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Four Important Foundations to Set Within the First Two Years of a New Business

We have received a lot of questions recently from people who own companies that are less than two years old. Specifically, about how to properly work on the structure of their business. A lot of these folks have made some money, maybe went from part-time to full-time, and now are at a point where they want to ramp things up. Here are four things to think about if you’re in the same boat:

1. Legal – You must have your legal entity set up. A lot of people go online and use really inexpensive resources to set up their legal entities. I like online legal resources in certain situations, but when it comes to setting up your entity, we recommend connecting with a qualified attorney. Note that I’m not saying you should spend a lot of money on this, especially if you’re new to business. It just doesn’t make sense.

By the way, we’re not attorneys, so we don’t provide these services ourselves. We can however definitely help you plan out the process and connect you to the right people.

2. Accounting – I don’t really recall ever recommending anyone to do their own books. Most people hate it. Maybe if you have a background in accounting and you love it, then go ahead and do your own books. Otherwise, you really need to get a bookkeeper in place. There’s a lot of different options depending on your business. Like with your legal entity, what we do is we help you get all set up, but we don’t actually do any bookkeeping for you. If we know of someone we think is suitable for you, we’ll recommend you to that person. It really is crucial because from a coaching standpoint, you need to know your numbers and have accurate data in order to grow and forecast growth. So be sure to get your accounting going. This is often one of the first goals we help people work on when they initially begin coaching services.

3. Marketing – Do you have a solid marketing plan/structure for your business? If not, then you need help with that! Great marketing is what’ll allow you to create more qualified leads and grow quicker.

4. Sales – Similar to marketing, you need to have a set sales strategy in order to succeed, and we can of course help tremendously with sales as business coaches.

So if you’re within the first two years of starting your business, and you have your legal, accounting, marketing, and sales groundwork all done, you are in great shape. I know I didn’t go into too much details in this post as it’s meant to provide just a general overview, but if you have any questions about these topics, just reach out to us. We’d be happy to go into more detail in another blog article or podcast episode. For now, go out and make it a better than amazing day!