5 action steps to take when starting a business

Business Utah News
Please enable Javascript to watch this video

Starting a business and becoming your own boss can be exciting, scary and pretty overwhelming. If you’re not quite sure where to start, check out some tips from David Sant from Cyprus Credit Union.

Come Up with a Plan
While every business needs to start with an idea, it takes plan to make it a reality. Your plan should include:
• A brief company description
• A market analysis
• Key personnel
• More in-depth product or service description
• Financial projections

Learn the Tax Codes
Every state has a tax code that you will need to follow. This includes registering in your state so you can obtain things like a tax identification number, worker`s compensation, and unemployment & disability insurance.

Costs and Budget
Do your research and find out exactly how much this business of yours is going to cost. This is an important step to take, especially if you are looking for investors down the line. These costs will also be the foundation of any budget that you create.

Find a Work Space
Are you going to have enough money to rent out an office or work space or will you need to start out working at home? If you’ll be in an office, find places that will fit both your budget and your needs as a business. If you’ll be at home, create a space that feels professional. Even though your commute is now just walking down the hall, it’s still a place of work and needs to be treated as such.

Strong Support System
In the early days, you’ll probably be a lot busier than you are used to. It’s important to make sure those who are most important in your life and fully onboard and prepared for any sacrifices that may have to happen. Anyone who may be affected by the decisions you make should be included in the process.
You trust us with your personal banking, so why not with your business needs? Cyprus Credit Union provides the tools and solutions necessary to take your business to the next level. This means spending more time on your business and less on your bank account.

Find out more at cypruscu.com.

Leave a Reply