Go slowly. Don’t risk a lot of capital. Run ads to see if people will buy your product or services, you can always get product and provide services. Getting customers is the tough part.
Try to set up joint ventures first. Go to people who already have customers related to your business, ask them if they will introduce you to their customers and them pay them a fee on each sale. The Advantage of this obvious, no risk in capital for advertising and overhead.
If you need your business space you may consider using someone else who does your type of business, Opportunities are everywhere.
Develop a business plan for your business. The preparation of this document means you’ve looked at the market for your business, the competition, your customers, marketing strategies, goals, objectives and strategies and have completed a financial forecast for at least the first year of operation. You’ll also know what start-up funding is required and for what uses.
Establish a legal entity for the business. Depending on your circumstances, you might want to keep the business as a sole proprietor, limited liability company (LLC), C corporation or S corporation. Ask your accountant and attorney which format works best for your circumstances.
Register the business and obtain licenses. States differ regarding what they require and the fees charged. The type of business also affects what licenses or permits you need. For example, if you decide to open a catering business, you need an inspection permit for your kitchen, food handler’s license, sales privilege license to collect sales tax and possible special permits for garbage disposal. Contact the state’s business development office to find out what’s required. Call the city business development office where your business is located to determine its requirements.
Set up a bookkeeping system and checking account. A small business may only need to use an Excel spreadsheet to track sales and expenses, while a more complicated business may need a more involved accounting system. If you’re unfamiliar with accounting, consider adding the services of an accountant, at least on a quarterly basis, to assist you. Separate business expenses from personal and household expenses. Pay business expenses from your business checking account. Keep sales revenues, including cash sales, separate from your personal financial accounts.
Lease space for the business if that’s appropriate and necessary. If it’s a home business, designate an area in your home as an office. With laptops and Wi-Fi, it’s tempting to work anywhere and everywhere, but that may be inefficient. Gather all your business supplies, materials, records and correspondence in one place. It also gives you a psychological advantage to set up a home office. When you’re there, you’ll know you should be working, not cruising forums or checking email or Facebook.
Let us open and maintain all your business license and permits so you can focus 100% in your new business venture Many success.
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