Starting A Business

Do you have a business idea that solves a problem, or are you offering something the market needs? Whatever the reason you have for starting a business, you will be faced with many challenges. Here are some tasks that should not be neglected in the planning stage.

Businesses generally require finances to kick things into gear. It doesn't have to require a lot of money, but it will involve an initial investment. Not to mention, the ability to cover ongoing expenses before you are turning a profit.

You should put together a spreadsheet that estimates the startup costs for your business. Items like licenses and permits, legal fees, trademarking, and insurance.  Then there is branding, market research, grand opening events, property leases, etc. As well as what you anticipate you will need to keep your business running such as equipment, inventory, and staff.

Here are some other steps to consider with starting a business:

  • Refine your idea.
  • Write a business plan.
  • Assess your finances.
  • Determine your legal business structure.
  • Register with the government and IRS.
  • Purchase an insurance policy.
  • Build your team.
  • Choose your vendors.
  • Brand yourself and advertise.
  • Grow your business.

The business structure you choose (LLC, corporation or a partnership, to name a few.) will impact many factors, like from your business name, to your liability, to how you file your taxes. Get all of the legal aspects out of the way early. That way, you don't have to worry about someone taking your new idea, taking advantage of you in a partnership or suing you for something you never saw coming. A quick checklist of things to consider include:

  • Business name
  • Federal tax ID
  • State tax ID
  • Permits
  • License
  • Necessary bank account
  • Trademarks, copyrights or patents

Many of these items will require a fair amount of research and they significantly affect how your business operates. If possible, don't attempt to figure all this out on your own. It is always recommended to seek assistance from other professionals when possible. 

Talk to other entrepreneurs or small business owners and you'll quickly learn that starting a business requires a lot more work that you expected. Don't let that discourage you, everyone who ever created a successful business was faced with this scenario. Some budding entrepreneurs understand the effort necessary to create a business, but they might not be familiar with the many steps required to launch a business venture. If you're willing to put in the effort to build a business, you're going to want to go over the steps needed to reach your goals.

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