Owning your own business may seem like the epitome of the American Dream. You can be your own boss, keep your own schedule, and answer to nobody but yourself – no wonder so many people idealize being a small business owner.
However, while working for yourself can seem ideal, most people are not prepared for the amount of time, money, patience, and research that starting a business entails. With a well thought out plan and sufficient business capital your on your way to living your dreams. Heres a few tips to getting going.
Write a business plan.
Let's start with the most basic question: Why do you want to start a business? Use this question to guide what kind of business you want to start.
Although initially it may seem like a lot of work, a well prepared business plan can save time and money in the long run and help you secure funding and major contracts.
Conduct market research
Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area.
Figure out your finances
It’s simply a fact that your business will need capital, and while investing more money in a business can’t guarantee its success, you can pretty much guarantee the failure of a business that doesn’t have enough. To avoid this situation, thoroughly assess how much you need to start your business and maintain operations.
Pick your business location
Finding a location. Negotiating leases. Buying inventory. Getting the phones installed. Having stationery printed. Hiring staff. Setting your prices. Throwing a grand opening party.
Think through each of these steps carefully. Your business location will dictate the type of customer you attract, what types of promotions you can run, and how long it will take you to grow. While a great location won’t necessarily guarantee your success, a bad location can contribute to failure.
Determine your legal business structure.
This is where you make it legal and protect your brand.Before your start trading make sure that you understand your legal obligations in order to avoid any fines or penalties.
Your business structure legally affects everything from how you file your taxes to your personal liability if something goes wrong.
A quick checklist of things to shore up might include:
Business structure (LLC, corporation or a partnership, to name a few.)
Business name
Register your business
Federal tax ID
State tax ID
Permits (more on permits here)
License
Necessary bank account
Trademarks, copyrights or patents
For questions about business funding please request a consultation:
info@unicuscapital.com or Call 1(855)568-4372