Entrepreneurs and the Art of the Startup

Entrepreneurs and the Art of the Startup

You have your idea, the proper mindset, and the passion. Now, it’s time to put all of that together in a practical and efficient way to ensure the success of your start up business.

Having a plan and assembling your team

The first thing you need is a formal business plan. Without one, you won’t know where you are going and you won’t attract investors without one. The first section of your plan, the Executive Summary may be the most important part. This is where you briefly describe your business and how you envision its success.

Next, you need to determine the proper business and legal structure for your business. There are several and you need to choose the one that makes sense for where you are going. Then, you need to describe your business in detail. You need to show how you are different from your potential rivals as well as the products and/or services you intend to sell. Finally, you need your marketing data and plan in place for how you will secure business and you will need financial projections.

You should not go at this alone. You need to assemble a team of experts and mentors that have the business experience to help you succeed. Also, try and get as much practical business training as you can.

Location and Financing are critical keys

For a retail business, location can mean the difference between success and failure. Before choosing a location, you need to know where your competition and your supplies are as well as zoning, safety of the area, easy access, and the demographics of the area.

Funding, of course, is a critical factor and you will need at least six months worth of operating costs to get going. You can use your own savings or seek out investors and loan programs.

Get the proper legal structure and permits

You will need to decide on the formal legal structure for your business. There are several alternatives to choose from so find the one that will be the best overall fit. You need to determine if you will thrive more as a LLC, an S Corporation or, perhaps, a non-profit.

Then you must register your business under its formal and legal name or, if you are a home based business, a DBA (Doing Business As) designation may be just fine. You will need to also register for the proper tax identifications as well as worker’s compensation and business insurance needs. You must familiarize yourself with your responsibilities as an employer and obtain all of the proper licenses and permits needed or your type of business.

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