Brainstorming for your business: Where to start

So, you want to start your own business? This is a decision that shouldn’t be taken lightly and will undoubtedly require plenty of time, effort, and resources. However, it will enable you to do something you’ve always dreamed of and potentially let you build a profitable empire to be immensely proud of.

Before diving head first into the deep end, you’ll need to make sure you can at least stay afloat. From coming up with a business plan and acquiring funding to making sure your legal and tax responsibilities are in order, a lot of brainstorming is required. Here are the absolutely essentials of starting a business.

Create a business plan

First of all, you will need to create and develop a business plan, which outlines your objectives, products, services, and costs. It not only makes sense from your own perspective, as you can clarify each and every detail, but a coherent business plan will also help you attract investment and overcome obstacles along the way.

Use this opportunity to choose a business structure too, which will be largely dependent on the size of your enterprise. For example, if you are the only employee and will assume all responsibility, you should register as a sole proprietor. Choose a partnership if you go into business with someone else or a Limited Liability Corporation (LLC) if you plan on hiring employees.

Get your financial responsibilities in order

This is where several new businesses come unstuck. Calculating your start-up costs and figuring out how to cover them isn’t easy, as most start-ups will need to borrow or attract investment to get established. If this is the case, it makes sense to have enough in reserve for your everyday expenses, because you never really know when your business will start returning a profit.

Small business and bank loans aren’t as readily available as they once were, but you should still be able to borrow enough for your basic start-up costs. Any additional expenses, such as purchasing or leasing equipment and buying or renting a property, will probably require further investment.


Get your legal responsibilities in order


You will need to register the business with both the state and federal government. Along with being recognised as a legal business entity, you will also receive an employer identification number. While this enables you to hire employees, it is also beneficial for sole proprietors, as you can maintain a degree of separation between your personal life and business identity.


It may also make sense to hire or retain a business attorney. They can offer invaluable assistance when starting up and provide help with drafting contracts, signing a lease, and other legal activities. Several small business owners don’t like leaving their legal responsibilities to chance, especially when it comes to creating a plan and choosing a structure.


Once you have ticked these essential boxes, you can move on to the more enjoyable and exciting aspects of starting a business, like selling your first product or service.


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