What should I consider before launching my business in 2023?

2023 may be the ideal year to open a new business; However, there may be different doubts and uncertainty because of what we have experienced in recent years. Mike Kappel, founder and CEO of Patriot Software, LLC, shares 9 points you can consider to ensure a successful business. Join us for this article as we explore these ideas together. 

The first step is to know what your market is and who your customers are.

Once you know your market and potential customers, you can ask yourself the following questions (the answer should be a resounding yes):

• Do I believe in my business idea?
• Can I sell my product or service?

• Is my business idea simple?

If we don't believe in our business ourselves, who will? You can stand out from the crowd with a unique product or service and a simple business idea.

We can think of a business plan as a roadmap for future success. "It will let you know where you're going and give you a way to get there. It's also a great way to attract investors and lenders before you have a proven track record. A good business plan lets everyone know you're ready to make the leap into the business world."

A business plan puts into practice what you know about your industry and about the market. There are several ways to make a business plan, but don't forget to include the following points:

• Executive Summary
• Company Description
• Market analysis
• Description of what your business offers
• Marketing strategy

• Funding Request
• Financial projections
• Documentation for your research

You will need to choose a business structure for your business to become a reality. A business structure affects every part of your business, from your taxes to your liability (also known as your legal exposure). Therefore, it is an important decision.

Here are the business structures you can choose from:

• Sole proprietorship
• Society
• Limited Liability Company

• Corporation

This step is very important, the name of your business is the first thing your customers will know. Think of a name that represents what you offer and the essence of your company. Then, register it in the required spaces depending on where your business will develop.

Part of having a successful business is having paperwork and tax responsibilities in order. Do not forget to perform the corresponding actions to be able to pay taxes and keep your accounts in order.

Depending on the type of business you are launching, you may need to process some licenses or permits. Investigate if the activities you will carry out need any permission.

Now that you've registered your business and applied for the correct tax IDs, licenses, and permits, there's only one more thing to do. Before the money starts pouring in, open a business bank account.

You may be wondering if a business bank account is the right thing for your business. It probably is. A business bank account helps you keep your personal and business funds separate, making it easy to track your business' finances and return on investment.

Currently, we must have a digital presence if we want to ensure the success of our company. A website is just as important as your physical store. It's one of the easiest ways for customers to learn more about your business and get in touch with you if they need to. So, don't let this opportunity go to waste.

A business website should be simple, informative, and full of your brand. Here are some things to include on your company's website:

• Company Name
• Products & Services
• Hours of operation
• Address and map
• Contact Information

You can add content such as product images, an online store, and user reviews. "They are not mandatory, but it tips the balance in their favor for sales. Amazon is huge for a reason."

To take your business to another level, consider having a social media presence as well. But, before you do, make sure you find the platform that matches your brand or industry.

Here are some good questions to ask:

• What platform do potential customers use?
• How does the platform help showcase my products and services?

9. Hire trusted advisors

If you want your business to succeed, hire advisors you can trust to lead the things they can probably do better than you, examples of this can be:

• Lawyers
• Counters

• Insurance brokers
• Tax Specialists
• Public relations

You may not need advisors at first, but it's never too early to start a business relationship.

Recommendations for new business

Here were some recommendations from Mike Kappel, founder and CEO of Patriot Software, but below, we'd like to recommend you pay special attention to these other points when planning your business: 

• Define the essence and culture of your company: Especially if you are looking to create a large company or corporation, it is important to define the values and culture that will govern every decision that will be made in the future.

• Your space matters: Whether you think about having home-based offices or elsewhere, don't forget to outfit your spaces with the right furniture and the right layout.
• Take advantage of new technologies: The world advances by leaps and bounds and it is important that your business is mounted as quickly as possible to technological trends, this will allow you to remain at the forefront and offer the best experience to your customers.
• Future-proof your business: With the changing conditions we're going through, like pandemics that turn the way we work overnight, it's important to prepare your business and your space for the future. For this, consider applying flexibility, modularity and having possible solutions for changes that arise.

Paying attention to the points set out in this article will allow you to better direct your business, we hope you can have the planned success and if you want to talk to experts in creating and equipping spaces for your future offices, ¡contact us ! 

Source: 9 Things To Do Before Launching Your Business In 2023 (forbes.com)