how to do business? & (suggest some options)
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1. Make Sure Entrepreneurship Is What You Really Want
If you are thinking of starting a business because you lost your job and are having trouble finding a new one, then think about doing a better job search. Hire a career coachor get some training. Starting a business is much harder than getting a job, so it's worth the extra effort to look for employment in a better way, if that's your true preference.
2. Decide What Kind of Business You Want
Franchise or independent? Service or manufacturing? Brick-and-mortal retail or online? Consumer or business-to-business? There are dozens of different types of businesses, each with its own benefits and drawbacks. Like to work with the public? A retail store might be right for you, but you will face the tradeoff of having a lot of overhead (rent and utilities for example).
3. Research Your Idea
The most important thing to remember if you are considering starting a business is this: It's not a race. People who rush get penalized in the marketplace much more severely than people who take their time. You may hear the words "first-mover advantage" -- the idea that you get a big head start by being out with a product before anyone else. But that idea is overblown, especially for small businesses. Emerge too soon and you could squander precious resources.
4. Write a Business Plan
With the dozens of business-plan-in-a-box resources available online, there is no longer an excuse not to write (not think, write) a business plan before you launch your business. Why write a plan even if you are the only person who works in the business? Because it forces you to answer critical questions that you must not ignore if you want to have a strong chance of success. It doesn't have to be long.
5. Choose a Business Structure
According to small business CPA Michael Hanley, "The foundation for tax planning begins even before your first day of business operations. Of all the decisions a business owner will make, very few will have as great an impact as entity selection.
If you are thinking of starting a business because you lost your job and are having trouble finding a new one, then think about doing a better job search. Hire a career coachor get some training. Starting a business is much harder than getting a job, so it's worth the extra effort to look for employment in a better way, if that's your true preference.
2. Decide What Kind of Business You Want
Franchise or independent? Service or manufacturing? Brick-and-mortal retail or online? Consumer or business-to-business? There are dozens of different types of businesses, each with its own benefits and drawbacks. Like to work with the public? A retail store might be right for you, but you will face the tradeoff of having a lot of overhead (rent and utilities for example).
3. Research Your Idea
The most important thing to remember if you are considering starting a business is this: It's not a race. People who rush get penalized in the marketplace much more severely than people who take their time. You may hear the words "first-mover advantage" -- the idea that you get a big head start by being out with a product before anyone else. But that idea is overblown, especially for small businesses. Emerge too soon and you could squander precious resources.
4. Write a Business Plan
With the dozens of business-plan-in-a-box resources available online, there is no longer an excuse not to write (not think, write) a business plan before you launch your business. Why write a plan even if you are the only person who works in the business? Because it forces you to answer critical questions that you must not ignore if you want to have a strong chance of success. It doesn't have to be long.
5. Choose a Business Structure
According to small business CPA Michael Hanley, "The foundation for tax planning begins even before your first day of business operations. Of all the decisions a business owner will make, very few will have as great an impact as entity selection.
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