Don’t think of yourself as an amateur just because your business is small. You are still a professional. Don’t let anyone tell you anything different. You should also ignore anyone who tells you that you are an amateur because you use consumer products and services for work. They don’t know what they’re talking about. If what you are using gets the job done, then it is plenty good enough. And if it costs hundreds less than the professional equivalent, that makes you all the smarter for using the consumer gear.

Consumer gear has come a long way in the past decade. A typical consumer PC runs circles around the typical business computer found in office cubicles worldwide. The typical consumer smartphone is faster, more capable and just as secure as anything you will get from the office. The internet in your home runs many times faster than the one in most offices.

That said, there comes a point when consumer technology meets its match and you have to get something more robust. It often comes down to a single function. It just happens to be one your business can’t do without. Here is how to tell when it is time to upgrade to a business product:

A Production Printer

If your printing needs are modest, you don’t need anything fancy. That said, you will want a good printer, not so much for the print quality, but for the way it uses ink and toner. Cheap printers are almost never worth it because to replace the ink cartridges, you would be financially better off just buying a whole new printer. As the price of the printer goes up, the ink replacement cost tends to go down. Try to find a balance.

However, as your business grows, you will need to move up to a good production printer. If printing is a key aspect of your deliverables, you have a law firm, a doctor’s office, you run a private school, you have a small book publishing operation, or anything requiring a lot of painstaking print work, then you will need a production printer.

A Business Phone

How does your phone service compare to others? When it comes to your business phone, that might be the wrong question. It is a perfectly fine question if all you are looking for is cheap rates. But when the bulk of your business is done over the phone, you are going to have to think about more than the monthly payment.

If you are highly mobile, your plan is going to have to cover a lot of territory. If you make a lot of international calls, a typical plan won’t do. If you have multiple people in your company with similar mobile needs, you are going to have to get a plan specifically geared toward business. If your business involves a lot of call center work, you will need more than just a service, you are going to need some hardware for all that call routing. Will you have a decision tree? If yes, press 1, then ditch your consumer smartphones for a more appropriate telecommunications service for businesses.

A Paid Service for Meetings

According to the experts, Zoom is, by far, the best choice. It has a consumer component, but was built for professional video conferencing. You have already outgrown consumer services whether or not you realize it.

You might be losing sales to the competition for no better reason than that they looked professional on the video conference and you didn’t. That garbage webcam on your cheap laptop is not good enough. Your $20 microphone is not good enough. And the free service you are using for chat is not good enough. Don’t wait until you grow to upgrade. Do it now so that you will be able to grow.

There is no fixed rule that says you have to move to professional gear. But there comes a point when your consumer gear becomes more of a hindrance than a help. In the case of production printers, telecommunications, and video conferencing, there is no substitute for the better gear. You will know it when you need it.

You’ve got an idea that you believe would be a great business opportunity. You’ve taken the time to do some research. You’ve gathered your resources, devised a plan, and now you’re ready to get started. Although you realize that starting a business is a risk, it’s one you’re willing to take a chance on. While your determination is admirable, it couldn’t hurt to seek counsel before you get started.

It’s Not Easy

No matter how many success stories you hear about, it’s not an overnight process. Starting and maintaining a business is actually harder than you think. It involves more than money, education, and skills. There are long hours, sacrifices, risks, challenges, and obstacles you’ll have to overcome along the way. Unfortunately, not everyone succeeds.

Call On The Pros

If you’re going to be among the entrepreneurs that succeed, you must seek counsel. Talking to people that have experience in business and are experts in their field can give you better insight into what you’re up against. They can help expand your knowledge, sharpen your skills, pinpoint your weaknesses, and provide advice that enables you to beat the odds. Here’s a closer look at who you should call on before starting a business.

Your Partner

Although your significant other isn’t a professional, they are your life partners. Running a business requires a lot, and you want to ensure they understand. You’ll need them on your side to help keep home life intact as you pursue your professional dreams. So, before you make any significant moves, have a conversation with your partner. Let them know what your goals and intentions are, what it’s going to take, how it will impact your lives, and ways you could use their support.

