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3 key steps to starting a business

On Behalf of | Jun 22, 2021 | Business Formation

There are many steps involved with getting a business up and running. If you are starting your business at the very beginning, this can feel like a daunting task, but you are among many business owners doing the same thing.

According to the Small Business Administration Office of Advocacy, approximately two-thirds of business owners begin their operations from scratch. If you are in the early stages of starting your business still, there are three key steps you should take.

1. Write your business plan

The foundation of your business, your business plan outlines the structure of your organization as well as how you will run and grow your company. Writing out your plan lets you think about the key elements of your operation and what is most important to you.

2. Fund your business

Writing out your business plan can help you determine how much money you will need to get your operations going. If you do not have that amount currently available, you will need to either borrow or raise this funding.

3. Choose a business structure

The business structure you select influences nearly every aspect of your operations. For instance, your business structure affects your taxes, whether your personal assets are at risk and how you run your daily operations.

By taking the start of your business seriously, you can protect your business’ interests, operations and growth potential moving forward. Proper preparation can also help you identify your operation’s strengths and weaknesses and understand how to improve your business from the start.