So, You Want To Start A New Business!

I get a lot of people asking me "what do I do to start a business".

I don’t know the laws outside the US.

But, starting a business has some fundamental steps that you can take anywhere.

First, you need something to sell since that is what a business does.

I recommend that you pick three different things. The reason is that your research might determine that you could lose your shirt and you choose not to do your first choice, then one of your backups might turn out to be better.

We also ask for the proposed name for your business.

Again we suggest 3 different ones. In this case you might not be able to use your first choice if it is already used in your state (corporation) or county.

Run a feasibility study on your idea.

You can use this as your strategy plan, or, you can set up your strategy separately when you know that your idea is feasibile.

You should set up your business structurre and a few other detailed things.

Your lawyer and your CPA will be invaluable help particularly if you are going to borrow money, get an investor, partner, or incorporate your business.

And finally, You will go into detail about what you do in your business plan.

This is your roadmap to accomplishing the goals that you determine in your feasibility study or strategy plan.

Since you will be the new kid on the block, you will be competing with some well established and already entrenched competitors. They will not be happy to see you coming.

 

If you are interested in learning more, go here.