A roadmap to launching your own small business

The steps between a big idea and a fully operational small business can feel overwhelming, but we're here to help.

The roadmap below outlines all the steps you'll need to take on your journey to launching your own small business. There is no one-size-fits-all checklist that works for every entrepreneur, but our hope is that this resource can act as a guide.

How to use this roadmap

This roadmap gives a high-level overview of what it takes to launch a small business in New York State. Each stage is broken down into different actions you should consider taking and includes many useful tools and resources. Refer back to it as you bring your business idea to life.

We're here to support you on this journey

As you work through each stage, know that we're here to help. Reach out any time to ask questions or get feedback on your plan, sign up for our Accelerate: Business Plan Intensive, or get guidance through our business counseling program.

Prepare yourself for the entrepreneurial journey
Develop and clarify your business idea
Determine if your business is viable
Create a business plan
Secure financing, if appropriate
Build your team
Create y our marketing and sales strategies
Officially form your business entity
Set up your bookkeeping and manage your financials
Work to your plan, evaluate, and iterate

Prepare yourself for the entrepreneurial journey

Before you take action, make sure you're ready to be an entrepreneur. The lifestyle of a small business owner can be intense: working long hours, worrying about finances, and facing new challenges daily, all while trying to balance your other responsibilities. You'll need to be constantly learning and stretching, and will often find yourself far outside of your comfort zone. For some, this sounds like a nightmare, and that's okay; entrepreneurship is not for everyone.

On the other hand, some people thrive in this kind of lifestyle and find tremendous satisfaction in the personal growth that being a business owner demands. They relish the ability to set their own schedules and be their own boss, and find these kinds of perks outweigh the challenges. It's important to be honest with yourself and decide if this journey is right for you.

Get started

Dig deep and be real with yourself: is this something you want to take on? Start by asking yourself these questions:

Do I have the time to invest to get a business off the ground?
Do I have support from family and friends? If not, where will I find support?
Am I ready emotionally? To be seen, to put myself out there, to be vulnerable, and to potentially fail?
Do I have the money to do this? Can I afford to not make money for a while as I build this business? Can I afford to fail?
Am I prepared with the resources and skills required? If not, where will I turn for those things? (Psst - WISE can help!)
Can I handle the lifestyle of long hours, full responsibility, and facing new challenges daily?

Talk with anyone else who will be impacted by this decision, like a potential business partner, life partner, etc. It's also useful to talk with other small business owners you know about their lives, how they got started, and what their major challenges have been.

You can also attend Building Blocks, a 1-hour virtual course about what it takes to start a small business. Sign up on EventBrite.

Frequently asked questions

Q: I know I want to be an entrepreneur, but I have no idea where to start. What do I do?

A: Start by thinking about what you know well. Think about an industry you're very familiar with, a problem you have that you think you could solve, or a group of people whose needs you really understand. Those areas are all fertile ground when brainstorming business ideas.

Q: How do I decide what specifically I'll do?

A: Start with your passion. What do you care about? What can you spend all day doing? Maybe it's gardening, and you care intensely about native plants. Then, do some research to find out what kind of business models are possible (you could start a nursery, work as a consultant, or start a landscaping business) and who your competition is. See the next step on the roadmap for more.

Q: What if I can't quit my job right now?

A: You can still be an entrepreneur. Many people start small businesses while working full-time in a "normal" job and use part of their salary to fund their own project. This is a very common form of bootstrapping.

Q: How will I finance this business?

A: There are many ways entrepreneurs get the capital they need to start a business. This includes bootstrapping (using your own time, energy, money, and other resources), tapping friends and family, crowdfunding, business loans, lines of credits, and occasionally small grants. See step 5 below for more.

Resources

Develop & clarify your business idea

Once you are ready to move forward on your small business journey, it's time to clarify your business idea, including what product you're making or service you're providing, to whom, and how. This is a good time to do market research, a competitive analysis, and start working with a business counselor.

Get started

Ask yourself:

Who am I serving? Who's my target market?
What needs or problems do they have?
How can I provide a solution?
What's my unique value proposition (UVP)?
If this idea isn't totally new, how is this different coming from ME?

