How to Start A Business

Encountering obstacles is normal when starting out. Often, entrepreneurs with great ideas are not ready for the difficulties they will face. When you have an excellent business idea, it is easy to focus only on the advantages you see in the future.

However, you have to be aware that on your journey, you will encounter challenges and problems, some beyond your control. Those who succeed in business quickly learn how to adapt and transition their ideas.

Questions to Consider

Is there a need for what you are selling? Have you completed market research, analyzed the demographics, and utilized surveys, focus groups, and other sources of research to figure out exactly what service or product you are providing? If the answer to this is no, the time is now.

Have you figured out exactly what your brand is, what it means and consists of, and who it targets? Is there an audience or customer base for your new plan and idea? Surveys, focus groups, and additional target research can help with this aspect.

If you encounter problems early on, do you already have ideas regarding how you can shift your plan? You may want to contact our business attorney in Los Angeles to start a business.

Regardless of the small or large size of your new company, do you have a support plan in place just in case you need to recalibrate? This does not mean you will fail, of course, but failure and adjustment are a part of progress, and you need to have a structure in place—usually, with some individuals to help—in case you need to re-think part of your plan.

Don’t worry; we are not suggesting you are going to struggle; far from it! However, being prepared to struggle will ensure that you are going into this new venture with an advantageous mindset.

Step 2. Focus on Ideas for Building A Business

As you zero in on this idea of starting your own company, be aware that the more specific your idea and product are, the better.

We know that there are millions of small businesses out there. Many of them succeed, and just as many of them fail. In many situations, that failure occurs because of a lack of market knowledge. You may intimately know every single aspect of your idea, but have you searched out other similar companies?

Do you know which brands are leading in your chosen market? Have you completed enough research, and has that research illuminated the fact that your small business is able to fill a niche, however small, that does not yet exist?

Step 3. Find Your Business Niche

When starting your own company, it helps to envision where your entity might fit in.

Companies such as DoorDash or GrubHub found a specific angle: the delivery of restaurant-quality food to customers’ homes. These businesses linked distinct concepts together in what appears to be a simple way. How is your small business idea similar or different to these?

When examining your own idea or trying to figure out how other businesses have succeeded or failed, it is important to ask that famous question: “Why?”

So, for DoorDash: why was a link needed between restaurants that did not offer delivery and consumers who wanted more choices? The demand existed, and you can bet that these companies did their due diligence and conducted research. But the final touch was this idea of independent drivers who would become the link between the restaurants and peoples’ homes.

DoorDash and Grubhub no doubt borrowed this idea from the Uber and Lyft concept, which recalls another important concept: building on and tweaking existing ideas is completely different than ‘stealing’ ideas.

Some of the most successful companies originate when the “why is this needed?” question is answered, and other successful concepts are incorporated into the new idea to create something entirely original. When starting your own company, originality is key.

Step 4. Consider Franchising

One mistake new small business owners often make is that they overlook franchising. You may even be able to franchise an already-established company and create profits that you can later use in other ventures.

Why is this a viable option? All the requirements that are necessary—and take much work to create—are in place: concept, business model, brand, research, analysis; it has all been completed! What do you need to do? Usually, if you are franchising, you’ll need to come up with a solid, worthwhile location and, of course, the funding to start your small business.

Step 5. Name your Company

The title you give your business is exceedingly important. The name of your business has practical advantages: it relates to your audience, your brand, your sense of accessibility, and even cultural trends and ease of use.

But did you know that the name of the small company you are also starting directly relates to its inherent value? Think back to what we’ve said about the public “need” for your idea and its specific and focused niche.

Some experts even suggest that you come up with a name for your business before creating your business plan. This can create excitement for your idea.

However, we suggest the opposite: first, figure out what your small business idea does exceedingly well. What makes it different than all other ideas that have come before? Why will consumers be drawn to it? After you get to the heart of these important questions, the name you assign to your business will fall into place.

Tips on Naming your Business

Feature key concepts
Use catchy words and phrases
Try out wordplay
Be simple and direct
Sum up your idea in just a few words

Please read our article on how to come up with a business name.

Step 6. Envision your Customer Base

Your customers are one of the most important factors. So it is worth picturing who you think your target demographic will be. Why will they be so interested in your business?

