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42 Unsexy but necessary things you need to run a successful business

Paula Gregorowicz
Paula Gregorowicz

Everybody wants the sex and sizzle of the promise of being your own boss and running a business. Yet there are a number of not-so-sexy but absolutely crucial things you need to have if youre serious about running your business. Times have changed so you want to keep your planning short, sweet, and flexible but you still need more than just a seat of your pants whim. Here are 42 things to ensure your success.

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paulag 2/28/2017 42 Unsexy but Necessary Things You Need To Run a Successful Business thepaulagcompany.com/business-prosperity/42-unsexy-but-necessary-things-you-need-to-run-a-successful-business Everybody wants the sex and sizzle of the promise of being your own boss and running a business. Yet there are a number of not-so-sexy but absolutely crucial things you need to have if youre serious about running your business. Times have changed so you want to keep your planning short, sweet, and flexible but you still need more than just a seat of your pants whim. If you dont want to land your butt in jail, decimate your familys financial security, or screw this up so royally that you have to sell everything you own and take a worse job than you left, make sure you have these 42 things handled. 1. Business plan 2. A legal entity structure for your business 3. A name for your business 4. Register your business name with your locality/state 5. Obtain any local business licenses/permits required 6. Clear business model 1/3
7. A break-even analysis 8. Profitability analysis 9. Budget 10. Clearly defined market that wants and will pay for your services 11. Pricing strategy 12. Profitability metrics 13. Marketing strategy 14. Marketing plan 15. Business operations manual 16. Business continuity plan (what happens if you get ill for an extended time or die) 17. Obtain state tax filing account if your product/services will be taxable. 18. A physical location for your business (even if it is a home office) 19. Financing strategy to fund the business and your life at startup/through downturns 20. A domain name for your business 21. Clear branding (who you are, what you stand for) 22. A basic logo or consistent way you reference and display your business name. 23. Website on a platform that you own 24. Set up record keeping for your business finances 25. Purchase accounting software for your invoicing and bookkeeping system 26. Familiarize yourself with common business deductions, income, and tax requirements (or hire an accountant) 27. Business card 28. Separate business checking, savings, and credit card accounts 29. Insurance for your business (home owners insurance typically does not cover business activities, verify your situation) 30. Health and disability insurance for you/your employees 31. Understand employer responsibilities and differences between independent contractors and employees 2/3
32. Create independent contractor agreements 33. Client agreement and contract templates 34. Liability insurance 35. Clearly defined service that you offer 36. Email address with your business domain name 37. Credit card processor account 38. Basic office supplies (no longer is someone stocking your cabinet with paper and clips) 39. Backup system for your digital files 40. A phone (ideally a separate phone number for business only) 41. An e-fax or online system to send/receive secure documents (signatures, agreements, etc.) 42. Clear boundaries of what will be work time and what will not be (entrepreneurial martyrdom is not a sustainable model of success). Even if youve been in business successfully for years, if youre missing one or more of these items, it is never too late to strengthen your systems and foundation. Paula Gregorowicz is a small business consultant who helps business owners create more profits and playtime so they have more money in their pocket and more time to do things they love. If youre not profitable, you have a hobby, not a business. Get the 5 Profit Leaks That Are Costing You Money report to ensure you are making the money you desire and keeping more of the money you make. 3/3

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42 Unsexy but necessary things you need to run a successful business

  • 1. paulag 2/28/2017 42 Unsexy but Necessary Things You Need To Run a Successful Business thepaulagcompany.com/business-prosperity/42-unsexy-but-necessary-things-you-need-to-run-a-successful-business Everybody wants the sex and sizzle of the promise of being your own boss and running a business. Yet there are a number of not-so-sexy but absolutely crucial things you need to have if youre serious about running your business. Times have changed so you want to keep your planning short, sweet, and flexible but you still need more than just a seat of your pants whim. If you dont want to land your butt in jail, decimate your familys financial security, or screw this up so royally that you have to sell everything you own and take a worse job than you left, make sure you have these 42 things handled. 1. Business plan 2. A legal entity structure for your business 3. A name for your business 4. Register your business name with your locality/state 5. Obtain any local business licenses/permits required 6. Clear business model 1/3
  • 2. 7. A break-even analysis 8. Profitability analysis 9. Budget 10. Clearly defined market that wants and will pay for your services 11. Pricing strategy 12. Profitability metrics 13. Marketing strategy 14. Marketing plan 15. Business operations manual 16. Business continuity plan (what happens if you get ill for an extended time or die) 17. Obtain state tax filing account if your product/services will be taxable. 18. A physical location for your business (even if it is a home office) 19. Financing strategy to fund the business and your life at startup/through downturns 20. A domain name for your business 21. Clear branding (who you are, what you stand for) 22. A basic logo or consistent way you reference and display your business name. 23. Website on a platform that you own 24. Set up record keeping for your business finances 25. Purchase accounting software for your invoicing and bookkeeping system 26. Familiarize yourself with common business deductions, income, and tax requirements (or hire an accountant) 27. Business card 28. Separate business checking, savings, and credit card accounts 29. Insurance for your business (home owners insurance typically does not cover business activities, verify your situation) 30. Health and disability insurance for you/your employees 31. Understand employer responsibilities and differences between independent contractors and employees 2/3
  • 3. 32. Create independent contractor agreements 33. Client agreement and contract templates 34. Liability insurance 35. Clearly defined service that you offer 36. Email address with your business domain name 37. Credit card processor account 38. Basic office supplies (no longer is someone stocking your cabinet with paper and clips) 39. Backup system for your digital files 40. A phone (ideally a separate phone number for business only) 41. An e-fax or online system to send/receive secure documents (signatures, agreements, etc.) 42. Clear boundaries of what will be work time and what will not be (entrepreneurial martyrdom is not a sustainable model of success). Even if youve been in business successfully for years, if youre missing one or more of these items, it is never too late to strengthen your systems and foundation. Paula Gregorowicz is a small business consultant who helps business owners create more profits and playtime so they have more money in their pocket and more time to do things they love. If youre not profitable, you have a hobby, not a business. Get the 5 Profit Leaks That Are Costing You Money report to ensure you are making the money you desire and keeping more of the money you make. 3/3