how long it will last. A wisely prepared business plan will help you structure your budget, what your business can afford, and for how long. You will also need to understand your competition. Understanding the difference between your company and your competitors’ companies is key to setting yourself apart from them.
- What makes your product or service unique?
- How are you better than your competition?
These should not just be based on price alone, unless you have a solid margin built into your product or services. You will want to do a quality SWOT analysis to determine the biggest differences between you and your competition. Our BizVision process can help you understand that as well.
Financial Strategy
Startups are already facing enough obstacles, finances being one of the largest. From securing funding, to building a budget, IA Business Advisors can help you develop a financial strategy to keep your business moving forward.
Growth
Several startups see immense growth that they are not prepared for. IA Business Advisors will help you maintain internal structure and organization, so when your business sees growth, not only will you be ready for it, you’ll be expecting it.
Marketing
How you market your new business will determine much of your company’s future. IA Business Advisors can get you ahead of marketing to secure your funding and future customer base.
Organizational Development
We see tons of startups fall into the trap of solely focusing on their external business—the side that faces the customer. All great businesses know that internal organization is what keeps them running. IA Business Advisors can help you develop internal organization so you can focus on your new customers.
Sales
Sales are the life blood of any business. Whether that be services or products, sales are what will keep your business open. IA Business Advisors can help your business develop sales strategies to grow your business at a rate that your type of business can handle. We help keep your internal processes secure so your sales can skyrocket.
Strategy
Several startups fail due to a lack of forecasted strategy over the next five plus years. IA Business Advisors can help you develop strategies to grow your startup into a solidified business. We are proficient in developing both internal and external strategies to keep your business moving forward.
Technology
With a plethora of technology choices to use in your startup, how can you be sure which one is the best for you? IA Business Advisors know technology, and we can help you find the perfect programs to develop your business and build profits. We will also help you implement those technologies so everyone on your team knows how to use them effectively.
Transition
As your business transitions between stages of growth or during mergers and acquisitions, sometimes these changes can shake startups. IA Business Advisors can ensure your transitions go smoothly so that your team and customers won’t even notice.
First Steps
| Build a website | ||
| Set-up corporate email accounts | ||
| Get business cards | ||
| Obtain a lease | ||
| Line up suppliers (if applicable) | ||
| Get furniture and equipment | ||
| Obtain business licenses or permits (if applicable) | ||
| Get a federal employer identification number (if applicable) | ||
| Get an employer ID number (if applicable) | ||
| Send incorporation papers for federal and state/province tax forms | ||
| Join a professional organization | ||
| Choose a starting date | ||
| Prepare and deploy your communication/marketing strategy |
Business Transactions
| Select a lawyer and an accountant | ||
| Choose a form of organization (proprietorship, partnership, or corporation, for example) | ||
| Create your business (register your company’s name, incorporate the business, etc.) | ||
| Prepare a business plan | ||
| Select a banker and set up a business checking account | ||
| Apply for business loans and grants (if applicable) | ||
| Establish a line of credit (if possible) | ||
| Select an insurance agent and obtain business insurance | ||
Background Work
| Analyze your business idea by doing a SWOT analysis | ||
| Assess your strengths and weaknesses as an entrepreneur | ||
| Establish business and personal goals | ||
| Assess your financial resources and identify potential sources of funds | ||
| Identify the financial risks | ||
| Determine the start-up costs | ||
| Decide on your business location | ||
| Do a thorough market research | ||
| Identify your customers | ||
| Identify your competitors | ||
| Develop a marketing plan | ||
New Business Resources
Guide For Organizing Domestic Limited Liability Companies in Illinois
SWOT Analysis Template
New Business Start-Up Checklist
Work Sheet: Start Up Costs