Business experts agree that it can be helpful to go back to these questions:

What brought you to this concept in the first place?
What are you trying to accomplish in a broader sense?
What is your specific mission: are you trying to help certain people? Provide a service to others? Fix an existing problem?
How can you convince your customers that your service is valuable and worth their time and money?

Step 7. Type Up A Business Plan

As you start your own company, questions will come up. These may include:

Does your business have a clear purpose?
Who are your customers, and what is their demographic?
Are any goals time-oriented?
Can you identify your main sources of finance?
How much will it cost to kick your startup into gear and keep it running?
Have you planned for a set of diverse challenges across the board?

Even the most successful small businesses will undergo a period of adversity. Being able to supply clear answers to these questions will help set you up for success. The answers to these questions and more should be included in the final copy of your business plan.

One of the most important aspects that your plan will identify is your target consumer base. A business will not succeed without a clear sense of who you are impacting, helping, or satisfying. You must be able to prove—using market research and documentation—that there is a demographic of the population who will readily buy what you are selling.

It might seem an antiquated notion, but we want to emphasize that getting this on paper is a key step in starting your business. A business plan will set your focus and establish objectives while also deciding how you will fund the project. A plan can also help you attract individuals who would like to join your company and help the mission succeed.

Business Plan Methods

These methods can help you gather information for a well-thought-out plan.

Surveys
Focus groups
Researching SEO, public data
Researching similar businesses and how they’ve succeeded/failed
Talking to other CEOs and CFOs in similar markets
Researching your specific market!

Each of these avenues will lead to documented knowledge, and that information will go into your business plan. Think of your plan, then, as a “road map” to the success of your business.

Why Market Research?

When you conduct market research, you will automatically get a sense of who your target consumer is. You will track their behavior, their likes and dislikes, and their particular needs. You will also get a sense of your competition: what are the other companies similar to yours accomplishing, and how? Is there an industry standard, or might you be able to set the industry standard?

Including an Exit in Your Plan

What else will your business plan include? It is possible that you may want to include an “escape hatch” or means of exiting in your plan. While this may seem counterintuitive, seriously contemplating the future like this will help you to find some clarity. These questions might help:

How will you eventually leave your company?
What will you seek to accomplish next?
Are there certain conditions that will lead you to terminate the business?
What lasting effect on the industry would you like your business to have?
What overall impact do you hope your company has?

It may seem strange to be thinking about your ‘exit plan’ before you even establish your business, but when starting your own company, this is exactly the type of unexpected research and reflection you should do.

When you are ready to get down to the task of penning or typing up your new business plan, you will find plenty of free templates on the web. You can also reach out to a business lawyer to make sure you do not forget to include anything. Please visit our page on how to write a business plan. We also included a business plan template as an example for starting a business.

Step 8. Appraise your Finances

When starting your own company, it is easy to become overly optimistic. You may find yourself dreaming of the people you are going to help, the profits you are going to make, even the industry benchmarks you are going to set.

Positive thinking is proven to be a key to accomplishing our goals. However: every single business requires funding in some form. Key questions to ask yourself here are:

Is there enough capital to start your business?
How much money will be required (when you approximate, go over instead of under in your estimate)
What is your source for funding?
Have you saved enough money to keep the business going if it takes longer than expected to increase profit margins or even tally a profit?
What is your expected profit margin?

Startup Costs

You are expected to have an acute sense of what it will cost to start your business in all of these categories. These are known, unsurprisingly, as startup costs. Why is this concept so important? Many small businesses fail in the first quarter, and this is because they simply do not have enough capital. You must be prepared for the period in which you may not make a profit.

The Formula

The formula you should use divides fixed costs by the combination of average prices and variable costs. The resulting number is your break-even number. This number can show you how much capital you need to start your own company. It can also help you:

Figure out expected profitability
Place prices on your services or products offered
Figure out how much you have to sell in order to create profit

Hint: we recommend that you overestimate the price of the capital that you may need; this way, you will be protecting your small business.

Additional Factors to Consider

As you go over your projected expenses with an accountant or lawyer, consider these factors:

Expected revenue vs. how much profit you need to be viable
Which goods or facilities are profitable, and what is simply not selling, and therefore creating a loss?
What are your revised production goals?
What are your labor costs?
What is the amount of fixed rates, costs deemed variable, and then, can you identify the total resulting total cost?

