There are so many business resources to help anyone be successful in business, yet it seems a lot of business people do not take advantage of these resources. Some business owners stumble upon a successful business venture, and destroy the business with their lack of business knowledge. I hear the argument for not receiving some advanced training in your chosen field. However, there will be less heartaches and headaches by investing some time in learning more about your business.
How do I begin? Being by conducting some research of the industry of your business. If your business is hair care, you should research the hair care industry. It is important to know what the latest technology and trends in your industry. This information will not be gathered by focusing only on your business, but you need to know what others in your industry are doing. Conducting research will help in determining your pricing structure and developing a business plan.
A business plan is needed. The business plan will show that you are well versed in your industry, as well as provide a plan for your first few years of business. Most business fail in the first few years, and the failure can be contributed to a lack of planning. Your business plan will show the source of funds for your business, and what the funds will be used for in the business. If you are seeking funding for your business, investors will want to know what you are investing in the business. If you are not investing your funds in the business, it’s difficult to gain the buy in from others.
Location! Location! Location! Where will your business be located? Location is important. Will you have a home-based business, or will you need an outside location? What city will you conduct your business? The research you completed previously will help in determining the location of your business.
How will your business be structured? Sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative. Your legal structure will determine the type of licenses and filings you will need to complete in your state.
What’s the name of your business? Creating a business name is important and the business name should portray your business. You want a name that people will remember. Do not take creating your business name lightly. Register your name with your state.
Uncle Sam will get his! Make sure you register for state and local taxes.
Will you be employing others? You have to understand employer responsibilities. The last thing you want to do is violate an employee’s rights.
Are you handling your business?
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