Write a draft of a business model canvas. This process will help you get clear on the answers to those questions above, and the output is a document that outlines every important aspect of your business.

Sign up for business counseling with one of our expert business coaches. There's no cost to you and sessions are held 1:1 in-person or virtually. Your coach will review your idea and help you refine it.

Conduct market research to better understand your potential customer, market size and trends, and more.

Do a competitive analysis to understand what other options exist and think about how you can stand out.

Frequently asked questions

Q: I feel a bit overwhelmed with market research. Where should I start?

A: Start by talking to people who might want your thing. Try to understand what they need (vs. what they want) and how they're currently fulfilling that need. Then, read up on other primary and secondary market research techniques.

Q: I'm not in business yet. Isn't it early to think about competition?

A: It's never too early! You want to know what options your future customers will have and start thinking how you'll differentiate your offerings. A deep understanding of the competitive landscape will also inform your pricing, marketing strategy, messaging, and more.

Q: I'm working on market research and a competitive analysis. What else can I do to clarify my idea?

A: Try connecting with someone who does something similar and asking if they'll let you pick their brain. It helps if this person isn't a competitor (maybe someone working in another state or with a slightly different focus). Ask them about their clients, their marketing and sales funnel, what challenges they face, average sale size, major expenses, and more.

Q: What even is a UVP?

A: UVP = Unique Value Proposition. It's a short statement that summarizes what value you provide, how, and to whom. It's a powerful sentence (or two) to have in your back pocket when explaining your business to someone for the first time and often serves as the basis for your marketing. And by developing your UVP, you're forcing yourself to get clear on exactly what you offer and why someone should care.

The formula we like best is Steve Blank's: We help X do Y by doing Z. As an example, at WISE, our UVP can be stated as:

"We help women entrepreneurs in CNY plan, launch, and grow their small businesses by providing them with the support, training, and connections they need to succeed."

Resources

Determine if your business is viable

The next step is to validate your business idea by determining if your target market cares enough about your thing to hand over money for it. A lot of new entrepreneurs skip this step because they're scared their idea might not work. That's understandable, but it's much better to find out your idea isn't viable now vs. a year from now, when you've invested much more time and money.

Get started

At this stage, you should work towards answers to these questions:

Is there a market for my product or service?
How much will they pay?
How do people talk about their need or problem? How do they frame it? What langauge do they use?

You'll need to take steps to validate your idea, which means figuring out if there's a real market for your business concept. One way to do this is through customer discovery, which entails talking to people in your target market to discover their needs and get their reaction to your proposed offerings.

However, the best way to get a signal on whether or not your product or service will sell is by actually trying to sell it in a low-stakes way. Here are some examples of how you can validate your business idea depending on what kind of business you have:

If you're selling a product that you don't have yet, consider:

Setting up a website and selling preorders for your product, or asking people to join a waitlist to be notified when it's ready
Selling VIP access to your product for $1
Launching a crowd-funding campaign to determine interest

If you have a product you're ready to sell:

Partner with an existing shop and set up a display or booth for your product
Participate in a pop-up event
Set up a store on Etsy or eBay and test the waters

For a service:

Set up a simple website and allow people to sign up to receive updates on your service or join your newsletter
Sell full-priced pre-registrations to your program, or early access to a reduced-price beta offering
Sell gift cards for future services
Start making some sales calls to generate leads (just be transparent if your service isn't available yet)

If you test the waters using the methods above and get positive signal that yes, people are willing to pay for your thing, great! If not, reconsider what you're offering and to whom.

If your product or service isn't this far along, that's okay. Create an MVP (more on the below) and get it in front of your target market to gauge their interest and capture feedback.

Frequently asked questions

Q: Can't I just skip right to forming an LLC and getting down to business?

A: Of course you can, but you run the risk of wasting a lot of time and money. What if you go through all that effort in standing up a company, building a website, buying supplies, etc. etc. and then find out your thing will never sell? By taking time on this validation step, you can mitigate some of that risk and learn very valuable information that'll help you develop a really great product or service.

Q: I have a few customer discovery calls lined up with people in my target market. What should I ask them?

