How To Start A Business With a Plan and Strategy
Find what you need to get started with your business. This will provide you with useful information on how to start a business, write your business plan, market identification and exposing your products or services to the masses.
There is no order on how to get started, all you need is find what is easier to do first and then follow up with the rest.
So what type of legal structure are you looking to create? There are 3 main structures excluding Non-profit. You can choose to setup any of the following;
S-Corp: An S corporation (sometimes referred to as an S Corp) is a special type of corporation created through an IRS tax election. Only an eligible domestic corporation can avoid double taxation (once to the corporation and again to the shareholders) by electing to be treated as an S corporation to benefit from paying too much taxes.
C-Corp: A C corporation, is taxed separately from its owners, under United States federal income tax law. A C corporation is different from an S corporation, which generally is not taxed separately.
LLC: A limited liability company is a hybrid type of business structure that provides the limited liability features of a corporation and the tax efficiency and operational flexibility of a partnership.
The "owners" of an LLC are referred to as "members." Depending on the state, the members can consist of a single individual (one owner), two or more individuals, corporations or other LLCs to make up the business. (LLC are a save bet for new entrepreneurs).
Write Business Plan
As you write your business plan, focus all your energy on the numbers. After all, you need funds to keep the business running. Here are 3 things to focus on with your business plan;
Capital Needed: You will have to come up with startup cost and other expenses needed to get your business off the ground. Estimate how much money you will need for at least 12 months and figure out when and how you will break even.
Before you get started with creating a website, what do you plan on accomplishing.
Do you want to provide services or sell products?
Do you want to create a blog about your company or service?
It depends on your industry and the nature of your business, your site may have a combination of different functions.
Here are a few things you will need to have a fully functioning informative or e-commerce site.
- Domain name
How About Pricing
Pricing your products or services can be very tricky when starting a business.
How much should you charge if the competition pricing is so low?
Will it a a purchase or subscription?
Who can afford it?
These are all questions that should be answered before getting into pricing your services or products.
Find tips and resources to facilitate your market research. See where you stand in your industry and your competition. Also work on feedback from other customers or people who have bought similar products or services in the past.
Hit the right codes with your slogan. A lot of people will remember it and associate your business with that slogan as your grow your base. Great catchphrases or taglines can help your start-up define its brand. Here are some ideas!
Accounting is on of the first things you should do when starting a business is make sure you create and maintain basic financial and accounting systems. You can find a small business accountant that will help with your day to day accounting. See how you can find the perfect accountant for your business.
The main goal is to understand the basics of starting your own business. There are other ways to get around things or do them differently but these can help you with the first steps necessary.
Divine Tumenta is an entrepreneur and professional digital marketing expert who has worked in digital marketing for more than 8 years. He is currently founder and CEO of backlinkfy.com and a go to consultant for startups and small businesses in the USA.
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