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Great! Go Explore endless business opportunities that are out there.
If you are serious about starting a business, take a professional advise. We here at A1 Accounting can certainly help you with that.
Here are 10 steps that I found on Startup Nation which I would like to share with you!
1) Create a Life plan: Make sure you really are ready to run the business. When starting new business, it requires a lot of attention. Best time to start a business is when you are well settled in life and you are ready for new opportunity.
2) Choosing a Business Model: Are you planning on starting something from home or buy a franchise? There are lot of options out there, go explore.
3) Create a Business Plan: Must do! As StartupNation mentioned, it is really as important as the final product/service itself.
4) Select a Business Structure: Sole Proprietorship, Partnership, Corporation or Limited Liability Companies? It really depends on what type of business you are going into. Unsure? Ask us!
5) Create Key Business Assets: StartupNation has discussed 7 type of assets in their article, depending on your business type, these may vary.
- Website Address
- Provisional Applications for Patents
- Inventor’s Logs
- Confidentiality Agreements
6) Find the Funding: Depending on your long-term personal and business goals – identify which type of financing is right for you and your business type. Here is the list of some of the types:
- Debt Financing
- Friends and Family
- Angel Investors
- Venture Capitalists
7) Organize Logistics: “Accountants, lawyers, bankers, insurance agents—the big four—are some of the people that can help you get organized and put you on a path to starting up smart. These service providers will be instrumental as you grow, too.”
8) Find Great People: Great people = Great team! Having a right team is very important to the business and it’s growth.
9) Establish a Brand: Simple Question – Why should buyers come to you?
10) Market and Sell: This will help you to build on your brand identity. Again, when marketing, ask your self, why should buyers be interested in your business?
Detailed information is available on Startupnation.com