Steven Miller
NYS Marketing Director
Electronic Merchant Systems
Starting a new business or managing your existing creation there are certain recommendations that could be adhered to. Wikipedia defines Business “as the activity of making one’s living or making money by producing or buying and selling products (such as goods and services). Simply put, it is an activity or enterprise entered into for profit”. If you have, or have had an inspiration to be in business, congratulations on the courageous step~ Bravo!
To begin with, it is recommended that in todays globally digital landscape that you actually meet with and know the professionals you are working with as well as have them on your speed dial and in your database for ease of contact and future communication. These individuals will become a valuable resource and an important part of your business team.
So, you have an idea and want to be in business. Start with meeting an attorney who specializes in business. They will be able to identify if the idea is legal as well as make recommendations regarding potentially creating an entity such a DBA or type of corporation to reduce your future personal vulnerability. They should also be utilized for reviewing any legal documents you may be requested to sign as they are binding. This includes your commercial lease if considering a physical location. Lawsuits can be costly so always keep your attorney updated as you grow.
You will also require an accountant/CPA for assistance immediately. They will be able to review and analyze your business idea as well as project profitability which is why you began in the first place. Besides helping you create and keep your book work and taxes, they should meet with you regularly not just to file taxes but insure that you are on the proper path for growth and success. Another ongoing priceless relationship for you and your business.
Next would be your banker, not just to know where your money is but in the event of being hacked/breached they are your first line of defense. Enjoying your relationship manager from you banking institution will aid in future growth by offering means of future financing to increase your business.
Let us not forget my own industry of merchant services as in todays marketplace the majority of sales of done digitally with credit/debit cards overseen by MC, Visa, Amex, etc. Each and every day your business is open you hope to accept payment. No matter who you may choose to manage these transactions, having a direct contact with a representative of the national company processing your payments and depositing into your bank account can be priceless. The merchant service industry is extremely competitive with telemarketers phishing regularly offering the service. Please remember that as your business accepts card payments regularly, I strongly recommend knowing personally the company representative that will be able to assist with any mistakes, errors, disputes or issues on a daily basis. Your money earned is the lifeblood of your business and you deserve access to an individual who has access to the system in order to assist with any future issues.
Another important individual is your Insurance representative. No one ever desires problems or foresees unexpected event but life happens. Being covered properly in the event that any issues occur can save not only your investment but your future as well. All too many times have I seen this overlooked when situations occurred that caused fatality to the business.
Meet with these individuals and decide carefully who you choose to work with as they will become your external core team looking out for not only the current but also the future position of your business. You should get along well and expect excellent communication from these professionals for your ongoing relationship and growth. Be sure to have them on your speed dial as you never know what may arise and their response time and transparency is of vital importance.
With both skill and some luck, you are on your way to fulfilling your dreams and creating the life and prosperity you both desire and deserve.
Steven Miller
NYS Marketing Director
Electronic Merchant Systems
866.367.1818