There are many decisions to make and tasks to complete when you start your own business. From dreaming up your long term goals to making your first official sale, there are many fine details in between. You’ll need to create a business plan, choose a business entity, and make sure you adhere to the legal and regulatory requirements associated with your new responsibilities….
How to Structure Your Business
When you’re ready to make the important transition from self-employed entrepreneur to a full-fledged business owner, it’s crucial that you choose a business structure that serves you and your business goals. There are four main types of business structures to choose from, including a sole proprietorship, partnership, limited liability company (LLC), and corporation. Each business structure offers its own set of benefits and limitations, but choosing one will allow you to assign a blueprint to your new venture….
How to Finance Your Business
More often than not, entrepreneurs require significant financing to launch their business. Ideally, you’d have the means to tap into savings to obtain the capital required to buy a building, furnish the space, purchase equipment, and launch a product or service line. Unfortunately, we all know that this is rarely the case. When looking for ways to finance your business, you’re faced with a choice between two types of funding: debt or equity. While it’s possible to combine the two to create a capital structure with more balance, it’s first important to explore the sources of funding that fall into each category…
Is Developing a Business Plan Worth Your Time?
When you’re working day and night to get a startup off the ground, it can be tempting to cut corners by skipping the creation of a business plan. If you’re connected with your vision, goals, ethics, and sources of funding, it can be even more tempting. While some successful startups have opted to skip a business plan, there are many benefits of sitting down and spending the time to create one. Not only does a formal plan lay out your goals in a physical, real way, but it also allows you to take the time to look for potential pitfalls in your plans…