A lot. Simply put, if you are not in it to win it, don't waste your money. Starting a business requires a clear-cut plan about what you want the business to look like. Practices and procedures can change as your business grows, but you can't approach growth without first knowing what your business should look like.
Here are some tips for starting a business:
- KNOW WHAT YOU NEED. Whether you would like to start a consulting firm or a restaurant, writing down a list of your absolute needs--the necessary items to get your business off the ground--is essential.
- TURN YOUR LIST OF NEEDS INTO A NUMBER. Once you know what you need to start your business you can use the internet to assign an average cost to each of your necessities. This will tell you the bare minimum in capital you'll need to get things going.
- SEARCH FOR FUNDS. Whether you use a grant or borrow money from a bank or family, you will need to know where your funds will come from and the relevant repayment terms. This will help you plan how much your business needs to gross to be profitable.
- CONTACT AN ATTORNEY. Starting a business can be confusing and tedious. Some businesses require licenses. Others must comply with particular legislation. Improperly executed contracts can lead to costly litigation later down the line. Knowing that you are on the right track from the beginning can put your mind at ease and allow you to run your business more peacefully.
DISCLAIMER: THIS BLOG IS NOT INTENDED TO CONVEY LEGAL ADVICE.