Do these 3 MAJOR things in the first year of entrepreneurship

Posted by Alicia Williams

So you started a business?

CONGRATULATIONS!

Welcome to the new hustle.

Starting a business can be both thrilling and a daunting, and overwhelming experience. While you may be eager to start on your products and sales, it’s extremely important to get the relevant documents and systems in order to promote healthy growth with your business.

What’s the point in selling products, if you haven’t properly organized yourself, finances, and inventory?

The best thing is to get everything as organized as possible prior to fully launching your business. There are a few things you need to do within your first year.


Form a business entity

Using a corporation or limited liability company (LLC) shouldn’t be something that you choose to wait on. If you wait like many say, “until your business becomes successful” you run the risk of damaging your personal assets.  Forming an entity will protect personal assets of the owners and give your business legitimacy out the gate.


Complete a business plan

Every business needs a plan, even if you are the only one to see it. A business plan doesn’t need to be overly polished or detailed, but it should lay out the company’s organizational and management structure, product or service, marketing plan, operational plan, including manufacturing and staffing needs, and financial plan, including sources of capital funding and reasonable financial forecasts.With all of this done and in place, you won’t find yourself panicking when you are entering growth phases where you may want to pitch your business and ideas to investors.

Protecting your intellectual property

Most businesses are inventing innovative and new products or use intellectual property as part of their business. Many also use trade secrets that result in one or more trademarks for the company. It’s important to identify and protect your intellectual products through trademarks, copyrights, and patents that are protected at the state and federal level.

Once these three important steps have been completed, the creative work can begin!