How to Start a Business in 10 Easy Steps: Step Four

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Now that you have established your legal status of your business, you are ready to start write your business plan. You have done all the research, know your demographic, and know exactly what products/services you are going to offer. At this point you were probably hoping that I wasn’t going to bring up writing a business plan. Seriously, who wants to spend that much time writing out a plan when things are going to change? According to a survey of Business Plan Pro software users, people who had completed business plans were nearly twice as likely to successfully grow their businesses or obtain capital than those who did not craft a business plan.

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Entrepreneurs nowadays go back and forth about whether it is essential to write a business plan and if it really increases your chances of success. Each individual needs to assess their specific needs and make sure that writing a plan is what they really want to do. An advantage to writing a thorough business plan is that you have laid out the groundwork for where you want to your business to go. Remember, a business plan is a living document and is meant to be changed.

Your business plan should include the following parts;

-Executive Summary

-Company Description

-Market Analysis

-Organization & Management

-Service or Product Line

-Marketing & Sales

-Funding Request

-Financial Projections

-Appendix

This may look like a daunting list, but it really is not. Your business plan can be as detailed or as open ended as you want it to be. Need more help writing a plan? Contact BiGAUSTIN and make a FREE appointment with one of our business consultants to learn how you can make a business plan work for you.

How to Start a Business in 10 Easy Steps: Step Three

After you have completed your market research, you have successfully identified your competitors and know what your demographic wants from your product then you are ready to begin the third step. The third step is fairly easy, but it requires some thought about what the future looks like for your company and where you see yourself. You need to figure out what the legal structure of your business is going to be.

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The type of legal structure you choose for you business will affect your taxes, how you pay them and how much you pay. There are several types of different legal structures to choose from, you should know the advantages and disadvantages to them all before you decide. The different types are as follows:

Sole Proprietorship

Partnership

Corporation

S Corporation

Limited Liability Corporation (LLC)

This step is definitely not difficult, but it is something that you need to think about before you begin moving forward with financing and other logistical things.