businesses have viable substitutes if they don't choose your product? Does your product really solve a pesky problem? Is the demand going to be great enough in the future, not just for a year or two? Once you're completely convinced you have the virtual better mousetrap, then you can proceed.
With the dozens of business-plan-in-a-box resources available online, there is no longer an excuse not to write (not think, write) a business plan before you launch your business. Why write a plan even if you are the only person who works in the business? Because it forces you to answer critical questions that you must not ignore if you want to have a strong chance of success. It doesn't have to be long. Make it a single page if you don't have the patience to do more. But it should answer these questions:
What is the purpose of the business? Who are my customers? What problem does my product/ service solve?
Who is my competition and why is my product/service's advantage?
How will I price, position, market and support my product?
What are my financial projections for the business for the next 3-5 years?
According to small business CPA Michael Hanley, "The foundation for tax planning begins even before your first day of business operations. Of all the decisions a business owner will make, very few will have as great an impact as entity selection. Deciding whether to become a
Sole Proprietorship, a Partnership, a traditional Corporation, an S-Corporation, or a Limited Liability Company (LLC) will have a long-lasting effect on the future tax implications of your business. You can learn about the benefits and tradeoffs of each plan in a number of places and there are excellent, brief books on the subject, too.
While your team consists mainly of employees, think more broadly. You will need trusted advisors including an attorney, a tax accountant, an insurance advisor/agent. You may want to consider hiring a Virtual Assistant who's experienced in start-ups to handle the administrative tasks that come with launching a business.
Along with starting a business come a variety of paperwork requirements that can't be overlooked, including:
Filing for applicable licenses and registrations from your state's government.
If proprietary intellectual property is an important asset to your business, you need to protect it immediately. Even though filing for trademarks and patents is expensive, it's far more costly to battle someone over rights down the line. Also make sure you acquire Internet domain names that may be important to your business (.com, .net and .org at the very least, and consider .biz and others, too).
If you form a minority or women- owned business, you may qualify for special government programs that can provide start-up capital.
Purchase appropriate business insurance before you begin operations.
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