Do You Have a Strong Foundation?

By Erin Alli

Do you know how to put a good, strong foundation into your business so you can start to see success right away?

When starting a business you need to decide what type of business you are going to have. Is it going to be a sole proprietor, LLC or corporation? This is entirely up to you.

Some things you want to consider first when starting a business are:

  • Your Business Image – what do you want your business to look like to people?
  • Planned Business Growth – what goals do you have for your business? Where do you want to be in 30, 60 or 90 days…how about 1, 2, or 3 years from now?
  • Cost of Start Up- what costs will you incur that you can think of right now in starting your business?
  • Cost to Maintain – what costs will you have monthly in maintaining your business? Don’t think of these as bad though…they are investments in the future of your business.
  • Financing Needs – Do you need any financing? Will you be applying for a loan or a grant?
  • Amount of Personal Risk You Want to Take – How much money of your own are you putting in right now to start your business? Are you comfortable with that?

Once you have thought about those things you will be able to make a better decision on what type of business formation you want to have.

Next make sure there is a market for what you are offering. Think of keywords that describe your product or service and go to Google and see what you find. Look at the sites that come up and see what they are offering as well. This will give you a place to start with how to best get your offering out there. Don’t think of everyone as competition. There is plenty to go around and you have to remember that you are unique so what you are offering is always going to be different from someone else, even if it seems similar. Look at this part as a learning experience.

Make sure your business name is registered with the state. Then use that name exactly if possible or a close variation as your domain name.

This is the start to setting your foundation to build on. Your house has a foundation and so should your business model!

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