Mentor Or Business Coach

No one is born with the skills and experience necessary to run a business. It’s developed over time. If you’re new to entrepreneurship, talking to a mentor or business coach is recommended. These are seasoned professionals that have gone through the trenches to reach the top. They can provide guidance on reaching your goals best while also helping you sharpen your skills and avoid common pitfalls.

Financial Planner

Until your business starts generating revenue to cover operational expenses and income, the financial responsibilities fall on you. This is a significant financial undertaking. Before investing, it’s ideal to talk to a financial planner. They can review your personal finances to help you determine how much of a risk a business is based on your circumstances. A financial expert can evaluate everything from your credit rating to your household budget to assess your ability to apply for funding and manage expenses. If you don’t have the money necessary to start a business, they can give you advice on how to acquire more capital and credit, so you don’t fall into debt.

Accountant

Your personal and business finances are two separate things. While a financial planner can help you assess and evaluate your personal finances, an accountant is the best person to talk about business financials. Their job is to evaluate your capital and assess how it can best be used to cover operational expenses and grow your business. They can help you avoid financial pitfalls by helping you to develop a budget, payroll system, and financial reporting process that keeps everything intact.

There are many facets to owning a business. It takes a lot to make it to the top. While you may feel you have what it takes to accomplish your goals, it’s easier said than done. The best thing you can do to increase your chances of success is consulting people like those listed above. Collectively, they have the experience, understanding, and resources you’ll need to overcome the obstacles and get where you want to be. If you believe you’re in the right position to get started after talking with these individuals, then don’t let anything stop you.

There’s no shortage of tasks and responsibilities to tackle when starting a business. Should you get ahead of yourself, it’s possible that you’ll overlook something of supreme importance. That could result in a lot of lost time and/or money in the future (not to mention the headaches it’ll cause).

Before we discuss the five things you absolutely need to do when starting a business, there’s something to remember: no two start-ups are exactly the same. You must take a unique approach, based on your personal situation.

With that out of the way, let’s examine five of the most important things you need to do when starting a business:

1. Create a Business Plan

Creating a business plan doesn’t sound like the most glamorous part of getting your company off the ground, but it’s an important part of your long-term success.

Here’s what the Small Business Administration has to say about this:

A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan as a roadmap for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business.

Don’t put this off. Create a business plan before you do anything else. It’ll guide you as you make other important decisions.

2. Get Your Taxes in Order

It’s one thing to start a business, but another thing entirely to ensure that it’s meeting all tax requirements. This holds true on a local, state, and federal level.

Consult with a tax professional early on to ensure that you’re making all the right decisions in regards to your taxes, payroll, and other related details. If you fall behind the eight ball here, it could cost you a lot of money in the long run.

3. Complete Market Research

It’s important to have a clear idea of your primary competitors and the current state of your market. Without this, you don’t know what you’re up against. You don’t know what you need to do to rise to the top.

With the help of the internet, you can conduct market research in a fast and efficient manner. Add this to any conversations you can have with people in your industry, and you’ll find yourself in a position of power from the get-go.

4. Decide if You’re Hiring Now (or later)

Some companies hire right away, while others wait to get their feet wet. While there’s no right or wrong approach, you must have a clear idea of what you want to do.

If you’re going to hire right now, consider if full or part-time employees make the most sense. Along with this, look into the benefits of hiring contractors, such as the ability to minimize your overhead costs during the key startup stage.

Don’t be in a rush to hire. Don’t assume that you have to do this as a means of keeping up with your competitors.

Hire when you’re ready and able to do so.

5. Set a Budget

Some businesses cost more to start than others, but a budget is necessary no matter what.

Without this, you could find yourself spending uncontrollably, which isn’t a mistake you want to make. This can put you in a bad spot in the early days, weeks, and months of your business.

Set a budget and have a plan for sticking to it. This may put some constraints on you and your growth early on, but it’s better than taking risks with your company’s finances.

Tip: talk to your tax professional about the impact of your budget on your tax circumstances, such as what you can deduct.

Final Thoughts

From learning how to apply for an EIN to creating a business plan, you’ll never be hurting for things to do as you get your business up and running.

Starting a business is a way of investing in yourself and your future. If you’re ready to get started, create a plan of action and don’t look back.

Do you have any experience starting a business? Were you successful the first time around? What else would you add to this list?