Step 1 – Business Commitment
Deciding whether or not to start a new business can be one of the most difficult decisions a person faces in life. According to the Small Business Administration (SBA), about two-thirds of businesses with employees survive at least 2 years and about half survive at least 5 years. Financial Feasibility – Start-up capital needed, sources […]
Step 1 – Business Plan
Business plans typically include detailed information that can help improve your business’s chances of success, like: A market analysis: gathering information about factors and conditions that affect your industry Competitive analysis: evaluating the strengths and weaknesses of your competitors Customer segmentation: divide your customers into different groups based on specific characteristics to improve your marketing Marketing: using […]
Step 1 – Creating A Business
When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, Limited Liability Company (LLC) and S corporation. Legal and tax considerations enter into selecting a business […]
Step 1 – Business Needs
Step 1 – Business Needs
The goal of your business is to provide people with a product/service that they need and make their life more convenient. Think, will this be something that would be beneficial for everyone involved in a specific targeted market? Does the product/service already exist? Are they missing a need for a specific group? Will this be […]