You may also want to make a list of priorities and make sure that you include not only the costs but how they will help, and even more important, when you will need to make certain purchases over the life of your business. How can you do this?

Be certain of the money that you have now
Be sure that you have a system in place for monitoring spending and expenses
Categorize these expenses
Secure funding
Be prudent, wise, and careful when it comes to all spending

Step 9. Fund your Business

There are many options out there when starting your own company. If you choose wisely, your business will be stable from the start.

Before you apply for funding:

Run a credit check and make sure that you are in good standing with all bureaus
Be honest with yourself and your business about the amount of capital you truly need to get started
Run a breakdown of all funding options available to you
Figure out the best fit as you start your own company

Business loans

These loans can be hard to secure for your company because you have no proven track record yet, though if you have run successful businesses in the past, this can help. The United States has an Administration of Small Businesses, and that might be a source for your loan. Depending on the industry and sector, there are also alternative lenders out there.

Grants

Grants for small businesses are often confused with business loans, and they do have a lot of similarities. However, a key difference is that these grants are not required to be repaid. There is a range of different options out there, and it will help to look closely within your field while considering how much money you need.

Here are a few specific categories:

Grants for minority-owned companies
Grants for female-owned companies
Grants for government work

Investors

We have all heard about companies whose start derived from a savvy investor or two. You might already have an idea for an investor who thinks that the new company you are forming has a real chance at success and, therefore, a return on their primary investment. Although investors can be a boon to your business, make sure you are aware that many investors want to become a real piece of your company and contribute in other ways as well.

Crowdfunding

If you’ve heard of GoFundMe, FundMe, or DonorsChoose, you are familiar with what is a relatively new way to solicit funds. Many startups begin their quest for funding with a campaign of crowdfunding. What this tool does, if it works, is gather smaller donations in bulk from across the spectrum.

We’ve seen this work in many different spheres, from the arts to politics to business. If you are interested in crowdfunding as a viable tool, our advice stays the same: do your research. There are many sites out there, and you may be able to find a unique platform that is perfect for your individual needs. Whenever you’re ready to move forward, please read our article on free money to start a business. You may also visit the SBA’s website for business grants. The California government also have incentives, grants, and financing for starting a business.

Step 10. Choose a Bank For Your Startup Business

As our economic institutions have evolved and become digitized, the choices of banking institutions have grown. Therefore, your choice of a bank for your new company is paramount.

While there may be a later point when you prefer to switch banks, especially if your business grows, for now, we recommend a smaller bank to start the small business off right. Quality smaller banks can not only provide security and manageability but a more individualized approach. Rather than simply being a number to these community financial institutions, they will provide an individualized approach. As a small business owner, you have enough to worry about. You do not want your bank to be a source of concern but instead an exercise in trust. A small bank will make decisions at the branch level. This hands-on approach will feel different than bigger banks, such as Bank of America, in which many decisions are often made at more of an executive level.

Banking Considerations

What are my company’s specific needs?
What aspects of my small business am I most focused on in the immediate future, and how can my bank help me?
How can my bank help me achieve my goals?

We suggest you make a list of possible banks and then take some time to go meet with the representatives. This sort of hands-on research will not only provide information in terms of what each bank can offer but also give you a ‘feel’ for the bank and its employees. You might ask:

Does the bank work with other small businesses?
What are the bank’s offers for a new business that opens an account?
What are the options for multiple accounts, and what about cash-back options and interest rates?
Will you also seek a corporate credit card?

Breaking Even

Remember the break-even policy and analysis we covered earlier? Here is a great opportunity to apply it. Think about your funding needs, your prospective expenses, and what will work for your specific type of business, and go from there.

There are many top banks out there, from smaller community banks to larger institutions, so be honest with yourself and your employees about the size of your business, the scope of what you want to accomplish, and any limitations you see as you begin your small business journey.

Step 11. Choose a Business Structure

When starting your own company, another key is to figure out how you would like to structure your business. The way in which you organize your business will have lasting implications. Why?

