Millions of Americans dream of starting their own business. You may be one of them. Approximately 600,000 actually take the first step, but for many it’s an unattainable dream. According to Entrepreneur magazine, everyone has his or her own roadblock, something that prevents him or her from taking that crucial first step. It may be fear of failure, poor finances or simply a lack of extra time to dedicate to such a huge feat. Whether you have the next best idea since sliced bread or you are looking to improve upon an existing product or service, here are 5 of 10 tips to help you start a new business correctly:

1. MARKET RESEARCH: This is a very important first step. Find out if other similar businesses are in the area and how they are conducting business. Gather information regarding potential customers to see how you need to build your new business strategy.
2. PLAN: Successful businesses start with a business plan. Think of it as a roadmap for the structure, the operations and how you’ll grow your business.
3. FINANCES: Depending on the type of business you want to start will dictate the amount of finances needed. If you don’t have the money on hand, you’ll have to raise or borrow the capital.
4. LOCATION: Location, location, location! This is truly an important decision whether you are setting up a brick-and-mortar business or selling online. It can affect your potential growth, taxes, legal requirements, etc.
5. STRUCTURE: Choose a business structure wisely because it will impact business registration requirements, taxes and personal liability.

Starting your own business is the American dream. Follow these 5 tips and stay tuned for 5 more to help you achieve your dream and succeed! For more information regarding these tips, read more here.

For more information regarding legal issues and your specific situation, contact Gerstenberger Law at (770) 920-7722.

Sources:

www.sba.gov

The information found on the Gerstenberger Law site is for educational purposes only. Your situation and the situation of others are unique and more complex. This is neither legal advice nor to be considered legal advice. Contact us for advice about your specific situation.