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Taking Care of Basics Sets Businesses Up for Success
This is the fifth ABC’s of Entrepreneurship article that I am sharing with my Redmond business community. I am going to elaborate on items that were listed in my previous article.
The name of a business will affect the branding of one’s business. Will you use your personal name? Will it be a name that identifies what the business does? For example, Flour Time Artisan Bakery or John Smith’s Artisan Bakery.
You must then think about the legal entity itself. Will it be a sole proprietorship, LLC, B, C, or S Corp? One may research on their own or consult with a business attorney familiar with business law.
Do I need to register my business? Yes, if it is an assumed business name. You can contact the state of Oregon corporate division for assistance and questions. Certain businesses require a license. For example, contractors require a CCB license. The State of Oregon listed above can provide assistance regarding licenses.
Should I have employees or independent contractors? The IRS looks at this issue carefully. I suggest contacting an accountant or business attorney who can advise what is legal and prudent.
Insurance is an area where someone specifically knowledgeable in business insurance is recommended. An option I suggest is to find an agent that represents a number of providers and can receive bids from at least three providers.
Marketing is the one area in my 15 years as a business consultant that occupies much of my time with clients. It is an area that is often the weakest and most difficult for entrepreneurs to address. My strongest talent as a business coach is in marketing. Social media and digital marketing are both “yes, most definitely” along with traditional marketing. In February’s issue, I will devote the majority of my time to marketing.
Do you need a website? Thirty-six percent of businesses do not have one. My answer is affirmatively yes to having a website. It provides legitimacy and projects professionalism. It is a necessary vehicle to market oneself. I will address this more next month.
Will you market online only and/or have a brick and mortar location? This depends of course on the type of business one is contemplating. It also depends on the financial means available to you as an entrepreneur.
There are two books I recommend for entrepreneurs to read. One is Think and Grow Rich by Napoleon Hill. It is a paperback primer and easy to read and understand. The second is The E Myth Revisited or its original version The E Myth. The latter book is about a saying I have often given to my clients: “Do what you do best and outsource the rest.”
garyae@gmail.com • 541-292-6177
