Every year, new businesses open across the country. The ones that survive see their fruit of their hard work. Here are 8 simple steps to think about when starting your own business.
1.Brainstorm Solutions
Get together with your spouse or friends and come up with ideas that will solve someone’s problem.
In every problem there is a 1,000,000 dollar solution. -Benjamin Franklyn
2.Have a Business Plan
Find a professional that will ask all the right questions that your new business may presume and have you on a path to success.
“If you fail to plan, you are planning to fail!” -Benjamin Franklin
3.Let’s Talk Money
Are you financing your new found business or will you need to borrow. Better yet do you have investors or sponsors that believe in your product. Think about this carefully because this step can become very expensive. The best recommendation is to start small and grow as your business requires it. You don’t have to spend thousands of dollars to start your business. You can always build on others.
“A penny saved is a penny earned”-Benjamin Franklin
4.Legalise Your Entity
Talk to a lawyer or a tax accountant so they can tell you what would be the best way structure and register your company.For example LLC; INC. and CORP. Make sure you protect your investments the best possible way.
“Make yourself sheep and the wolves will eat you.” -Benjamin Franklin
5.Get Registered
Do you want to operate like a real business well you must be sure you have an official business. Register with the IRS and the government to obtain a Tax ID and the right documentation to buy wholesale and receive payments.
“In this world nothing can be said to be certain, except death and taxes” -Benjamin Franklin
6.Get help
We all need support to find our dreams. Find a good company that will share with you this endeavor. Hire good competent people. Look for your right-hand man/woman.
“He that raises a large family does, indeed, while he lives to observe them, stand a broader mark for sorrow; but then he stands a broader mark for pleasure too” -Benjamin Franklin
7.Advertising
If you do not yell you are here, no one will know you exist. Have a budget to advertise your business. Since you have the solution to someone’s problem, it is up to you to let them know.
“He that lives upon hope will die fasting.” -Benjamin Franklin
8.Have fun!
Don’t forget that we all come into this world with nothing. Enjoy the experience whether winning or losing you are making the best of life and learning from it.
“Wine is constant proof that God loves us and loves to see us happy.” -Benjamin Franklin
