How to Run a Business Properly From Day One

Starting a business is a monumental decision that will affect you for the rest of your life. While many start-ups end up a huge success, others fail for various reasons. You can improve your chances of success by making a commitment to do things the right way. Here are some tips on how to get there.

Start with your business plan. Take some time and develop a thorough, yet concise, business plan. This will be the starting point for your business. While developing a business plan has been the topic for entire books and college courses, just make sure that all of the essential elements are included. Take the time to research your profession, the market, and financial projections. You will want to refer to this plan often, and revise it as necessary, to evolve with your business.

Consult a business attorney. A knowledgeable business attorney will be able to answer your questions about business formation, taxation, operation, ethics, etc. Ask your business lawyer any questions you can think of, and use the answers in your daily operation.

Create an office manual. Some experts will advise you to create the office manual during the time period shortly after opening your doors. However it is crucial that your office manual, which will outline all the essential and regular procedures for your business, is at least drafted prior to opening. If you want to operate properly from day one, you need to know how you plan on doing things. You can always revise your manual as you implement policies, and find that things are working or not working. But without a policy at all, you are bound to be inconsistent.

Have a strategy and stick with it. Once you have created your office manual, and found that something works, stick with it. The important thing here is to consistently operate. For example, if your policy is to send out monthly invoices and you have found that this is working, continue to send out monthly statements.

But don't be afraid to re-evaluate. Some of your policies won't work. As a business owner, you have to continuously look at what you're doing and figure out what can be done better. For example, say you decided to give every potential client a brochure outlining your services. If the brochure is not helping, you may want to look at whether this is a good policy.

Trust your instinct. In the end, you started a business because you have faith in your ability to operate successfully. You have done the planning and worked hard to get where you are. Now let your personality and vision show.