Many folks in today’s economy who have been laid off or have unstable jobs consider starting a business as their next career move.
We can tell you here that entrepreneurship has many advantages – the ability to be your own boss, make your own hours more or less and the opportunity to do something truly innovative.
If you think forming a corporation and embarking on a small business career may be an option for you, consider the following 5 steps to help make your venture a success.
1. Be sure you thoroughly enjoy what you do
It’s important to like what you do right? Well it’s much more important when owning a small business. You will be required to do many different things as a small business owner – things like a salesperson, boss, customer service rep and money manager. Some of these tasks will not be your cup of tea so passion for the business in general will need to be strong to get you through the things you don’t particularly enjoy.
2. Choose the most appropriate legal structure for your business.
One of the first steps to incorporating online is choosing the legal structure of your business. Incorporation options include sole proprietorships, partnerships, corporations and limited liability companies (LLC). Check out our business incorporation knowledge center at MaxFilings for comparisons and pros/cons of each.
3. Any good business person sets goals
Set measurable goals and track your progress regularly. Successful businesses have a marketing plan and general business plan to guide their growth and development.
4. Develop a business plan based on your goals
From the goals you develop in step 3, develop your business, financial and marketing plan. Many lenders and investors will not want to deal with you without them.
5. Continue to seek advice from other professionals after you’re established
You will rely on many different people to help run your business – attorneys, accountants, marketing professionals and others. But it’s also important to maintain a network of other small business owners and professionals in similar businesses. Don’t think for a minute that you’re alone – other business owners can empathize with your frustrations and offer helpful advice.
These 5 steps won’t guarantee your success but they are a good guide to get you off to a strong start. When you’re ready, you can easily incorporate online in 10 minutes or less at MaxFilings.com. And check out our knowledge center for all sorts of informative articles on incorporating and running your business.