You developed, tested, and fine-tuned your product. You identified your target market. You’re passionate about getting the product to the customer. You’re ready to risk your comfortable job and take the leap to launch this business. What is your next step? You are in luck! Your product or service may be new, but the “how-to” of launching your enterprise is not new to organizations like UNeTech. UNeTech and its network of experts is ready to assist your navigation through the basics of your business launch.
The first step to successful business launch is building your team. “Know what you don’t know” is an adage to embrace as you create your advisor team.
At a minimum your team should include:
- a mentor (and later a small Board of Advisors)
- a business lawyer
- an accountant
- a banking partner
Your MENTOR can help you see yourself with all your strengths. Once you honestly assess your skills and experience you can determine what gaps to fill.
For example, you may be a great engineer and creative problem solver, but not be an expert in business structure. Your LAWYER can explain the advantages/disadvantages of sole proprietorship or incorporation or partnership structures. Additionally, the lawyer makes certain you have the right business licenses, tax identifications, and related legal registrations.
You may love reading blueprints, but not be expert at reading financial statements or understanding payroll taxes. Your ACCOUNTANT sets up the record keeping system. This person is key to guiding your firm to financial success. From cash flow analysis to quarterly tax payments, be sure you trust this expert to tell you the plain facts regarding your firm’s finances.
Take your business plan and cash flow analysis to a potential BANKING PARTNER for start-up capital – aka money. You and your banker assess the capital needs of your firm. You may need to visit more than one lender at this stage. When you borrow money, that lender is actually your first business partner so it needs to be a good fit. Your lender or any potential investor will expect you to have skin in the game – why would they invest in your enterprise if you will not invest some of your own money in the business – but this should not stop you from launching. Personal guaranties or owner equity could include personal savings or investment from family that does not require repayment.
Dream. Create. Launch. Nebraska is a good place for business. The business community is filled with people ready to help you succeed. Look to UNeTech and its network for a solid and successful business launch.
Kathleen Piper recently retired from a long career in private business & government service. She currently serves as a volunteer advisor & grant-writer to small non-profit organizations.