Start Your Own Business: 50 Things You'll Need to Do
From insurance to accounting to taxes, here’s what you need to do to start a business.
Thinking about starting a business? You’re not alone. Every year, thousands of Americans catch the entrepreneurial spirit, launching small businesses to sell their products or services. Some businesses thrive; many fail. The more you know about starting a business, the more power you have to form an organization that develops into a lasting source of income and satisfaction. For help with the beginning stages of operating a business, the following checklist is a great place to start.
Evaluate and Develop Your Business Idea
1. Determine if the type of business suits you. (See Starting and Researching the Right Business.)
2. Use a break-even analysis to determine if your idea can make money. (See Will My Business Make Money?)
3. Write a business plan, including a profit/loss forecast and a cash flow analysis. (See Nolo's Writing a Business Plan Resource Center.)
4. Find sources of start-up financing. (See Nolo's Financing Your Business Resource Center.)
5. Set up a basic marketing plan. (See Nolo's Marketing Resource Center.)
Decide on a Legal Structure for Your Business
6. Identify the number of owners of your business.
7. Decide how much protection from personal liability you'll need, which depends on your business's risks.
8. Decide how you'd like the business to be taxed.
9. Consider whether your business would benefit from being able to sell stock.
10. Research the various types of ownership structures:
- Sole proprietorship
- Partnership
- LLC
- C Corporation
- S Corporation
(See Types of Ownership Structures and Choosing the Best Ownership Structure for Your Business.)
11. Get more in-depth information from a self-help resource or a lawyer, if necessary, before you settle on a structure.
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