STOP! Do this BEFORE You Start Your Business

Here are the ABC's of launching your company

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things to do before you start your company

What to Start Your Own Business?

First, do your Homework.

Enthusiastic entrepreneurs are often so excited to launch their new venture they forget some of the important preliminary work that will up their odds of success.

The ABC’s of An Entrepreneur’s Homework

A- Assess Your Competition

Accept the fact that you will have fierce competition and that it is good. Come to appreciate your competitors since they will help you grow to be a stronger business. No company worth owning is in a non-competitive field.

Study Competitors In Your Industry and Develop a Competitive Edge

• What are their strengths?
• How can you capitalize on their weaknesses
• What customer groups are they ignoring that you can sell to?
• Are there variations of their products or services you can develop that will be more attractive to buyers

B – Business Structure Entity Decision

What type of organization, for legal and tax purposes, will you set up for your new venture? Should you operate as a sole proprietorship DBA Doing Business as, corporation or LLC Limited Liability Company. Ask yourself the following questions and hire a professional attorney and accountant tax adviser to assist you in this crucial first step.

Determination of the Right Business Structure for your Startup

C- Cash Flow and Contingency

These cash flow essentials will keep your new business continuing to run during economic cycles. No business can keep its doors open without cash, especially fast growing startups. Inadequate cash is amongst the top reasons businesses fail. Save your company the same fate by pre-planning for adequate flow.

Cash Flow Musts for New Small Business

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