Beyond the Business Plan: 3 Essential Steps to Launching Your Small Business

August 18, 2008 By Mary White

So you’re getting ready to open your small business? You’ve drafted a business plan and you feel certain that you have a winning idea. Once you’re sure you’ve got a solid business plan and are ready to go, it’s important to tread carefully as you proceed with your plans of launching a small business. It’s easy to get caught up in the excitement of getting your new venture underway. However, it’s essential to remain grounded and focus your attention on taking care of some of the essential steps necessary to get a new company off the ground.

1. Get Your Business License

No matter where you live or what type of business you plan to operate, there’s a good chance that you’ll be required to take out a business license. Before applying for a license, you’ll need to know the name of your company, the form of business you’re launching (sole proprietorship, partnership, corporation), where you’re primary place of business will be (at least initially), and what type of products or services you plan to offer.

To find out the exact procedure necessary to apply for a business license in your community, contact the licensure office for the city or county in which your business will be based. Typically, business licenses are handled by the same governmental entity that takes care of vehicle registration and driver’s licenses.

2. Take Care of Insurance

Depending on the type of business you’re opening, you may be required to take out some type of bond in order to get a license to operate. Before you start operating your business, you need to cultivate a relationship with a trustworthy insurance agent who can help you take care of getting bonded, as well as help you take care of your additional small business insurance needs.

3. Set Up a Bookkeeping System

It’s important to know how you’re going to take care of your company’s business accounts as soon as you decide to move ahead with starting a small business. If you’re going to take care of this part of your business on your own, you’ll need a software application designed to help you easily keep track of your small business finances. If you don’t have the time or the skills to keep up with your books, you’ll probably be well served by hiring a professional bookkeeper or a bookkeeping service to take care of this part of your operation.

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