10 Simple Steps
One of the world’s foremost authorities on the topic, Tim Berry, famously said, “Good business planning is 9 parts execution for every 1 part strategy.” So listen, start this journey by having a game plan in place, but make it a system of approach you’re going to act on. Modern software really helps which is why we’re such big supporters around here.
Take Action: Seize upon our 100% free email-based Business Planning Course designed to get you from A-to-Z as pleasantly as possible. Plus, we provide access to tons of other great tools along the way.
Now it’s time to cover tons of ground in one fell swoop: choose the type of business entity (under the law) you’re building, incorporate it and in the process secure your brand name and handle some red tape. Whew! No kidding, with your dolphins in a row this can all go down as smoothly as EDairy’s ice cream.
Take Action: As this part of starting a business can be rather sensitive, we’ve developed quick and easy incorporation guides for the most popular entities if you want to skip over to those.
First, there’s the fact you can buy stuff in Delaware without paying taxes. Then of course you have the yearly Punkin Chunkin competitions…sorry, err, and some of the lowest property taxes in the nation. Do keep in mind that although Limited Partnerships, LLCs and General Partnerships aren’t required to file annual reports, there’s an annual $300.00 tax. Don’t worry, the tax code can be as tasty as Dogfish beer.
The regulatory environment in Delaware is definitely entrepreneur-friendly for a variety of reasons but it’s really dependent on a number of variables including what business you’re in, where you situate your base of operations and what type of business entity you’ve created. There’s two solid options:
Mixing your personal financials with your business accounts is like trying to zip-line in Death Valley. Your next step is to establish Ground Zero for your brand’s financial data and leverage all the many benefits depending on the institution you choose.
So what’s it going to be, the Upper Faster portion of the state or the Slower Lower? If you’re going to be purely an online platform that’s one thing, but if you intend on establishing a physical presence you gotta do your homework on Delawareans because they’re some of the most amazing and relaxed people on earth.
Take Action: We know picking a spot can be tough if it doesn’t somehow happen naturally through your personal/professional networks. If you’d like to brush up on everything that goes into making this decision, refer to our friendly guide on How to Choose the Perfect Location.
Funding is always and will always be an issue as an entrepreneur, so just embrace it. No sense in fighting the tide. Just please don’t lose sight of the fact that you have access to trillions of capital waiting to be put behind good ideas. Which of all those local, state and county (despite there being only three) benefits apply?
Take Action: The email course we mentioned in Step 1 really comes in handy here because planning and finances go together like cheesesteaks and a Wawa icee. You can also browse our guide on How to Finance a Business to start generating ideas.
At Startup Savant we now officially hold the opinion websites aren’t discretionary anymore; they’re not optional. We approach it the way Delawareans approach disc golfing among the trees – indispensable. And what it comes down to, at the end of the day, is how easy is your website to use and investigate your brand?
Take Action: If you could use some help in this department the first step is finding the right platform, which thankfully there aren’t too many yet. Head on over to this easy Business Website Builder Guide to get a head start.
Would you believe it if someone told you modern marketing is as easy as apple pie? It is, but the one caveat is you need to have an incredibly in-depth understanding of your niche and your ideal clients/users/customers.
Take Action: Before throwing your budget at this or that marketing trend/methodology, ask yourself if it’s increasing your customer acquisition costs or lessoning them while strengthening your connection.
From this point onward, all we ask is that you consider Startup Savant a valuable and reliable source of useful information from fellow change-makers, innovators and ambitious creatives.
Take Action: Tap into our weekly newsletter filled with tips, tricks, lessons, and inspiring stories directly from ambitious professionals like you.
Out of all the resources available to help you start a business in Delaware, here are the two we believe in most. With IncFile and LivePlan, you'll take the first steps toward bringing your idea to life and having a solid plan behind it.
IncFile is the most affordable online incorporation available. Since 2004, IncFile has helped over 75,000 entrepreneurs incorporate their business on a budget. For $49 + State Fee, they'll bring your business to life by registering whichever business structure you choose.Visit IncFile.com
One of the most important aspects of starting a business can also be the most tedious: the business plan. LivePlan is a business plan software that will walk you through the entire process as it has for 375,000 entrepreneurs across the world.Get 25% Off LivePlan