A: In general, you should use this time to refine your understanding of the problem they face or need they have, and make note of how they talk about it - you can later use that langauge and framing in your marketing. These calls can also help you get signal on how valuable your offering is ("How much would you pay for a service that provides A & B?") and a deeper understanding of your competition ("How do you currently solve problem X?").

Q: Do I need a website and social channels yet?

A: Those are both really important touch points and can be useful as you validate your concept. For example, you could write a few blog posts and share on social with your target market to see which topic gets the most traction. That said, neither your website nor your social channels needs to be perfect or fully operational yet.

Q: What's an MVP? What's it used for?

A: MVP stands for a minimum viable product. This is an early version of your product or service that has just enough detail or features so that you can test it with customers and get feedback. The purpose of testing such a paired down version is to get input early on what works and what doesn't, which will make sure you don't waste resources developing something that doesn't work or no one wants. Just make sure that your MVP isn't so bare bones that you totally turn off or confuse your customers.

Resources

Inc.com: 9 Steps to Validate a Business Idea While Keeping Your Full Time Job
Harvard Business School: 5 Steps to Validate Your Business Idea
MindStudios.com: Creating an MVP: The Art of Small Steps (software focused)
Entrepreneur.com: Creating a Product Prototype (for tangible products)
The Mom Test: How to talk to customers & learn if your business is a good idea when everyone is lying to you
Forbes.com: Running a Beta Test? 16 Ways to Get the Feedback You Need
Typeform.com: Beta Product Feedback Survey Template

Create a business plan

Now that you're confident in what you'll offer, it's time to get serious about planning. The most traditional way to do that is to create a formal business plan - a detailed document that outlines every aspect of your business and how it'll work. This document is essential if you'll be applying for a bank loan, and can also be used to secure retail space, bring on additional business partners, and more. A business plan also gives you a strategic plan to work towards, and helps you model out different approaches and what they'll mean financially.

The process of writing a business plan is incredibly valuable in its own right, because it will force you to make decisions about everything from your marketing and sales strategies to your operational needs. It's a challenging undertaking, but many entrepreneurs find that writing a business plan is a worthwhile investment into their future success.

Get started

As you get ready to write your business plan, ask yourself:

What processes will I need to have in place to serve my customers?
What gear, equipment, and property do I need?
Will I go from zero to sixty, or will I build my business in phases?
What are my startup costs?
What are my overhead costs, things like rent, utilities, software subscriptions, marketing, and salaries?
What are my direct costs associated with providing my service or producing my product, like raw ingredients, contractor time, supplies used on the job, etc.?
What metrics will I use to measure my business success?

Sit down with any business partners, choose a tool, find some sample plans of similar businesses, and start writing your business plan. Once you have a draft, get feedback - writing a business plan is an iterative process. WISE WBC's expert business counselors can provide that feedback and support throughout your writing process.

In terms of tools, you can choose a template (see these from the SBA) and write your draft in Word or Google Docs. DreamBuilder is a free online program that walks you through the writing of a business plan via 13 courses and has a Spanish language option. A powerful paid tool is LivePlan, a business plan authoring tool that allows for easily collaboration. If you work with a WISE business coach, you'll get a free 3-month subscription to LivePlan.

You can also enroll in the next cohort of Accelerate: Business Plan Intensive, created by our team with our clients in mind. In this 7-week live course, you'll go through the main sections of a business plan, draft each on your own, and get feedback. Regardless of which approach you decide to take, the WISE Women's Business Center team is here to support you.

Frequently asked questions

Q: Why should I write a business plan?

A: A detailed and well-written business plan is usually required to apply for a small business loan through a bank. It's also a great document to share with potential business partners, and can be invaluable in understanding your future financials. Just the act of creating a business plan will help you clarify your idea and bring to light many aspects of your business you might not have considered.

Q: Is there harm in skipping this step?

A: You can just jump into your business without any kind of plan, but that's like starting a major journey with no map. A business plan provides the foundation for strategic decisions, gives you goals and metrics to work towards, and illustrates how your choices affect your financials. Whether you write a full business plan or create a simpler Business Model Canvas, some kind of plan to work towards is essential.

