Starting a business from the ground up is not an easy task. There’s no guarantee that it will work out, but for many people, it’s worth the risk if you’d like to fulfill your dream of owning your own business or company. In order to ensure the best outcome for your first business, and to stay confident throughout the process, there are some first steps you need to take as an entrepreneur.
Create a business, marketing, and financial plan: Your business plan should map out your company’s goals and overall plan of execution. Your marketing plan should include your market research, your business location, your target audience and customers, your competitors, and all of your advertising plans relating to your product or service. Finally, your financial plan should outline any loans you have or plan on having, your budget, and your estimated profits.
Figure out your legal structure: Consider the different types of business structures: is this business a sole proprietorship, a partnership, limited liability corporation, corporation, or non-profit? Count how many owners your business will have and assess your business risk. Realize that all of your business paperwork will differ greatly according to which business structure you have.
Get insurance: Do your research and compare quotes from different companies and different levels of insurance. Get liability insurance if your company uses vehicles, consider any health insurance or real estate insurance as well.
Establish an accounting and tax plan: Choose which accounting method works best for you and your business. Consider hiring an accountant or tax expert to help with your books and keep track of when you owe your taxes.
Your last and most important step when forming your business is to contact a business law attorney. Mr. Wingerden has experience in business law and can take you step by step through the business forming process. Contact our law offices today for a free consultation.