Entrepreneurship: Steps to Starting Your Own Business
Entrepreneurship is the key to building our new society! Millions of Americans have tried their hands at starting a new business. Many have been successful at building their own business; however, many have not! What separates the successful from the unsuccessful? Drive? Or having a plan? What is your plan to be successful?
Starting a business isn’t easy! It takes planning, time commitment, failures, and learning from your failure. Some where along the way though, some businesses sky-rocket and some flounder, what is the reason for this? Proper research! Making a plan to get to the next level of business is key! How will I get there? Should be the first question you ask yourself then begin conducting a plan on the proper steps to take to make it happen. This is a key step because it makes things more realistic, you can then start to weed out things that aren’t plausible!
What is your product/brand? What are you selling? Determine who your market is and research your market to make sure you are selling the right product to the right people. Develop your brand identity along with the name of your company. Upon choosing a name you should do research because eventually you will have to get it patented. There is nothing worse than having to change your name or buy it from someone for millions of dollars. Steps you need to take to be considered and official business by the state are:
1. Developing a business plan.
2. Filing for a business license.
3. Filing a fictitious name statement with a county clerk.
4. Obtaining a sellers permit from State Board of Equalization.
(Source: Entrepreneurship Magazine: Entrepreneurship Instant start-up Guide)
What is your business nitch market? How will you finance it? Some look to bank loans but realistically most businesses go for self financing their own company. If you choose to do that; first you must open up an account that is strictly for your business. This helps you to differentiate your personal from business accounts, and is the first step to establishing your brands individual identity.
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