Q: How long will it take? What's the writing process like?

It depends on how much time you can put into it. Business plans are complex, lengthy documents that take serious thought and time to complete. You may get frustrated because the process will force you to make big decisions, and those take time too. Be patient with yourself and make a schedule. You can also work with a counselor or join our Accelerate: Business Plan Intensive program.

Q: This is hard. Where can I turn for help?

A: WISE can help! Email us to get support from one of our counselors or sign up for the next cohort of our Accelerate: Business Plan Intensive program. You can also get support from any mentors or advisors you have, especially those that have experience in your industry.

Resources

Secure financing, if appropriate

In creating your business plan in the previous step, you'll have outlined your initial startup costs as well as your ongoing monthly expenses. You'll need to decide how you'll cover those costs, either by bootstrapping (investing your own time & money and creatively leveraging other resources) or trying to access external capital. That can take several forms:

Traditional business loans
SBA small business loans
A line of credit
Crowdfunding
Grants (few and far between for most industries)
Venture capital

The ability to access the necessary capital a business needs is the single most important factor in whether or not that company survives. In this stage, know what you need, and make a plan to get it.

Get started

First, make sure you understand how much money you need and what you'll spend it on. Don't forget to account for some working capital. This information will be captured in your business plan. Then, learn about the different ways to access capital and decide on which approach is right for your business.

If you will apply for a business loan, you'll need a business plan - see the previous step on how to write one. You'll need to make sure you have the 5 Cs of Credit - capacity, capital, collateral, character, and conditions - on your side in order to make your application attractive to potential lenders. Work with an accountant to improve any areas of weakness before applying.

If you'll pursue grants, start researching what's available. Read up on the art of grant writing, and consider bringing on a professional. Know that grants alone are not a realistic way to fund most small businesses.

Launching a crowdfunding campaign and raising venture capital are complex undertakings. Start with the resources below to begin educating yourself on how to improve your chances of success.

Frequently asked questions

Q: Can I get a grant to fund my business?

A: Probably not, unfortunately. Grants are not a common way that businesses get the financing they need, though they may be available in small amounts depending on your industry, business goals, geography, and more.

Q: A loan sounds scary. Why would I want to go into debt?

A: That's a very valid feeling. In order to succeed, though, your business needs capital - money to cover major expenses like equipment and to cover ongoing expenses like payroll and utilities. It may be a while between when you start your business and when you generate enough profit to cover your costs. A business loan can help bridge that gap, or help you expand your business to a new location, add a product or service line, and more. While it is a major decision to borrow money from a bank, it can be a good financial strategy for some businesses.

Q: What does bootstrapping mean, really?

A: Bootstrapping is the process of funding your business without external capital, like a loan or investor. It often means putting your own resource into your business, like your savings and your time. Many entrepreneurs may also take out a loan against their personal assets, like their home or life insurance, to get the capital they need. There are also many creative ways to bootstrap a business by creatively leveraging resources. See the resources section for more.

Q: Should I pursue venture capital?

A: It depends. Venture capitalists look to invest in businesses that can scale quickly and deliver high returns on their investment. Those companies tend to be startups, often in the tech space.

Resources

SBA's Business Guide: Fund Your Business
WISE's Deep Dive: Access to Capital
Nerdwallet: Master the 5 Cs of Credit
The Balance Small Business: How to Bootstrap your Small Business From the Ground Up
ZenBusiness: Crowdfunding for Small Business
Stanford: Ernestine Fu on All You Need to Know about Venture Capital
Nerdwallet: What are Community Development Financial Institutions (CDFIs)?

Build your team

When deciding who you'll need on your team, consider both advisors and employees. For advisors, you should make sure you have a BAIL-IT team - Banker, Accountant, Insurance agent, Lawyer, and IT professional - to help advise you and answer questions as they arise.

Then, identify the key hires you'll need to make in order to execute your business plan. Decide when you'll bring them on, what their responsibilities will be, and whether they'll be an employee, contractor, or consultant.

