Once you have decided to build a business, there are several tasks you must complete prior to launching. First, you must decide on what type of business inspires and motivates you. Most of us have experienced working on a job, which had no significant connection to our goals; however, the bills were paid. Nonetheless, we all have a “dream” job wanting to come to the forefront, which will increase our quality of life. Thus, figuring out that dream and walking into it is huge; however, once the dream is found, you must attach a name to your dream and register it with your state.
Before you register your company name, it is critical that you choose the company structure that is right for you. Selecting the proper formation will profit you later. Business structures include: Sole Proprietorship, Corporation, S-Corp, Limited Liability , Partnership, Limited Partnership, Limited Liability Partnership, and Non-Profit. Therefore, it is important to understand all the formation requirements.
Secondly, create a business plan that will guide you through the next few years. Remember, business plans are subject to change. Next, identify yourself as a business and commence branding the company as a legitimate entity. Branding the company involves designing a logo, registering a domain, creating a website, social media, business cards, brochures, etc. – get going!
Thirdly and critically important, acquire capital – friends & family, bank loans, angel investment, venture capital, and more. I advise you to seek out family and friends to assist you before creating debt for yourself or the company. In addition to all of the above, set up your office space, set up an accounting system, build a team, secure a lawyer and move forward.