Your business structure influences:

tax structure
personal liability
personal and corporate credit
And more

Let’s briefly run down the options for structuring your business, and if you have remaining questions, we recommend speaking with one of our California corporate attorneys at Nakase Wade.

Sole Proprietorship

When you are planning on being solely responsible for the total sum of your obligations and debts, and the business belongs to you and no one else, then consider this structure. But keep in mind that sole proprietorships can impact your credit score.

Partnership

A partnership is defined as a union of two people (or more), who are responsible, and liable personally for the business. It can be a bright idea to find a partner who meshes with you. This is because it comes to important decisions, it can be beneficial to have another perspective in the office.

If you choose this structure, remember that everyone who is now considered an “owner” is personally liable.

Corporation

The main advantage of forming a corporation is that you will not have personal liability. Whatever structure you choose (B-corp., C-corp., S-corp., etc.), your business will become independent from the owners and function as a detached unit. Your company becomes recognized as an “individual” and can:

Be sued and sue others
Enter in contracts
Be liable
Own property
Pay taxes

We recommend this structure for businesses that may have aspirations to go public or seek venture capitalist funding. Also, make sure you are aware that while you are not liable as an individual in this structure, your company still is. You may want to learn what is the difference between a S Corp and a C Corp.

LLC implies that the company or business has limited liability. We consider this structure to be something of a hybrid, and it may present the best of both worlds for your business. An LLC both allows for the beneficial tax structure of the partnerships yet also provides the legal protection and security of a corporation.

At anytime you need a business formation attorney, please contact our business formation attorney for a free consultation.

Step 12. Register your Business

All businesses must be registered with local governments, as well as federal and state associations. Although these regulations can vary from state to state, each business must comply with their state’s respective laws. Learn how to register a business name.

The type of licensing you ultimately decide on will depend on your business structure.

Corporation

If you have formed a corporation, you will need:

A certificate of incorporation (also known as a corporate charter or articles of association)

What is included in these articles?

Business name
Purpose of business
Assumed structure
Stock options
Other pertinent information

If you have chosen to form an LLC, you may need to sign an agreement of operation. And trademarking your business is not a bad idea in any case because it can provide additional legal security.

Without a Certificate of Incorporation

Now, if you do not sign a certificate of incorporation/agreement of operation, you must:

Register the name of your business
This can be a legal name belonging to you or a “DBA” label if a sole proprietorship

DBA Certificates

If your business does not possess the certificates we have mentioned, it will be necessary to register the name of your company. Additionally, in many states you must, you will need to procure a DBA or get a DBA certificate.

We recommend contacting your local offices to start; they will be able to provide information regarding any fees you might need to cover.

Additionally, you will need an identification number provided by the Internal Revenue Service (IRS). If you have a sole proprietorship without employees, it is not technically necessary. However, it is recommended you get an EIN anyway so that when you hire employees, you will be good to go.

Additional Resources

Unsure if your new business needs an EIN? There is a checklist online through the website of IRS, and this will help clarify. Registration is free.

Registering with the IRS

Don’t forget you also must file forms, federal and/or state, for tax liabilities. The forms are unique to what structure you have chosen and can be found online as well.

Also, make sure your business is properly registered with the IRS and all state agencies. Make sure you have completed all your checklists and signed all the proper forms. This way, you will not run into problems later that could have been avoided. You might Check in with federal and state officials—and maybe take a visit to city hall, in-person or online, to further get your company started on the right foot.

Step 13. Insure Your New Business

One of the key elements to this process of starting your own company is making sure the entity is insured. Out of all the factors that we are discussing here, this is one of the most essential, and though insurance will no doubt cost your business money, it is worth it.

One of the most important questions small businesses have is why do I need insurance, especially since my business is just getting off the ground?

Possible Reasons for Insurance

theft from customers
theft from employees
property damage to your offices or other areas
lawsuits from displeased customers or others
financial issues with banks, creditors, or otherwise

Hopefully, this brief list will help you to prioritize the safety of your company. You are putting everything you can into the health and success of this business, so insuring it is the best way to make sure that your employees, assets, and profits are covered.