Get started

Start by considering the following:

What are my strongest skills? My weakest?
How will I address those weak areas - perhaps through training, delegating, or hiring?
Which roles will I need to hire for? Will they be contractors, employees, or consultants?
What will the core responsibilities for those roles be?
When will I need this support from an operations point of view? Which roles are highest priority?
What will it cost? When will I be able to afford it?

Secure your BAIL-IT team. Get referrals for each role you don't yet have filled, interview several people for each, then decide who's the best fit for your business.

Do a skills gap analysis to determine where you and any business partners need support. Then, decide if you'll address those skill gaps through training or staffing (or not at all). If you do decide you'll need to hire, lay out a timeline, clarify job descriptions, and understand if you'll look for an employee, contractor, or consultant.

When the time is right, post the job description, put together your hiring panel and scoring rubric, and begin interviewing applicants.

Frequently asked questions

Q: Do I really need a BAIL-IT team right away? Why?

A: YES! It is absolutely crucial to have each of these experts on hand to advise you and answer any questions. decisions you make early on about business structure, tax strategy, risk management, and more can make or break your business down the road.

Q: This sounds expensive. How do I find these people when I don't have much money?

A: Any good professional in any of these fields will provide a free consultation, which should entail them getting to know your business and you learning about how they can support you in reaching your business goals. At the very least, interview and choose someone for each role, even if you don't yet need to contract their services. That way, when you do need a lawyer to draw up a partnership agreement, you know exactly who to turn to.

Q: Where do I start?

A: Ask for referrals. At the WISE Women's Business Center, we have an ever-growing list of BAIL-IT team pros to whom we can refer you. You can also ask other business owners you know. Then, set up conversations with at least 2 bankers, 2 accountants, etc. and interview them. Finally, choose the people who you feel comfortable talking with and are best able to answer your questions.

Resources

Create your marketing and sales strategies

Next, you need a strategic plan for acquiring new customers. This will include marketing, how people first become aware of your business and offerings, and sales, how you'll convince them to buy. You will also need to define your business' brand and start building it with intention.

Get started

Answer the following questions:

Where does my target market spend time? This could be physical or digital.
What marketing channels will allow me to reach them? Consider both online and offline channels.
How much can I invest in attracting new customers?
Is my company more marketing-focused, sales-focused, or a blend?
What does my sales process look like?
What assets - like a website, social channels, brochures, etc. - will I need?

Take a look at this marketing/sales funne l graphic and map out the journey your customers will take from awareness all the way through loyalty. This will likely include a mix of things like online or offline marketing, your website, a physical location if you have one, sales processes, a point-of-sale system, a loyalty program, referral bonuses, and more.

Then, create the touchpoints and assets you'll need. If you don't have a website or social accounts, now's the time to build those out. If you need business cards, postcards, or other physical assets, get that ball rolling too.

Frequently asked questions

Q: Can I just post on my business' social media accounts and hope for the best?

A: Not quite. That's a great start, but think through the entire customer journey. If someone looks at your post and thinks "Hmm, this is interesting," what will they do next? Make sure there's a path for them all the way through to purchase and loyalty, and consider other top-of-funnel marketing efforts beyond social media.

Q: What marketing channels are right for my business?

A: It depends! Where does your target market hang out? Different channels appeal towards different types of people - think about who spends time on TikTok vs. reading the local newspaper. Pro tip: look at where your competitors are spending their marketing dollars to get some inspiration.

Q: Do I need to worry about sales?

A: The more expensive your product or service, the more likely it is you'll need a sales process and perhaps even a sales team. A bakery that sell cookies and cupcakes is going to be very marketing-focused - they just need to make people aware and get them in the door, and the baked goods tend to sell themselves; no salesperson required. On the other hand, a bakery that caters weddings and major events will need a sales process and sales assets; this is a big purchase with high stakes, so the buyer will likely need to be convinced that this is what they need.

Q: What is a brand, and why does it matter?

A: Your business's brand is how people perceive your company. People form opinions of your business from every interaction they have, from visiting your website to making a return. A strong, clear brand is how you'll influence how they think and feel about your business. Your brand includes things like your logo, color palette, and fonts, as well as how you train customer service reps, your policies, the music you play in your store, and so much more.

