Q:

How do you build a business?

A:

Quick Answer

To build a business, create a business plan, register your business name and rent a location. Choose a name that fits your niche and makes people curious. Decide whether to rent a space or build your business from home. Calculate how much money you need to get started.

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Full Answer

Depending on the size of your business, choose a business organization type – either a sole proprietorship, a partnership, a limited liability company or a corporation. If you prefer to have total control, start a sole proprietorship. In an LLC or a partnership, you have to share control with other partners.

Next, apply for a tax identification or an employer ID number. Open a business bank account. Keep your personal expenses separate to make things easier for taxes. Find out what local licenses and permits you need to obtain before starting. Depending on the location and the business type, health or building permits are required.

A strong marketing plan is essential for attracting customers. Describe all your products and services with details. Next, determine your main target market. A marketing plan should also include a description of the main competitors. Point out the main differences between your business and the three main competitors.

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