When you’re starting your own business it’s easy to get caught up in the excitement and overlook certain things. But there’s a process to starting a business that will last. If you are careful and follow the process, you won’t fall prey to these four easily overlooked items.
How Will Customers Pay You?
It seems obvious, yet many new business owners focus so much on marketing that they forget to implement point of sale systems where they sell products. Give careful consideration to these systems because they need to be efficient and secure. Also consider if you need an offsite point of sale solution if you’re selling at trade shows or elsewhere. Finally, look for a system that offers multiple payment options for your customers, such as swipe, tap and chip insert.
Time to Train Employees
Employees will need a minimum of two weeks of training before you can safely open for business. New business owners often overlook this extra time and end up opening before employees are trained on equipment, customer service, and anything else integral to the smooth operation of your business.
Slow Season Cash Flow
As a new business owner with employees to pay, you need to remember that you’ll need to generate money during the slow season. Consider opening a business line of credit early on so it’s there in case you need it in the future. Don’t wait until the slow season to apply, because it may be several weeks before you get approved.
Permits and Licenses
Even though your new business is registered with the area you’ll work in, will you need special permits or licenses? It’s quite possible you might need certain building or parking permits for your brick and mortar store. Consult with your local government to ensure everything’s in place before opening for business. You don’t want to be hit with a fine before you’ve even had a chance to settle into the business.
These four things should never be overlooked, but they often are. Use this checklist to ensure you’ve got everything in order for your new business. And remember, opening a new business is a big step. Be sure you double check your work so you don’t overlook anything else of importance.