Submitted by STintern1 on Wed, Apr 11th at 5:46 pm
Courtesy of Beth Lawrence, J.D from NOLO.com
From insurance to accounting to taxes, here are the steps to starting a business.
Thinking about starting a business? You're not alone. Every year, thousands of Americans catch the entrepreneurial spirit, launching small businesses to sell their products or services. Some businesses thrive; many fail. The more you know about starting a business, the more power you have to form an organization that develops into a lasting source of income and satisfaction. For help with the beginning stages of operating a business, the following checklist is a great place to start.
Evaluate and Develop Your Business Idea
- 1 Determine if the type of business suits you. Start the Right New Business for You.
- 2 Use a break-even analysis to determine if your idea can make money. Will My Business Make Money?
- 3 Write a business plan, including a profit/loss forecast and a cash flow analysis. Writing Effective Business Plans
- 4 Find sources of start-up financing. Business Financing, Loans & Capital
- 5 Set up a basic marketing plan. Marketing & Advertising
Decide on a Legal Structure for Your Business
- 6 Identify the number of owners of your business. Partnership Information
- 7 Decide how much protection from personal liability you'll need, which depends on your business's risks. What are the risks of starting my own business?