9 Things To Do Before Launching Your Business In 2023
December 21, 2022
By Mike Kappel (Contributor)
After the last couple of years, launching a business might not be at the top of your to-do list for 2023. Let’s be honest. There’s never a right time to jump into the business world.
As a proud business owner, I know what it takes to start a business and want to help make your new business a success. So, I’ve put together a list of nine things you’ve got to do before launching your business in 2023.
1. Do Your Research – You have got to know what your market is and who your customers are before you can even think about selling something like a newfangled widget—or a journal and a pen to jot down ideas with.
Once you know your market and prospective customers, ask yourself the following questions.
Do I believe in my business ideas?
Can I sell my product or service?
Is my business idea simple?
2. Put Together a Business Plan - Think of a business plan as a road map for your future success. It’s also a great way to attract investors and lenders before you have a proven track record. A good business plan lets everyone know you are more than ready to take the leap into the business world.
3. Choose A Business Structure - You’ll have to choose a business structure for your business to become a reality. A business structure affects every part of your business, from your taxes to your liability:
Limited Liability Company
4. Choose A Business Name and Register Your Business - Your business name is the first thing your customers know about your business, so it’s pretty important. Choosing a business name doesn’t have to be complicated. Choose one that represents your business, your brand, and what you offer customers.
5. Get Federal and State Tax IDs - When you launch your business, you’ll want to hire employees and pay federal taxes, right? Right. Your business needs an Employer Identification Number (EIN) to open its doors. You must apply for an EIN with the IRS.
Depending on your state, you also need a state tax ID number. Make sure you know your state’s laws regarding income and employment taxes. Check in with your state government for more information.
6. Apply For Licenses and Permits - Federal agency regulates both businesses, they’ll need specific licenses and permits to stay in operation.
State, county, and sometimes city agencies also require you to do some legwork. In other words, you have some research to do to make sure you have all the licenses and permits you need. Check in with your state, county, and city agencies to see if there are any licenses and permits you need for your business.
7. Open A Business Bank Account - A business bank account helps you keep your personal and business funds separate, making it easier to track how your business is doing.
8. Create A Website - A business website is just as important as your storefront. It’s one of the easiest ways for customers to learn more about your business and get a hold of you if they need to.
A business website should be simple, informative, and on-brand. And it doesn’t have to be complicated.
Here are some things to include on your business website:
Products and services
Hours of operation
Address and map
Want to take your business’s online presence to the next level? Think about jumping onto social media. But, before you do, make sure you find the platform that matches up with your brand or industry.
9. Hire Trusted Advisors - If you want your business to succeed, hire advisors you trust. They’ll be worth every penny.
Here are a few types of advisors you may want to think about hiring:
It’s possible that you don’t need advisors just yet, but it’s never too early to start up a business relationship.