How To Start A Business

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Everyone has dreamed of owning their own business. The thoughts include not having a boss, setting your own schedule, doing something you love, and unlimited income potential. Most start up businesses start with a dream, but most fail or struggle along because of improper or no formal planning or operational structure. So, think about items below to become a successful business owner.

First you have to evaluate your own potential and your business potential. You need to take step-by-step approach, for example, what kind of business, where, full time or part time operation, your product, your competition, your niche, pricing...etc. Then you need a detailed business plan, your mission, your product or service, your cost, budget and forecast, your market, your completion.

Then you have to decide how you are going to communicate with others in your business. You will need a place of business. You may be able to work from home if you don't have to see clients and customers regularly. You may need some or all of these gadgets: phone, pager, fax machine, internet access and email, web site, specific business software, and accounting software.

Finally, you need to decide which form of business is right for you. Are you going to have a partner? Or are you a Sole Proprietorship? Do you need a corporation of Limited Liability Company? Do you need S Corporation? How does all this affect your taxes? Do you need an attorney, accountant, or payroll specialist? Do you need to get a license and permit?

Most people start as a Sole Proprietorship but you should form a Limited liability Company to have the personal liability. This is the most popular form of business entity. There are about 5,000 new LLCs created each month in Georgia. Here are the benefits in a nut shell:

1. Provides limited liability and personal protection.

2. It will not be taxed at corporate level when you choose S Corporation status.

3. It is very affordable and has minimum maintenance requirements; it may cost less than $200.

4. You can have the image of a big operation and steady company by having EIN (employee identification number) and separate bank accounts and check books in the name of your company.

For more information and benefits on LLC formation visit LegalCreation.com

 

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