TODAY’S QUESTION: How do you start your business from anywhere?
TODAY’S QUOTE: “We are our choices. Build yourself a great story.” – Jeff Bezos
THINK BIG ANSWER: Start by figuring out what you’re passionate about, so you can launch a business around your passion.
If you don’t know both what you’re good at and what you like to do, take an online personality test (ex. Myers Briggs, etc.).
Once you know your strengths and likes, you can begin to brainstorm business ideas that allow you to leverage your passions.
The next step is to write a business plan for the business you’ve chosen to launch (during the process of writing your business plan, you should validate the viability of your business by testing your product/service out on a focus group of prospective customers to see if they’ll pay what you anticipate charging to purchase what you intend to sell).
When you’ve completed your business plan, you’ll need to do some or all of the following:
1. Choose a name for your business,
2. Register a domain name for your website,
3. Figure out what legal structure you want for the business,
4. File your company articles of incorporation with the state you’re starting the business in,
5. Apply for an employer identification number with the Internal Revenue Service,
6. Establish your corporate bylaws,
7. Apply for any necessary business licenses, bonding, and business permits (these may or may not be required, depending upon the type of business you’re starting),
8. Identify and comply with any required regulatory and environmental regulations (these may or may not be required, depending upon the type of business you’re starting),
9. Rent office space (if needed),
10. Establish utility accounts (if office space is rented),
11. Order business cards,
12. Open a business checking account,
13. Purchase accounting software and set up your accounting system,
14. Acquire a smartphone with any needed small business applications (if office space is rented, you’ll need to acquire both a phone and information technology system),
15. Secure small business insurance coverage,
16. File for trademarks, patents, or copyright protection (if necessary),
17. Notify your professional network of the launch of your business,
18. Create both a company disaster recovery plan, and a business continuity plan,
19. Hire any required professional advisors (a lawyer, accountant, and possibly a consultant), and establish any necessary contractual agreements with your hired lawyer, and
20. Identify what sources of funds are available to your business.
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