Resources

Officially form your business entity

You're almost there! Now you'll decide what kind of business structure you'll form, if any. Will you operate as a sole proprietor, or form an LLC or corporation? Should you make the S-Corp election? Both your lawyer and accountant should be consulted as you choose which structure is right for your business. Once you've decided on an entity type, take the steps to make it official by filing the correct paperwork with the state and federal government.

Get started

As you consider different business structures, think about these questions:

In the course of doing business, how much risk am I taking on from a liability standpoint?
Will I be doing this alone, or will I have partners?
If the latter, how will the work and profits be divided?
How much revenue do I expect to generate?

Then read our primer on business structures and entity formation in New York State to understand the differences between entity types and what it takes to form them. Decide on which makes the most sense for your business.

Consult with your lawyer and accountant to get their input on which entity type you should choose. Make sure you understand the implications in terms of both liability and taxes.

Finally, take the steps you need to in order to form your business entity. It varies by state, but our guide walks you through how to do it in New York. You can hire a lawyer or do it yourself.

Once your entity is formed, you're good to start your business operations! Congrats!

Frequently asked questions

Q: I'm just testing the waters with this business idea. Should I create a business structure already?

A: It depends, and you should definitely talk to a lawyer. However, it's not uncommon for new business owners to operate as a sole proprietor while they figure out if they want to pursue the business in a serious way. As a sole proprietor, you must operate under your own legal name (Janye Doe, for example) or file a DBA (Doing Business As) to assume a fictitious name ("Janye Creative").

Q: I'm now doing business under a DBA. Am I good?

A: Maybe, but it's important to know that a DBA is not a formal business structure - you and your business are one and the same. That means that if you do something in the course of doing business that gets you into hot water, you will be personally liable and your personal assets will be at risk. It's almost always a good idea to form some kind of busienss entity, like an LLC, so you have some protection. Talk with your lawyer about what's best for you.

Q: My lawyer suggested I form an entity, so I did. Now I can just get to it, right?

A: Yes! And as you move forward, it's important to maintain a distinction between the entity (your LLC or corporation) and you. This means you must have separate bank accounts, and can only use business funds for business expenses. If you deposit business earnings into your personal account, or use yoru business account to pay for your personal vacation, this means you've "pierced the corporate veil," which is a fancy way of saying that you and your business may no longer be considered separate entities from a legal or fiscal POV, so you'll lose any liability or financial protection.

Q: What is an S-Corp, and do I want that?

A: An S-Corp is not an actual business structure but a tax designation. If you form an LLC or C-Corporation, you have a limited amount of time to make the S-Corp election, which could save you money on taxes. Talk with your accountant to see if this makes sense for your business.

Resources

Set up your bookkeeping and manage your financials

With your business operations beginning, make sure your financial house is in order. You'll need a business checking account, debit card, and credit card, as well as a bookkeeping system. This will allow you to create financial statements which are required for filing taxes, applying for loans and grants, and giving you insight into how yoru business is doing.

The ultimate goal of financial management is to have a clear and detailed view of your business's financial health and use that information to make strategic decisions.

Get started

As you begin to build your financial management muscles, consider:

Am I capable of doing my own bookkeeping? If not, will I learn or hire a bookkeeper?
How often will I (or my bookkeeper) spend time updating my books and reviewing my financial statements? Tip: at minimum, this should be once a month.
Do I really understand what my financial statements are telling me? If not, how will I learn?
How often will I meet with my accountant to review my business's financial health?

From there, set up your bookkeeping system and connect it to your business bank and credit accounts. Wave Financial is a good free choice, and Quickbooks and Freshbooks are other popular options. Work with your bookkeeper or accountant to set up your chart of accounts.

Create monthly budgets for each kind of business expense, and track your actual spend against your goals.

Set a recurring time to update your general ledger, run your financial statements, and analyze them. Then stick to it. If you're not crystal clear on how to read and learn from those financial statements, make it a priority to learn as these are the vital signs for your business' financial health.

Then, take action on what those statements are telling you. If you're predicting cash flow issues, make a plan to improve it. Meet with your accountant on a regular basis to go over your financials and get their input on your future plans.

