Remember Why You Started SignMotivation and passion are what drive new businesses. If you don’t have the motivation, you may face a long, uphill battle to get your business off the ground. Once things are moving forward, the passion and drive should help you daily. It’s what gets you out of bed and consumes your thoughts. You want to get right back to work on your business. In the middle of the night, you wake up with new ideas (and if you’re like me, you keep a notepad on your bedside table to write down those amazing 2 a.m. thoughts…).

So What’s Your Motivation?

A recent article I read had some interesting motivations from new business owners:

  • “I love giving people a place and a platform to celebrate, mourn and share.” (Karaoke Bar)
  • Spending more time with their children – “I didn’t want to get a job and be away from them” (Flower Shop)
  • “It started as a way to maintain sanity with a newborn.” (Abboo Candle Co.)

The great thing about motivation is that it’s yours. It is personal to you. You can see other people’s motivation and be in awe, but you don’t need to copy it to be successful.

Quick Steps to Consider

Once you’ve explored your motivations for starting your business, it’s time to get started. There are lots of great resources to help you. The Small Business Administration has a good guide with 10 steps to take. Briefly, those steps:

  1. Conduct Market Research
  2. Write Your Business Plan
  3. Fund Your Business
  4. Pick Your Business Location
  5. Choose a Business Structure
  6. Choose Your Business Name
  7. Register Your Business
  8. Get Federal and State Tax IDs
  9. Apply for Licenses and Permits
  10. Open a Business Bank account

These 10 steps are a good guide to get you started. It’s also good to understand which steps you can do on your own and when it’s a good idea to use a professional. An accountant and financial advisor who understand business can be invaluable for you. One of the biggest advantages new businesses have in 2020 is the amount of information that is available online. There are some really good articles to help guide you through the process.

Next Steps

If you are thinking of starting a business or already started your business and want to make sure your legal documents are in order, give me a call and we can sit down for a Legal Strategy Session to discuss the process and what documents would be best tailored for your company – (877) AMAYERS.

Andrew Ayers
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I work with business and estate planning clients to craft legal solutions to protect their legacies.
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