Are you thinking about starting your own business? Have you taken into consideration the many aspects it will take to get a new business up and running? Starting a new business and being successful has many challenges. It takes a lot of time, determination, money, patience, and of course, a lot of good luck. Here are 6 helpful hints to help you get started.
- Business plan. The first thing you need is a good plan. What are your goals? Decide on a product/service, who will be your target customers, and don’t forget a good marketing strategy. Having a solid plan will go a long way when you are trying to secure funding for your new business.
- Commitment. Your commitment is a very important aspect of making your business successful. There will be a lot of challenges and even some setbacks from time to time. Use these challenges and setbacks to your advantage, a lesson learned is less likely to repeat itself and may just make your business stronger.
- Choosing an entity. You may want to consult a CPA to help determine which entity is best for you. For example, an LLC (limited liability company) or corporation would benefit you as far as your personal liability, taxes, and personal asset protection.
- Professional Team. Who's on your team? It's a good idea to consult an Attorney, CPA, and other businesses that will have experience in your same industry. Getting advice from professionals will help ensure your business gets off to a great start.
- IP (intellectual property). Protecting your IP is very important and complex. Be sure to contact an experienced attorney for assistance.
- Licenses and permits. Some businesses will require special certifications or licensing. Before you open your business, you should check with the state or provincial regulatory agencies. This will ensure that you actually have the authority to proceed with your business.
At Summit CPA we offer multiple resources that will help get your business on the right track. If you need assistance, contact our office at 866-497-9761 to schedule an appointment with our advisors.