It’s a new year, and you have an idea for a business that’s been swirling around in your mind for a while. What better time to start a new business than now? Or perhaps you have an existing business that needs jumpstarting or re-examining for 2012. The beginning of a new year is the perfect time to make a plan for starting or growing your own business.

A recent study found that 90 percent of 2,000 small business owners surveyed indicated that they feel passionate about and enjoy owning their business. Women in business love being their own boss, building relationships with others, managing their time, and feeling empowered by their creative vision. Moreover, they believe by sharing their skills, talents, and passions, they are giving back to the community and making the world a better place.

These are noble goals, but you have to have a plan to make them come true. Here are a few tips for getting your business plan off the drawing board.

FIRST: WRITE IT DOWN

Grab a notebook or a laptop and start putting your vision in writing. A study by Dominican University named three goals that are essential for success: accountability, commitment, and writing down one’s goals and actions to take. Those who wrote their goals accomplished significantly more than those who did not write their goals.

• Describe your business vision. What is your skill, product, or service? Get really crystal clear.

• Consider what business type is the best for you. Find a reliable attorney and/or CPA to help you with what is best for your particular situation. Options include sole proprietorship, partnership, corporation, sub-chapter S corp, and limited liability company (LLC).

• Choose a name for your business. Put some thought and creativity into this one. If you already have a business name, is it time to change it to better suit what you do or sell more effectively?

• Define your brand and business services/products. Develop an identity/brand/slogan that sets you apart or defines what you do or sell. How would you explain what you do in 30 seconds or less to get someone’s attention (called an elevator speech)?

• Where will you practice or base your business (home, office, warehouse, out of someone else’s office)?

• Identify your ideal client and define the territory where you will sell (local, regional, national, international).

• Figure out your own personal marketing strengths (writer, speaker, leadership, social relationships, productions, systems, organizer, etc.). and plan how you will capitalize on those gifts.

• Set up your hard-copy marketing and communications: press releases, printed materials, signs, flyers, public relations, coupons, advertising, stickers, brochures, apparel, promotional items, photography, etc.

• Create your virtual marketing and communications: email, domain names, web, social media, videos, announcement, e-books, blogs, smart phones, SEO, web-based, permission-based email newsletters, etc. With the 21st-century introduction of networking on computers, these can be major low-cost tools.

• Establish databases: cell phones, Gmail, Outlook, Constant Contact, ACT, social networking, etc. You need to be organized with your contacts so you can speak with them regularly.

NEXT: REGISTER YOUR BUSINESS

Find out what your city’s requirements are for starting a business. The Hampton Roads Small Business Development Council has information for local cities’ requirements. Visit http://www.hrsbdc.org/starting-a-business/doing-business-in-hampton-roads. If you are starting a business in Virginia Beach, for example, you will be directed to the Commissioner of the Revenue, City of VB www.vbgov.com/cor.

Some requirements include getting a local business license; registering your business name; identifying your business personal property, such as your computer, office furniture, cell phone, etc. Finally, if you are planning a home-based business, you will have to research city regulations.

If you are incorporating your business, you will need to register with the Virginia State Corporation Commission. Check to see if your name can be registered by calling 804-371-9733 or 1-866-722-2551 or visiting www.scc.virginia.gov

The IRS is another government agency that wants to know about your new business. You will need to establish a Federal ID #, which you can obtain from the Internal Revenue Service. Call 800-829-1040 or visit www.irs.gov.

THIRD: SET UP & PROTECTION

Here are other considerations as you set up and protect your new business:

• Open a business checking account. You will need your city business license to open a business checking account. Check different banks for free checking and plans to fit your needs.

• Look into insurance. Discuss liability and any other insurance policies and get insurance if you need it.

• Establish an accounting/bookkeeping system. Set up some type of system for calendar or fiscal year to keep track of expenses and income for taxes. QuickBooks is a popular choice. Consider seeking the expertise of an accountant who is experienced in setting up small businesses in the planning phase. It can save you lots of headaches later.

• Plan your finances and inventory. Start with the smallest overhead you can. Research loan sources. Start your business while you are still employed. Do what you love for free. It will show value and let you build testimonials. Then you can launch your business when you are ready.

• Contact Virginia Department of Taxation and find out what your business is required to do for sales and use taxes. Visit www.tax.virginia.gov and www.ireg.tax.virginia.gov.

• Find a mentor and get help from experienced business owners. You’ll find plenty of resources online. Examples include SCORE, the chamber of commerce, trade organizations, BNI groups, online forums, family, neighbors, friends, and other entrepreneurs that you know. Consider joining a professional organization of women business owners, such as NAWBO (www.nawboseva.org), where you will meet like-minded women, receive encouragement and education, and build relationships in a relaxed, welcoming atmosphere.

The process of starting your own business may seem overwhelming. Just break it down into bite-sized pieces. Start with a crystal-clear vision. Ask a friend or mentor to hold you accountable. Make the commitment to do it, and write down your goals and action steps to take.

Vision without an action is only a dream. An action without a vision is mindless doing. But vision with an action is an entrepreneur. Make your vision come true today—take action! 

Linda Simón has been consulting since 1997 and has 30 years of marketing, branding, advertising, social media, graphics, photography, media relations, coaching, and training experience. She helps entrepreneurs develop successful strategies to grow their businesses to the next level. Linda received her B.S. in marketing and office management from VCU. She is a certified facilitator, published author, and speaker.

Coming up in February: Linda Simón will offer a series of workshops for entrepreneurs. Topics will include defining your business, branding, elevator speech, identifying your ideal client, marketing, databases, networking, media relations, web sites, social media & more. For more information, visit www.lindasimon.net or call 757-430-9008.