Starting & Running a Successful Business

Starting and running a business is rewarding and a lot of hard work.  It takes motivation, skill, discipline and talent.

FIRST STEP:

Before you begin a business, be critical of your skill and determination and answer the following questions.

•      Do I need improvement in an area?

•      What am I good at?

•      Do I have the time to run a successful business?

•      Will I have the support of my family?

•      What will be the legal structure of my business?

•      What service or product should I provide?

•      Who are my potential customers?

•      Where will I get the financial resources to start and run my business?

•      What will I name my business and where will it be located?

If you decide you have what it takes, and you have positive, clear answers to those questions, you are on your way.

SECOND STEP:

You must decide on the proper entity for your business. You have to decide if you should be a sole proprietorship; partnership; limited liability company, professional association, or a corporation. Identify and consult a business lawyer and an accountant to assist you with this decision. The attorney can assist you in identifying the best entity for your business and assist you in obtaining the necessary permits, state, city and county licenses. The accountant can advise you regarding the tax advantages of each entity and eventually assist you in the best method for your day to day accounting, payroll and your tax reporting requirements.

THIRD STEP:

Develop a sound business plan and review it with a mentor in the same business. Then review it and discuss it with your Banker. The business plan is a necessity. It helps you allocate your resources properly; it helps you identify your goals clearly and serves as your roadmap to success. By taking the time to formulate a solid business plan you dramatically increase your chances of running a successful business.

FOURTH STEP:

Open the doors and do not look back!

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Copyright © 2006 Fresh Start Law Firm - Last modified: September 10, 2007