Becoming an entrepreneur can be scary for most. There is a lot of work and liability involved . The time, research, and dedication you put into running your own business can be the deciding factor on whether it becomes successful or not.
It’s 2013 and entrepreneurship is surely on the rise. When you cant find a job, you simply create one. Well, it isnt that simple, there will be times when you want to yell at the top of your lungs and just give up. However, starting your own business can be very rewarding if done correctly. A lot people cant handle being the one in charge, while others are born for the boss role. If you are one of those “take charge” individuals who’s constantly thinking of new ideas, entrepreneurship may be for you. According to About.com , business failure statistics show that about 96 percent of small businesses that enter the market place survive for one full year. Most businesses fail due to mismanagement. You have this great idea for a product or service and decide to start a business, so whats next? Here are a few tips to consider when starting a new business:
– What will the business be?
Of course, the first thing you need to do is figure out what your business will be. Will you be selling a product, a service, or both?
-Create a Business plan.
Having a business plan is extremely important. A business plan will serve as the blueprint to your business. It is the outline for what your current and future goals are to ensure a successful business.
Being able to finance your business is obviously important. You will need to put in revenue to make revenue. Checking into government loans and grants would be a great start .
-Legal Business Structure/Business Name
Deciding the best form of ownership will definitely come into play. Forming a corporation or LLC will protect your personal assets . It also provides credibility and tax benefits. You will also need to register your corporation under a name with your state government
These are only a few main points to consider. As you continue to structure your business other things will need to be considered such as; hiring an accountant, creating business cards, websites , etc. For more information on business startups visit the U.S. Small Business Administration website http://www.sba.gov . Good Luck!