Almost everybody dreams of owning their own business one day. Starting your own business takes determination, time, patience, money and a lot of luck. However, if you follow the seven tips we give in this article, your chances of having a successful business are pretty good.
Create a Business Plan
You are more likely to get funding for your business if you have a well thought out business plan. A good business plan should outline basic topics such as the management structure of the company, what type of client you want to target, what are the services and or products you will offer, marketing strategies and most important the companies goals.
What Type of Business Entity do you Want to Form?
You should consult with your business attorney or Certified Public Accountant to pick the best type of business entity you want to run your company under. Forming your business as a Limited Liability Company or a corporation for your business, even if you are a one-man shop, will protect your personals assets should there be a law suit filed against you.
Check with Your State, County and City to see What Type of Business License or Permits You Need.
Every state, county and city have different requirements to do business in their jurisdiction. Some may even require special certifications or special licensing. This should be included in your estimate of startup costs.
Shop Around for Insurance.
It is best to find an insurance agent that understands and has worked with the type of business you are starting. They will be able to advise you on the coverage you have to have and additional insurance you may need in the future. Different types of businesses require errors and omissions insurance for the officers and directors of the company. If you are going to employ people, you may need to get workers compensation insurance and lastly, general business liability insurance should be considered.
Does Your Business have Intellectual Property?
Intellectual property is defined as an invention or work that came from your own creativity. It could be a design or a manuscript that give you the right to trademark, copyright, patent, etc. When dealing with intellectual property, it is advised you seek a professional attorney who understands these rights.
Have a Good List of Advisors.
Surrounding yourself with accountants and attorneys is always helpful. You may also want to seek individuals who have been established in your type of business who can be valuable mentors on helping you grow your business. You can never have too many mentors.
Lastly, How Committed are You to Your Business?
You cannot start a business with only half of your heart into it. You need to completely commit to it. Know you will have to put in more hours than you ever have in a nine to five job. Yes, you could have unexpected challenges and setbacks, but you have to push through and look at them as learning experiences.
Nevada Discount Registered Agent, Inc. can help you file your Articles of Incorporation in the state of Nevada. We will keep you up to date on changes and mandates and make sure your annual filing is never late.