If you have been thinking about starting your own business, but you have not found any helpful information, here is some information on how to make that first step.
1. Decide what type you want to start. You may want to ask your family & friends the type of venture you should start. But, some of the suggestions you may receive may not be the best and right answer you. Deciding what type of venture you want to start means thinking about the things you want to do and the things you are good at. Ask yourself these questions:
Am I willing to do this everyday for years?
What do I love to do?
What are the things that are profitable, that I will find enjoyable?
These questions will lead you to specific type of venture you will want to start. This is a very important step so, do not rush and take your time.
2. Do your research. Once you have determined the kind company you want to start, study that industry’s profitability. You don’t want to start a company without having all the facts, do you? You still have to think about if the company will make money. A profitability study of the business you are trying to start, will give you a good idea of the return on your future investment. Also keep in mind that certain types of companies do better in certain locales, so make sure that you factor that into your research. Asking family and friends would be a good place start.
3. Decide on the name. Create a name that is brand-able. This name can summarize your business. It can be a name associated with you. Just be sure to make the name distinguishable. Look at my blog on tips for selecting a business name.
4. Decide on the entity (type). Forming a business means that you will have to choose a corporate structure. You will have to choose between an S-corporation, C-corporation, partnership, Limited Liability Corporation, or sole proprietorship. Choosing your entity form is very important and will have long term implications. Check out my blog for future posts regarding entity formation
5. Register with the state. ALL businesses must be registered with the State that they operate and do business from. Every state has different processes to follow. Some states require that you reserve the business name before officially registering your company, and some states do not. So be sure to consult with an attorney in your state about the process for your state. To register your company with the State of Florida go to www.sunbiz.org
Now you are ready for your business to grow.
If you have any questions about how to start a business you can contact us at firstname.lastname@example.org or (844) JOLLY-ESQ and we would be happy to help you. 565-5937 or visit or schedule an appointment at www.jollyesquire.com/appt
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