Types of insurance

If you have employees, you know that they are important to you; some even say that their workers are the lifeblood of your business. Whether they are at the ‘front of the house or behind the scenes, you will absolutely be required to provide insurance for them in the form of:

workers’ compensation
unemployment insurance

GL insurance

Known as general liability insurance, this covers:

personal injury (from the third party to yourself)
damage to property
other injuries

PL insurance

Known as professional liability, this covers your business if you:

make a mistake
act neglectfully
overlook an important policy

Insurance is a necessity. It serves to protect yourself and your small company from any adversity along the way. Ideally, your business starts and ends on a smooth road, but we all hit some potholes along the way. Be prepared.

Step 14. Hire Employees

Regardless of whether you are a sports fan or not, you are no doubt aware that the best teams, not individuals, win the most. Running a small business of any size is inherently a ‘team game.’ As you start your company, you want to put together a combination of the best people for the job.

Obviously, different companies of different structures require different numbers of employees. You may have a small staff, or you might have several small teams that come together to form your business.

How to Hire Employees

Do not rush through the process. Make sure that your prospective employees are aware of exactly what you expect from them.
Have a vision: If you share your goals and aspirations for the company with your employees, you have the chance to create a shared vision.
Common goals: If everyone is working together on the same goal, your business will stay focused.
Define roles: Not everyone can do everything—and this applies to the CEO, too. Tell your team exactly what is expected of them and how that plays a role in the entire system.
Know your team: While maintaining authority, it is never a bad thing to get to know the people who have chosen to spend their time working with you. And remember it is “with” you, not “for” you.

When you’re ready to hire employees, you can get free job description templates on our website.

Step 15. Hire the Right Vendors

Vendors of all shapes and sizes exist to help your business meet deadlines, make sales, and grow. Some vendors are known as third-party, and they are found in every possible industry.

Have you heard of “B2B” partners? This is simply when two or more companies come together to collaborate. One of the goals for your small business is to construct relationships with other companies that add value to each venture. While this can occur in various ways, from building new products to increasing marketing awareness, the point here is that the right partnerships can transform your business from a small company that is just finding its niche to a comprehensive, powerful structure.

Finding Vendors

Research available choices
Talk to people: why did other companies make the choices that they did?
Conduct more research: who are the leading businesses in your sector or genre?
Look inward: what does your company have to offer these other companies?
Trust: you will be forming a union with these businesses, so honesty, security, and good old-fashioned trust is paramount

You’ve probably been in business long enough to know that you will perpetually have competitors. However, at this step, take a second and consider which of your new competitors might be better served as a partner instead! Great partnerships can help both parties involved.

Partnerships with Vendors

Partnerships with vendors require some logistics, too. They:

Offer numerous payment options, this will provide more freedom in sales, therefore more customers
Identify the best credit card company to help with processing (there are various providers, such as Square, Stripe, and Shopify, to name a few).

Just as there are processing companies for Visa and Mastercard, there is valuable accounting software out there these days. It might be worth the investment.

Step 16. Brand your Small Business

the brands that you know well, from Nike to Nabisco, to Kleenex to Apple. What these companies accomplished right off the bat is not just about selling. It is about creating a trademark that means something profound, inspires confidence, and causes customer excitement.

But how can you create this sense of anticipation?

Return to the Name

You are starting your own company, and perhaps you and your team are still searching for the perfect name. That’s perfectly alright—good labels take time to come up with, especially because you are not only trying to catch the eyes and ears of your would-be consumers but also create your own brand. However, as you begin to get all the pieces in place, remember how important your company name is and what it can stand for.

An Online Presence

One of the top ways to get a jump on the competition, and breakthrough to your audience and clientele, is to have a high-quality, dynamic website in place before you open. Notice that we said “before.” Many businesses begin their web presence with what is known as a “soft opening” and gauge how many visits they collect.

However, the traditionalists suggest that it is completely fine to start up your site on the day your business opens. Whatever you decide, these days, even the smallest of companies need a great website. Think about it: when you need a new product/service, where do you turn first? Chances are, you click on Google, Bing, or another search engine to find exactly what you need.

