Hello business owner, how have you been, so following the tips we provided you in the last post, we hope you have been able to narrow down to decide what business to do, if yes, congratulation!!!! If no, take your time, don’t worry, you would get there. If you would like to discuss your options, feel free to book a 1-hour consultation session with me and I assure you that by the end of that session, you would be fully pumped to start your business.
So today’s post is very important as we would be providing you with six steps that you need to take before you start your business:
Prepare a business plan: like they say, he who fails to plan, plans to fail, so it’s important you write out your business plan and your business plan should include;
- Cost of set up
- Anticipated sources of revenue
- The need your products or services aims to solve
- The anticipated profit margin.
The reality is that you actually do not have to figure it all out before you start, however, it’s important that you know what you are doing, as this would guide your decisions as you go along.
Pick your business location: your business location is one of the most important decisions as it would largely determine the success or failure of your business. To make this decision, you would need to ask yourself this question, “where are my customers?” The moment you can answer this question truthfully, you would be able to choose the best location for your business.
Choose the right business structure for your business: this is very important and I would advice that you consult a business lawyer before you arrive at this decision. Because choosing the wrong structure would eventually cost you both time and money. You need to tell your business what business you would like to perpetuate, discuss your goals for the business, the future of the business, your funding plan for the business in other to arrive at this decision. If you do not know a business lawyer, you can book a 1 hour consultation session with us to discuss your specific situation.
Name your business: It is very important that you name your business and choosing the right name for your business is very important, watch out for our next post as I would be providing steps to take on how to choose the right name for your business
Register your business: Registration of your business helps protect your business name and identity, open a bank account, gives your business its identity
Trademark your name: when it comes to trademark, you should know that you can trademark your name, your logo, color, a device. So, depending on that thing your business owns that you wouldn’t want to be stolen by anyone, it important that you register a trademark before you start your business.
DISCLAIMER: Please note that this article is for general information purposes only. These articles do not and are not intended to constitute legal advice based on any information provided in this article. Please consult with your own legal counsel on your situation and specific legal questions you have. The information provided in this article is not privilege and does not create an attorney-client relationship with STARR ATTORNEYS or any of the firm’s attorneys, nor does the transmission of comment or an email create an attorney-client relationship.
