My biggest piece of advice?
Ask help from a reputable business lawyer.
This will not mean that you will need to hire an attorney and give him an allowance. All you need to do is hire a good lawyer that is experienced in new businesses to help you get started. He can advise you about things like contracts, lease agreements and knowing the right business structures. He can provide you with sound advice that will be beneficial to your business. Hire a good accountant. He can work with your lawyer and can give you advice on the best form of ownership. He will be able to help you with bookkeeping and record keeping procedures that will keep track of how your business is doing. He can also help you with the tax process and some other laws in connection with your business. Accountants are accustomed to starting business procedures. Your business ownership type includes sole proprietorship, partnership and corporation. You should understand that there are personal liabilities, taxes, paper works and laws and regulations that come with this ownership type. The regulations vary among the different business structures. This is the reason why a lawyer and an accountant will be an important part of your business. They will assist you with all the legalities and help you with the decision.
After this, you have to decide what will be your business name. It may seem simple but your business name is how your business will be known. Choosing the right name and carrying it will say a lot about your business and how your business will be known. It will say a lot about your company. For example, a name like Mastercard tells the world you’re selling a credit card. A name like Mystery Shopper’s Academy tells the world you’re selling mystery shopping advice. Before choosing a name, you have to make a list of possible names and then narrow down the list to the one that you think will best describe your soon to be business. It should be catchy, easy to remember and easy to pronounce. Research if there are similar business name in the website. The next thing is to get the necessary permits and licenses. Together with the business license, you may need additional permits that are dependent on what type of business you are putting up. Real estate agents, contractors and the likes need to be licensed in the states they work. You may also need license to produce and sell specific products such as wines and firearms. It is a must that you should do research on the necessary permit and license applicable in your country or state. A zoning permit is also needed before you can open your business. Information about zoning permits is available from your local clerk’s office.
Many people who want to do business try to keep their day job while putting up a business on the side. This is a big mistake; you have to make your business as your full time employment from the start. Business that you put up has competitions if you cannot make sure that you execute your business strategies according to your plan this will be the reason why your business will fail. Be hands-on. Make sure that you build your business plan according to your prospective customer’s service perspective. The quality of the product and services must be excellent. Make your customer service extraordinary. This will be the dividing factor between good business and those businesses that don’t make it.
There are actually more important things that you should know before your start your own business, but the above suggestions and tips can help yourself to be more confident and somehow be in a good position that you may say you are business ready. So prepare well and accept that there are times that you may need to make changes in your business strategies. But armed with a good business strategy can put you in a place where others fail and will get you to the place where you want your business to be.