What you do before you start a business has direct impact on your probability of financial success – and even, survivability.
There is no more critical time for a business than pre-planning and launch.
As you start your firm, we encourage you to be creative, realistic, organized, disciplined, calculating, resourceful, powerful and determined. Think of your business as the most powerful financial asset you will ever possess. Done right, your business launch will change your life forever. This is why The Women's Chamber encourages you to "plan to exceed all expectations."
When you work for someone else, you secure compensation for your work and maybe even bonuses and employee benefits –
but, that's where your reward ends. When you build a business for yourself, every year of growth and every employee who works to build value and income benefits you. You and your employees work together to build an asset that you own. It's a bit like paying rent vs. paying a mortgage.
Starting a business also comes with tremendous risk. Your investments of time, personal assets, and legal obligations are serious issues –
again, behooving you to be prepared and realistic about your goals, risks and rewards.
The bottom line –
start a business the right way, with your eyes wide open, your resources lined up and your plans well thought out.
Throughout the articles in this area of the learning center, we will explore:
Planning & Preparation
- What's your business idea? Is it feasible?
- Research the market. Where does your firm fit in? How will you compete?
- Business Model: Build financial estimates and a break-even analysis.
- What financing will be needed? How will you secure financing?
- What team members and professional support will be needed?
- Prepare your business plan.
- What legal structure is best suited for your business, your potential financing, partners, income/loss?
- Formally establish your legal business entity.
- Get your business financing in place – before you launch!
- Register your business name.
- Secure your tax ID (EIN)
- Be aware of state/local taxes
- Secure business licenses and permits
Let us know if you have questions and need connections or resources. We also encourage you to take advantage of the expertise and guidance provided through our meetings & events (including webcasts), Board of Experts, Q & A Center, our many business benefits (which include business services, financial services and more) and access to additional resources through our Resource Center.
Not finding what you need? Please contact us! Our Member Support Team is ready to help you plan to exceed all expectations!