10 Simple Steps
The magic of business planning only happens once you commit, just like anything else incredible in life. Sure, you can go through the motions and fill out a very well-structured business plan, but all that matters is your follow-through. Good news is ivy league studies prove the very process itself dramatically increases the odds you’ll really tackle this thing.
Take Action: Seize upon our free and easy email-based Business Planning Course designed to get you from A-to-Z as pleasantly as possible. Plus, we provide tons of other great tools along the way.
Business planning is the really fun, explorative, and creative part but now it’s time to get a good majority of the red tape dealt with. First, pick the type of legal entity that best suits your ambitions, then incorporate it which will also secure your brand name when you file it with the state. Modern incorporation providers often have great startup packages which cover almost as many bases as DiMaggio!
Take Action: As this part of starting a business can be rather sensitive, we’ve developed quick-guides for the most popular entities if you want to skip over to those.
MA here in late 2016 as this guide’s being written is sitting pretty smack dab in the middle of the Tax Foundation’s Index ranking 25th. Although they’re 24th when it comes to business. So across the board they’re middle of the road with some amazing advantages and not-so-great advantages compared to say, Wyoming for example. Heard of Boston though? It’s one of the world’s economic powerhouses.
Take Action: You’re going to want to head on over to MassTaxConnect which is the state’s electronic tax system for new business owners and business account holder needs. Also, here’s a list of Tax Types Available.
Here again, MA has its ups and downs. On one side of the coin they’re VERY startup friendly in many respects. On the other side, did you know you have to get a special license to wear a goatee? We’re talking about the home of America’s first public beach folks, volleyball was invented in MA for crying out loud so you have to expect some holes to jump through. There’s a couple options here though:
This part’s cake after you do your homework, which is nothing compared to Harvard-level study by any means. Just find a great place to establish your brand’s financial identity and begin building your business account.
Goodness gracious, with so many jaw-dropping options for your business to call home you might want to have a couple Sam Adams lagers handy for the research process.
And don’t forget about the dynamic weather, from stunning summer and fall months to whopping nor’easters in the chill winter months. And another thing, before you jump right into Boston you might want to go there and TRY, if you can, to navigate their infamously confusing street layout.
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.
Here’s the deal, Massachusetts and the Bostonian region are considered by The Chronicle of Philanthropy the 10th most giving American metro area. To say you’ll have ample access to financing and funding would be an understatement, the only caveat is that it’s competitive! Well, everything is competitive in MA which is basically a sports nut paradise that never has enough pahkin’.
Take Action: The email course we mentioned in Step 1 really comes in handy here because planning and finances go together like sugar and Grandma’s Kitchen. You can also browse our guide on How to Finance a Business to start generating ideas.
To be perfectly frank with you, don’t even think of mentioning your business to anyone in a serious way in MA without a business website. It’s like the northeast’s equivalent of Silicon Valley just WAY older. It doesn’t need to be as gorgeous as Boston Common, only functional, meaning easy to navigate and use to quickly deduce what your brand’s about.
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.
Just dig in. All kidding aside, you can market ANYTHING in Massachusetts. And, being based in or around Boston really helps build cred. The issue is that with so many options, so many programs and groups and funds and organizations and on and on…whew! Welcome to the 12th largest economy on earth (around $400 billion).
Take Action: Start small – build big. Be laser-focused on what it is you’re setting out to do, who you’re setting out to reach, and where you want your company to fit in. See, this is why step #1 is, well, step #1.
Your final step is really never ending as an entrepreneur, as a human being. What matters is who and where you turn for motivation and valuable insight that causes those growth spurts we all crave because so much impact is achieved. Please consider Startup Savant, we’re definitely here for ya’s.
Take Action: Tap into our weekly newsletter filled with tips, tricks, lessons, and inspiring stories directly from ambitious professionals like you.
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