We've put together a list of 10 important things that you need to do when starting your business so that you don't miss out and falter at the first step.

  1. Clarify your business idea. Before you start dealing with the logistics of a business, take a step back and make sure that your idea itself is viable. Do you know who your customers are? Do you know what problem you're trying to solve? Why would somebody choose you over the competition? You don't necessarily need a 50 page business plan, but you do need a clear understanding of what you're offering, who it's for, and how you'll deliver it. A simple value proposition statement can help to guide every decision you make going forward. Of course a business plan is a good idea, but you don't need to make it so intricate that you can't follow it.
  2. Conduct your market research. Once you've nailed down that value proposition of yours, it's time to validate it. Market research helps you to understand your target audience, what they need, and how they behave. This will include surveys, competitor analysis, keyword research, or talking to potential customers. The more that you know, the better equipped you'll be to position your product or service properly. Once you have your market research done, you can start pushing your business forward.
  3. Choose a legal structure. Deciding on your business structure is a critical legal step. Are you planning on being a sole proprietor, a partnership, or a corporation? Are you going to open an LLC or are you going to look for something different? Each structure has its different implications for taxes, liabilities, and paperwork. For a small business owner, forming an LLC offers a good balance between simplicity and protection, but it's always a good idea to consult with a legal or financial advisor before you get going.
  4. Register your business name. After you pick a name for your business, make sure that it's available and register it with your state or local government. Check for domain name availability and register your web domain. Even if you're not building a site immediately, this will help to secure your brand online so that when you do decide to move to an online space, you are consistent already across your business channels and you are ready to go.
  5. Open a business account. It may be tempting to use a personal bank account when you're starting out, but that will create some headaches later on. Opening a business account helps you to separate your personal and professional finances and make it easier to track your income, manage your expenses and prepare for taxes. You also add a layer of legitimacy to your business and simplify things in an easier way. If you ever apply for a loan or bring on investors.
  6. Get the necessary licenses and permits. Depending on your location and industry, you may need licenses or permits to operate legally. This can range from a simple business license to a more specific industry related certification. Checking with your local city or county government, as well as state and federal agencies to ensure compliance from day one is important. Once you get those licenses and permits ready to go, you should be ready to push your business to the Max.
  7. Set up your accounting and bookkeeping systems. Even if you're not a numbers person, getting your financial systems in place early will save you a lot of stress. Choose accounting software that suits your needs. Options like Wave, QuickBooks, or Xero are great for small businesses. You can then track your income and expenses, set up your bookkeeping routine, and consider hiring an accountant if you're unsure about taxes or compliance. In fact, it's probably a good idea to hire the experts from day one so that you are prepared. This extends to business taxes as well - Frost Law explains that tax issues can happen to just about anyone, especially small businesses. If you’ve got an expert legal team waiting in the wings to communicate with your accounting team, then you will avoid all the common small business tax concerns from day one.
  8. Work on your brand identity. Your brand is so much more than just your logo, it's your voice values and the overall experience that you offer people when interacting with your business. Start by designing a logo, choosing a brand, colour and font, and writing a simple mission statement. These are the elements that help you to present a consistent and professional image across your website, socials and marketing materials.
  9. Build that online presence up. Even if your business isn't entirely online, having a strong digital footprint is essential. At a minimum, you need to create a professional looking website that includes your services, pricing, and contact information. You can also set up business profiles on platforms like Google Business, Facebook, LinkedIn, and Instagram, depending on where your audience hangs out. A well crafted online presence will build trust and help your customers to find you.
  10. Create a solid marketing plan. No matter how great your product or service may be, it's not going to sell itself. This is where marketing comes in. Start by identifying your marketing channels, social media, e-mail, SEO, paid ads, word of mouth, etc. Then set yourself a budget and develop a content plan or a campaign strategy. Focus on providing value and building relationships, not just selling.

Starting your own business does require a mix of planning, vision and persistence. From opening the business account you need to build a brand that resonates, every step you take will lay a foundation for future growth. By taking these 10 steps early on, you're going to set yourself up for more than just launching a success, but you'll be building something that can thrive for the long haul.