Of course, when you start a business you have no guaranteed paycheck at the end of the week. However, if you can handle the risk, starting a business could change your life forever. The 10 things you need to do when starting your own business listed below can help you achieve success.
1.Develop business ideas. Never underestimate the importance of planning when starting a business. Take time to evaluate your interests and abilities before you settle on the business that interests you. Next, create a business plan to keep your efforts focused and to help secure investment.
2. Get help. Many public and private programs exist that support small businesses. You can find a mentor, a special loan, special advice from a variety of agencies and trade associations.
3. Decide on your legal structure. Although many business owners become sole proprietors, many choose to form LLCs or corporations. Study the advantages and disadvantages of every business type and choose the one that best fits your business model.
4. Choose a name. The most important part of the marketing effort, the business name must inspire confidence and security while communicating what the business does.
5. Define your Market. Decide to whom you want to sell and find ways to solve their problems with your products and services.
6. Choose a location. Whether you start a traditional or online business, you need to choose where you will work. Many entrepreneurs work from home to control costs if they work online or at customer sites. However, you may need to rent space if you run a store or office where customers come in and out every day.
7. Keep records. As long as your business stays small, you might feel comfortable running it by the seat of your pants. However, when your business grows and you must talk to banks for financing and the IRS begins to audit, you will need to have all your paperwork in meticulous order.
8. Buy insurance. No one likes the cost of insurance; so many business owners skip it. However, a single accident, fire or theft could change your mind. Talk to your insurance specialist or other advisor to get the coverage you need.
9. Comply with regulations. Local, state and federal governments have volumes of regulations, some of which may apply to yours. Find out about unemployment insurance, workers compensation and licenses needed for your company to legally operate.
10. Use business energy accounts. Most utilities offer special rates for business and industry, so ask for those rates when you establish service for your store or office.
Beginning a new life as a business owner involves many challenges and risks. These 10 things you need to do when starting your own business will help you build a foundation that will lead to many years of success.
By: Graeme_K
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