Q:

How can you start a business?

A:

Quick Answer

To start a business, choose the kind of business you are interested in, spend time researching the market, form a business plan, and decide on a business structure. Once the initial legwork is complete, you can find team members and file necessary paperwork.

Continue Reading
How can you start a business?
Credit: Hero Images Hero Images Getty Images

Full Answer

The first step is to plan your business type. For example, there are online businesses or brick-and-mortar retail stores. You could open a franchise or start your own company. Evaluate the goods or services you are selling, and decide on the best way to proceed.

Next, you need to spend time researching the best course of action. Diving in prematurely can result in monetary loss, so spend time researching your field to make sure you are confident in your plan. Once you are convinced that the business is poised for success, write out a business plan. The business plan should state your company's purpose, who your potential customers are, and what kind of demand your business meets. You also need to figure out what gives you an advantage over the competition, as well as your pricing and marketing plan.

Next, it is important to decide whether your business will be a Limited Liability Company, or LLC, a Partnership, a Sole Proprietorship, a traditional Corporation or an S-Corporation. This directly affects how taxes work in the future. At this point, you can look into an accountant, attorney, employees and other team members. You should also take care of any paperwork, such as insurance, licenses, registrations and patents.

Learn more about Business Resources

Related Questions

PEOPLE SEARCH FOR

Explore