The 5 Most Important Steps to Starting a Small Business
Starting a business is an exciting time for entrepreneurs.
It gives them the opportunity to control their destiny, freedom to have a flexible schedule, the challenge to leave a legacy behind, and unlimited earning potential. There are many challenges that entrepreneurs face over the lifetime of their business with some being in the initial startup phase.
Below are 5 steps you will need
to consider when starting a business:
Step 1: Create a business plan
Creating a business plan is necessary before starting a
business. You have to know why you are
in business and what you want to accomplish.
A business plan forces you to think about all areas of business
(marketing, operations, finance, staffing, etc.) and strategically think about
how you are going to be successful in each area. Having a plan is imperative for future
success.
Step 2: Choose a location for your business
Choosing a location is one of the most important decisions a
business owner will make. This requires
a lot of planning and research. You will
have to research demographics, assess the competition in the area, become
familiar with the laws and regulations for that area, and much more.
Step 3: Choose an entity type
Before you choose a business structure you should consider
the legal and tax implications you might have.
The difference types of business structures to choose from are as
follows: Sole Proprietorship, Limited Liability Company (LLC), Corporation, S
Corporation, and Partnership (General, Limited, Limited Liability). Consult with your legal and tax advisors
before choosing a business structure.
Step 4: File your tax and employer identification documents
You will need to check with your legal and tax advisors to
determine what documents you need to file.
Step 5: Obtain the required licenses or permits for your business
You will need to check with your legal and tax advisors to
determine what licenses and permits you will need for your business.
As you can see there’s quite a bit of work that has to be
completed before you can commence operations.
At Grant Bennett Associates we can help alleviate some of that pain so
you can focus on achieving the success you desire. Please don’t hesitate to contact us if you
have any questions. All sizes of businesses apply. No company is too small for help.
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