You have a business idea that you think will catapult you into the club of billionaires. You are eager to start on your own but cannot figure out where to begin. A good news is that the process of setting up a successful business is not difficult. You can divide it into seven easy steps:
- Start out with asking yourself if your idea will make a sound business in the long run. There are many young men and women who wasted their energy and money trying to base businesses on passing fads.
- Educate yourself by working in the industry of your choice. It will give you a feel for your business, even if you work part time.
- Write down your business plan. Do not listen to those who say you do not need one. Putting things down on paper validates your idea and helps you secure the money you will eventually need.
- Speak to professors, accountants, attorneys, and bankers. Surround yourself with a board of advisers who will attack your idea from every angle. If the idea survives their onslaught, it is worth pursuing.
- Hire an accountant. It may seem counterintuitive to let an accountant work for you before you have made your first dollar, but it will pay you off big in the long run. An accountant can help you understand the ins and out of local, state, and federal taxes.
- Learn about marketing. Sales are vital if you want to stay in the business for long. There has to be a way to earn. Figure it out before you start.
- Know your customers. Your clients may be 15-year-old hipsters, or baby boomers, or anywhere in between. It pays to know your customers and learn about their spending potential. Failing here will be equal to digging a tomb for your unborn business.
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