Create a Website

Your website should:

Have a contact page; this way, clients and customers can get in touch with you
Feature a homepage that is recognizable and simple
Provide a succinct impression and breakdown of what your business does and why it is different
Toe the line between flashy and straightforward. Pictures of you and your team, the brick-and-mortar stores, as well as client testimonies can all work well
Be easy to use and free of glitches and bugs

If website design seems complex or overwhelming, why not hire a web designer? This aspect really is that important. Otherwise, if you’re game, services such as WordPress and Squarespace offer competitive rates alongside easy-to-use tools. Give it a shot!

If you want to ask legal questions about brands or any of these topics, let us know. Who knows, your brand may become the next icon.

Harness the Power of Social Media

Social media is known to many as both an “angel and a curse,” but it is indispensable for new businesses these days. If you are not comfortable with the use of social media or not sure how to maintain a presence there—find someone who is.

Often these days, we find out about new products and businesses directly and indirectly through social platforms such as Twitter or Instagram. Unsure of whether to use, for example, Instagram or Facebook? This will depend on the demographic of your target audience.

Try starting off with a giveaway, a bonus, or a contest to raise awareness. Share often, and make friends with like-minded businesses who may even want to work together at some point. Also, there is now an entire class of “social media experts” who you may want to interview. Together, you might even be able to make your brand a household name!

Use CRM

This abbreviation stands for customer relations management. CRM is specifically technology that is used to manage and oversee these important relations. These days there are outstanding programs out there that allow you to store and record customer data and create email campaigns that will increase business right out of the gate.

Also, If you hire someone to help design your website, they very well might be able to also help with CMR.

Create a Logo

What is Nike’s logo? How about Amazon’s logo? Exactly: you know immediately.

An interesting yet simple design can help you to secure a “leg up” on the competition if you are out of ideas, or not much of an artist or graphic designer, no problem. Perhaps there is someone on your team who possesses these talents, or you could hire out.

Your Logo

Should be easy to place with your brand and therefore easy to identify
A logo needs to be consistent, above all else: from website to flyers to social media to T-shirts.
Simplicity is key. You do not need to cram all of your information into a logo. When in doubt, simplify.

Marketing Plan

Everything reflected in this section can be streamlined into your marketing plan. In many ways, an integral part of your business plan, a complete and well-thought-out marketing plan is another fundamental aspect of starting any company.

Customer Security

Just as our ways of communication have changed over the last few decades, so has the security of your customers. There are forms you will need to provide to your customers (called ‘consent forms’) that will then allow them to opt-in to your email and social media communications. If they choose not to opt-in, you’ll need to respect that legal right and refrain from contacting them.

The use of these forms is required by law. Make a note of this now, so you do not forget!

Do not be afraid to ask your customers about this. They will probably be happy with the level of trust and respect that you are showing them. Hopefully, they remember that and decide to “buy in” to your business for good!

Step 17. Continue to Grow

Opportunities for growth are everywhere. They can be found in the opinion of a customer, a casual idea thrown out by a team member or even a dream in the middle of the night. Now that you have launched your new company, it is not the time to rest on your laurels.

Instead, it is time to continue to research, debate, and seek out new answers. Let the sky be the limit! Many successful businesses began with one person’s vision, and usually, that person kept working and was never satisfied. We do not mean that you shouldn’t take time to celebrate the small victories and congratulate yourself and your team on the hurdles you make it over—you should. But you should also keep one eye firmly on the future.

Looking Forward

Stay on the lookout for other businesses to link up with
Communicate with like-minded companies and even barter with them
Recognize the importance of charities and volunteering for its intrinsic goodness, and also to publicize your brand
Stay hungry for ways to increase sales and new locations, online and in the physical world
Stay focused on the tasks at hand while keeping a sense of the big picture and what you want to accomplish
Have a five-year plan as well as one that spans 8-10 years

Good Luck, Work Hard and Enjoy the Process

Of course, your timeline is subjective, but do not forget to enjoy this time. You’ve worked hard already, and you will continue to do so. You’ll ideally make profits and grow your business. Yet, remember to enjoy the changes you are creating in the world. Make sure to acknowledge your team for the effort they give you every day, and remember to value the relationships you find along the way.

If you have legal questions pertaining to any of these ideas, our California business lawyers and corporate attorneys at Nakase Wade are ready and excited to discuss your new small business. Contact us today for a free consultation.

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What Is Arbitration and How Does It Resolve Disputes?

