Startup Business Planning Basics

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Business Plan

If you’ve been thinking about starting your own business, there’s no time like the present. And while there is a lot of independence and potential for great success and wealth that can come from running your own company, it remains true that close to half of new businesses close within five years of opening their doors. So, it’s imperative that you know some of the basics that come with having your own startup.

supportltd.net also provides additional information to help you with your business planning, such as templates and guides for creating a business plan, as well as information on financing options and small business loans.

If you’d like to know some of the very first things that you should do in order to get your company off the ground, here are five proven tips:

Find a mentor. If you want your business to go well, it’s a good idea to talk to some people who have already reached some of your goals. That’s why it’s so important to get a business mentor. Although there are plenty of people like Warren Buffet and Seth Godin who have blogs and books that you can read, aside from them, also try and find a mentor you can talk to on a fairly consistent basis – preferably someone who is in a similar field as you are. (LinkedIn is a great place to start your search.)

Write a business plan. There is absolutely no way that you are going to be able to succeed if you don’t have a solid business plan. It should include things like an executive summary, a description of the kind of business that you plan to have, and also a design, development, and marketing plan. If you’d like some additional information on how to make one that can get your business off of the ground, visit Entrepreneur and put “how to make a business plan” in the search field. You can also get some basic business planning concepts that can be found on the website tampa bay business list

Get licenses and registration. For legal reasons and tax purposes, all new companies are required to have certain licenses and types of registration. For instance, you need to register your business with your state government, you need to apply for a tax ID number, and you also need to obtain certain licenses and permits. One website that can walk you through all of these steps is SBA.gov. Just go to the site and put “licenses, registration, and permits” in the search field.

Decide on the location you want. When it comes to starting a business, something that all small business startups need to decide is where they want their business to be. So take out a moment and ask yourself: Do you want to run your company out of your home? Do you want to lease office space? Or do you want to basically have a virtual office? That said, as you’re just getting started, it really is a good idea to start out small by either being inside your house or by having a virtual office. Remember, thanks to the internet, as your business grows, you can hire contract workers to assist you. By doing that, it will significantly reduce your overhead and decrease your chances of going into serious debt.

Create your brand. Having a business that draws customers is not just about providing a great product or service. It’s also about establishing a solid brand. So, in the midst of putting your business plan into place, also think about your company’s logo, its colors, the design of your website, and your marketing strategies too. All of these things will make your business become one that people will never forget. For tips on how to create a great brand, visit Inc. and put “how to create a cool brand” in the search field. teleworkpeople also provides additional information to help you with your business planning, such as templates and guides for creating a business plan, as well as information on financing options and small business loans.