When considering how to start a business, there are many things to think about. First, of course, you need to have a good idea or at least one you can make something out of. Then, when deciding how to start a business, you should start to put together your business plan. This step will put a lot of things that need to be done into perspective. The business plan will not only lay out for you the best way to move forward, but will also force you to do some research into the best channel for your business, maybe its brick and mortar presence, maybe it’s online only or a combination, who your competition is, how much the business will cost to get going, and what your marketing efforts will look like. A business plan is not only a road map for your business, but can also aid in obtaining funding, if you need some extra cash to get started.
After you have a basic business plan, the next step in deciding how to start a business is gathering a team of trusted advisors who can help you get started on the right foot. At a minimum, you should seek out a financial person, a business lawyer, and a commercial insurance broker. Of course, your network may extend well beyond this small group of trusted advisors, but this is a good start. You may also want to consider a business consultant, a business coach, a marketing person, or any number of other professionals. These are the people you should be able to turn to when the going gets tough or if you just want to bounce an idea or thought off someone else.
Once you have your advisors together, you should consider the best entity to establish through which to run your business. The entity you will choose will depend on many factors including your risk tolerance, your industry, your business location, whether its brick and mortar or on-line only, whether you are selling products or services, and many other considerations that need to be considered.
The next step when deciding how to start a business is to start making some hard decisions about where you want to be located, even if its an online presence you are after you will need an office, either at home or a rented or bought space. What will work best for you will depend on multiple factors. Then, once you make that decision, you can start implementing the steps you have already researched and written in your business plan. Get your marketing in order, your products or services decided on and ordered, if appropriate, and start making some traction.
When considering how to start a business, you should know it should be something that is fun, but it will not always be easy. You will encounter many ups and downs, but you will continue to learn and change your business model to align with your new plans.
If you have questions about how to start a business, Integrated General Counsel can help you determine your next steps. If you are ready for a results-driven plan of action, contact us either by telephone at (925) 399-1529, schedule yourself into our calendar for an appointment at a time convenient for you, or complete the Contact Kristen form and we will get back to you.
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