While the American dream may have gone through some transformations in the 50 years, the basic essence and ambition still revolves around the idea of opening a business and making your own way—successfully. The challenges are myriad, as are the rewards. And as a new business owner, it may seem as if your days are a rollercoaster filled with pleasing customers, employees, adding up all the checks and balances, and doing a whole lot of problem-solving—often on the fly.
There is plenty of information out there regarding how to come up with a business model, get started, and keep going. The bottom line though is that like people, each business is different, and it is hard to know what will happen until you are in the thick of it. As you continue to organize and prepare for the future, consider these five issues:
- The Need for Capital – while having enough money is the number one priority, a staggering number of entrepreneurs open businesses without a budget in mind or a clear idea of what they will need to sustain their ventures over the long term. Understanding how to generate and work with cash flow properly will also be critical to your finances.
- Employee management– all too often, new business owners have a lot of experience as former employees but not as bosses. If you have never managed a team before, consider taking a leadership/management course that is relevant to your business and prepares you for building a team and working with different personalities. You will be responsible for sharing your vision with employees, keeping them pumped up and inspired daily, as well as acting as a role model—and one they may remember for years to come. There are also many details to understand about laws pertaining to employees, scheduling, pay, health care options, taxes, unemployment, and more.
- Aggressive competition – so you had a good business model, but practically before you can say ‘open for business,’ a well-funded competitor is opening their doors down the street. Understand how to street fight with progressive marketing to keep your customer base. Even though you may be a new business, you will need to understand and focus on your specific strengths and understand what your target base wants.
- Long-term projections – expect to be in business for a long time to come and set goals far into the future as well as the short term. Consider strategies for reaching ambitious targets as well as continuing to focus on financial management.
- Technology and data management – nearly every business today relies on at least one significant mode of technology daily, and some are even responsible for creating such innovation. Seek out technology within your budget (it is easy to get in over your head here!) and consider how you will manage your data too. If you have extensive requirements, hiring an IT guru will be well worth your time.
If you have concerns about business or employee issues, consult with Attorney Shane Coons. Our law office represents clients involved in a wide range of businesses and legal issues, and we would be glad to review your case and help you explore your options. Call now at 949-333-0900 or email us at Shane.Coons@seclawoffices.com.