Perhaps you’re starting, re-starting, or thinking about going into business for yourself?
Great! Congratulations on having the type of courage that only a small percentage of people ever muster, even to this preliminary point. You’re even reading a blog post about it, this is serious! The possibilities are endless.
We want to say: Go for it! You can do it. It’s being done by millions of people in America, every single day. We’ve come across many types of businesses, and helped them succeed at various junctures of their business development. Remember, not all businesses are exactly alike, so there’s hardly a one-size-fits solution for everyone – these are just the top 10 most common and general areas.
Entrepreneurs and seasoned business owners receive a great deal of value from our agency due to the amount of experience we have in these multiple areas of Business Development. There can be some redundancy between businesses, often we recall another experience that can be extremely helpful to reference for the current client’s needs. We can guide you through all the steps of Business Development for your new, or old brand. It’s just another interesting day at the office for us!
Let’s look at 10 basic areas of Business Development.
1. Business Structure and Registration: The basic stuff. Choose a suitable business structure (e.g., LLC, Corporation) and register your business with the Massachusetts Secretary of the Commonwealth. Obtain the necessary licenses and permits based on your business activities. Search the commonwealth database for available names:
2. Business Name and Branding: Well, you’re going to want a cool name, right? Select a unique and memorable business name that represents your brand. Conduct a name search to ensure its availability, and consider trademark registration to protect your brand identity. Create a professional logo, design elements, and some swag that align with your brand.
3. Business Plan: You won’t get far without a plan. Develop a comprehensive business plan outlining your business goals, target market, products/services, competitive analysis, financial projections, and growth strategies. A well-crafted business plan is crucial for success and guiding your business development efforts.
4. Website and Domain: Obviously, the website. Create a professional website that showcases your products/services, brand identity, and contact information. Register a domain name that reflects your business name and is easy to remember. We have helped our clients purchase 1000’s of domains.
5. Legal and Financial Compliance: Obtain an Employer Identification Number (EIN) from the IRS for tax purposes. Set up a business bank account to keep your personal and business finances separate. Consult with legal and financial professionals to ensure compliance with state and federal regulations.
Lawyers know all the fun stuff.
6. Business Location: Determine whether you need a physical location for your business. If you plan to have a brick-and-mortar store or office, find a suitable commercial space and consider lease agreements. We’ve helped 100’s of businesses get listed and noticed on multiple platforms, it helps your SEO.
7. Marketing and Promotion: Here’s another area that does well with strategy. Develop a marketing plan that outlines your target audience, marketing channels (digital marketing, social media, etc.), branding strategies, and promotional activities. Establish a strong online presence and engage with potential customers through social media platforms.
8. IT Support and Infrastructure: Can’t turn on your phone? You’re going to need some help. Set up IT infrastructure, including hardware, software, and networking solutions. Implement cybersecurity measures to protect your business data and customer information. Consider outsourcing IT support to ensure smooth operations and data security. We have incredible value on our managed hosting plans.
9. Financial Management: This is a game-changer. Implement accounting and bookkeeping systems to track expenses, income, and taxes. Consider using accounting software to manage financial transactions and generate reports. Most businesses are running automated software that handles billing – are you still doing that by hand?
10. Employee and Human Resources: You’re only as good as your worst employee! If you plan to hire employees, familiarize yourself with labor laws, employment contracts, and payroll processes in Massachusetts. Create a positive work environment that fosters employee growth and satisfaction. Ready to grow? We can help you there, too.
Remember that each business’s needs and requirements can vary, so it’s important to tailor these steps to your specific situation and industry. Seeking advice from legal, financial, and business professionals can provide valuable guidance during the process of legally creating and developing your business in Massachusetts.