Arbitration resolves disputes by allowing a neutral third party to make binding decisions, offering privacy and efficiency over traditional litigation. Businesses and individuals prefer arbitration for its speed, cost savings, and adaptability, ensuring enforceable outcomes across various legal frameworks.

What Is a Corporation, and How Does It Differ From an LLC?

A corporation is a separate legal entity owned by shareholders, while an LLC offers flexible management and pass-through taxation. Corporations require stricter compliance and structured oversight, whereas LLCs provide fewer formalities and adaptable ownership structures.

How Do You Incorporate a Business, and What Are the Benefits?

Incorporating a business creates a separate legal entity, protecting personal assets and offering potential tax advantages. This process enhances credibility, simplifies ownership transfer, and provides growth opportunities while requiring compliance with specific regulations.

How Do You Get an LLC, and What Are the Benefits of Forming One?

An LLC provides liability protection, tax flexibility, and management freedom for business owners. Follow seven simple steps to establish one efficiently.

How Do You Start a Business, and What Are the Legal Requirements?

Starting a business in California requires careful planning, legal compliance, and financial preparation. From selecting a business structure to obtaining permits, tax registration, and funding, each step is crucial for long-term success.

How Do Accrual Accounting and Cash Accounting Differ in Financial Management?

Accrual accounting records transactions when they are earned, while cash accounting records them when money changes hands. Choosing the right method impacts taxes, financial planning, and cash flow management for businesses.

Do I Need a Permit to Operate a Vending Machine?

A vending machine business requires permits, including a business license, EIN, and compliance with state and federal regulations. Proper location approval, ADA compliance, and product labeling are essential for legal operation and profitability.

Are There Grants Available to Start a Business?

Government and private grants provide funding to help entrepreneurs start businesses, with eligibility varying by industry, location, and business type. Opportunities include federal programs, state initiatives, and private grants supporting startups, research, and minority-owned businesses.

What Is a Stock Corporation in California – General Requirements?

A stock corporation in California raises capital by selling shares, granting investors ownership and voting rights while maintaining limited liability. These corporations, classified as C or S, follow specific legal steps, including filing Articles of Incorporation and drafting corporate bylaws.

Is a Contract Valid Only if It Is in Written Form?

A contract can be legally binding whether written or verbal, but some agreements, such as real estate deals, require written documentation. A valid contract must include clear terms, mutual agreement, legal capacity, consideration, and intent to create enforceable obligations.

What Is a Cash Receipt and Why It Matters for Business Transactions

A cash receipt records the exchange of cash during a transaction, detailing the amount, parties involved, and purchase specifics. Maintaining accurate cash receipts supports tax reporting, financial management, and dispute resolution while ensuring compliance with audits.

How to Start A Business

Step 1. Prepare for Bumps in the Road While Making A Business Successful

Questions to Consider

Step 2. Focus on Ideas for Building A Business

Step 3. Find Your Business Niche

Step 4. Consider Franchising

Step 5. Name your Company

Tips on Naming your Business

Step 6. Envision your Customer Base

Step 7. Type Up A Business Plan

Business Plan Methods

Why Market Research?

Including an Exit in Your Plan

Step 8. Appraise your Finances

Startup Costs

The Formula

Additional Factors to Consider

Step 9. Fund your Business

Business loans

Grants

Investors

Crowdfunding

Step 10. Choose a Bank For Your Startup Business

Banking Considerations

Breaking Even

Step 11. Choose a Business Structure

Sole Proprietorship

Partnership

Corporation

LLC

Step 12. Register your Business

Corporation

What is included in these articles?

LLC

Without a Certificate of Incorporation

DBA Certificates

Additional Resources

Registering with the IRS

Step 13. Insure Your New Business

Possible Reasons for Insurance

Types of insurance

GL insurance

PL insurance

Step 14. Hire Employees

How to Hire Employees

Step 15. Hire the Right Vendors

Finding Vendors

Partnerships with Vendors

Step 16. Brand your Small Business

Return to the Name

An Online Presence

Create a Website

Harness the Power of Social Media

Use CRM

Create a Logo

Your Logo

Marketing Plan

Customer Security

Step 17. Continue to Grow

Looking Forward

Good Luck, Work Hard and Enjoy the Process

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