Ten million Americans consider starting a business every year, yet only 6 million actually do. If you're among those who have pondered the idea of starting a business, there's no time like the present to turn your dream into a reality.
Starting a business can seem complex and intimidating but, with proper planning, it doesn't have to be that way. Following these five tips will help you feel more confident and prepared to start the business you've always imagined.
• Put it on paper. Writing a business plan requires you to think about every possible scenario. It helps identify any current and potential competitors as well as key industry information. Going through this process and having it on paper will help you stay on target and is required to apply for financing.
• Ask questions. Getting expert advice is essential to successfully starting and growing a business. Local support and training are available through government-funded small-business programs and community college business classes.
• Create a structure. What are the advantages of a sole proprietorship over a partnership? You'll need to answer this question for tax and legal purposes. Your business structure is important because it determines how much liability protection you'll need and how much paperwork you'll have to do.
• Get a personality. The right business name and logo will help attract customers. So get out a pen and a pad of paper and start writing down ideas. Ask friends and family what they think. Put yourself in the shoes of your customers.
• Spread the word. Getting the world to beat a path to your door requires more than just a great idea. Marketing is one way to turn a great idea into a money-making business. Create a marketing plan, even if it's an outline. It should include a profile of the people who are most likely to buy your products or services and the best way to reach them, such as local newspapers, industry publications and radio.
To get more information on how to start a business, visit JumpUp.com, a new business resource from Intuit, the maker of QuickBooks business financial management software. This free business site provides key getting- started steps, complete with tools to accomplish each step. It also has an online business community where you can meet and learn from other new entrepreneurs to quickly get your business up and running.
Turning your hobby into a successful business is simpler than you think-if you plan properly. |
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