Large number of people in US are afraid of losing their Job. Job benefits and security are not that good that in the past.Starting your own business is less risky.Now the corporate America has changed. Here are some basic steps to start your own business without wasting your time and money.
Determine What Kind of Business What You Desire
There are 100 of different businesses each has its own advantage and disadvantage. Hotel or Retail Business? Customer of Business to Business? Service or manufacturing?
Write a Business Plan
There are various Business Plan available online.Business plan not to be long.Make it a single page and brief it should answer critical questions
- Who are my customers
- What is the purpose of my business
- How will I price my product, position, market and support my product
- What problem does my product solve?
- Who is my competitor
- What are my financial goals for business for next 5 years
Make Sure Entrepreneurship is What you desire
Starting a business is much difficult than starting a Job.It takes extra time for employment in a better way.You have to be self motivated make sacrifices when your business goes from startup to maturity. If you can not bear the burden of losing a Job or sacrifices than do not go for business.
Make Your Team
Your team consist of employee, like virtual assistant, a tax accountant, attorney, trusted advisors an insurance advisor.
Select a Business Structure
Determine whether you want to become a partnership, sole propreitorship, traditional corporation have a long effect on the future tax implication of your business.
Research Your Idea
Business is not a game.You must think methodically,intelligently research your idea.Do consumers and variables have substitutes.Does Your problem solve a problem?Is demand rising in future?One you completely determined than you must proceed.
Manage the Paper Work
Starting a business require paper work.
- Purchase business insurance before you start operations
- If you are women or minority owned business you may qualify for special government programs that can provide startup capital
- Get guideline from your state office of Taxation Website on which forms you need to be complete.Filing of license and registration from state governments.
- You must acquire domain name for your business .com,.net.org
Ultimate Thoughts on Initiating Your Business
When start a business it is great to set realistic expectations.There are going to be ups and down in every business whether you are selling digital products or physical products or offering a services.