By now you should understand that building a business is not an easy task. There are many things you need to consider, many questions you need to answer, many things you need to do and know to organize and maintain a successful business.
While money matters to some degree when starting a business (depending on the type of business), the rule of law is important in our society as well. You will need to be legally prepared to start your business. That means knowing what business licenses are required by your city, county and state. It includes deciding on whether your business will be a solo enterprise, a joint venture, a limited partnership, or other structure. If you are hiring employees or contractors, you will need to have an employer identification number from the IRS and register your business in your state.
Just when you think you have all the information you can handle, there’s always more.
Do you think that because your business is small you are at a disadvantage? Actually, it’s an advantage! Because you’re small, you are flexible, and you can quickly adapt to market changes. Here are some startup elements you need to consider before you can launch a successful small business.
Organize it.
- How will your business get things done?
- Who does what?
- What is the structure of your business?
- How are tasks divided?
Manage your money.
- Where will your money come from?
- How will it come in and out of your business?
- Will you invest back into your business?
- How much cash do you need to operate and pay expenses?
- What profit do you expect?
Create your image.
- Marketing: How will your customers locate you and your business?
- Do you know where your customers are? Have you designed a plant to find and maintain customers?
- How will you keep track of your competitors?
- Do you have a good strategy?
Legalize it!
- How will the legal system affect your business?
- How can you protect yourself and your business ideas?
Do you know your federal, state, and local tax laws?
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