Frequently asked questions

Q: Isn't it enough to keep my receipts and invoices and hand it over to my accountant at tax time?

A: No, and not just for your accountant's sake. Keeping your books up to date (on a regular basis) is the foundation for financial management. Without good bookkeeping, you can't run your financial statements and therefore can't really see how your business doing. Whether it's you, an employee, or an external bookkeeper you work with, someone needs to own this.

Q: What does bookkeeping entail?

A: If you're using software like Quickbooks or Wave, your transactions for all your linked accounts (checking, credit card, etc.) will be automatically imported. From there, it's basically just making sure that all these transactions - income and expenses - are associated with the correct accounts. If you spend money on a Facebook ad, for example, it should be categorized as a marketing expense.

If some transactions aren't automatically captured by your software because they were cash, you'll need to enter those manually. Then, just have a system for storing records of these transactions as you'll need to hang onto these for three years.

Q: Okay, so I'll do my bookkeeping, but can I be done then?

A: Also no. You really do need to be able to read and interpret your financial statements. This skill is key to running a successful business and worth the time it takes to figure it out. You'll foresee problems and be able to address them early, see what revenue streams are most profitable, understand when you can make new investments, and more.

Avoiding your financials is like driving a car without looking at the dashboard. Yeah, you might get where you're going, but you also might run out of gas, get pulled over for speeding, or suffer a breakdown, all because you didn't want to engage with the information right in front of you.

Q: How do I pay myself?

A: It depends on your business structure, so check with your accountant to be sure. Usually, though, you'll either enroll yourself on payroll, take owners' draws, or a combination. For owner's draw, you can cut yourself a check or transfer the money online from your business to your personal account.

Resources

Work to your plan, evaluate, and iterate

You are officially a real-life business owner! Take a moment to celebrate all you've accomplished. But the work isn't over -- it never is when you're an entrepreneur! From here, you'll continue to work toward your goals, learn from your experiences, and make changes to your business. Make it a habit to sit down and reflect on how things are going and adjust your plans accordingly.

WISE Women's Business Center is here to support and guide you at any stage of your entrepreneurial journey. We're here answer any questions you have, help you learn new skills, connect you with external experts, and provide opportunities to meet and learn from other women business owners. Get in touch anytime by emailing wisecenter@syr.edu or calling us at (315) 443-8634.

Keep going

Here are some other things you should be doing on a regular basis as your business grows an evolves:

Touch base with your BAIL-IT team even if you don't need anything in particular from them.
Take time to manage your financials.
Continue to grow your network and keep in touch with existing contacts.
Set specific, measurable goals and know how to measure your progress towards them.
Schedule time for review and reflecting. What’s working? What’s not? Adapt, tweak, and/or pivot as needed.

Frequently asked questions

Q: Now that I'm in operation, it's just business as usual, right?

A: No! There is no such thing as "business as usual" for most small businesses. People's needs change over time, and so will how you meet them. Technology, market trends, supply chains, etc. are all in constant flux and will influence how you operate your business. In order for your business to survive and thrive, you'll need to constantly adapt to and take advantage of these changes.

Q: How do I stay on top of all this change?

A: Make it part of your routine to keep yourself informed. Read industry news, pay attention to technological changes, and bring innovative people into your company. A good tool to periodically reflect on where you might need to adapt is called a SWOT analysis, where you evaluate your business's strengths, weaknesses, opportunities, and threats.

Q: How do I know how my business is doing? How do I know if it's successful?

A: Beyond understanding your financial statements, setting and measuring metrics is a powerful way to gauge business success. Key performance indicators (KPIs) are one way to do that. KPIs measure progress towards strategic goals that are critical for business success, like customer lifetime value, profit margin, conversion rate, and more.

Resources

New Business Roadmap

A roadmap to launching your own small business

How to use this roadmap

We're here to support you on this journey

Table of contents

Prepare yourself for the entrepreneurial journey

Develop & clarify your business idea

Determine if your business is viable

Create a business plan

Secure financing, if appropriate

Build your team

Create your marketing and sales strategies

Officially form your business entity

Set up your bookkeeping and manage your financials

Work to your plan, evaluate, and iterate