Starting a new company can be exciting and overwhelming at the same time. Nearly everyone lives with the dream of starting and growing his or her company someday. Well, if you think you think you have the entrepreneurial spirit and are willing to take some calculated risks, then you are ready to go. From the surface, it may seem that having no capital gives you enough reason to be nervous, but that should not stop you from pursuing your dream. Below are useful tips to help you start and grow your company from scratch.
1. Identify a niche you want to focus on and write a comprehensive business plan. Well, this is somehow obvious. You cannot enter into something without knowing how to attract a certain audience or market niche. It is difficult to provide value if you do not know what it is or what value you are adding. This means that you identify a need/ problem, and then come up with a plan to satisfy/resolve that need/problem. This is where you also need a well-crafted business plan with details about how you will begin and operate your company successfully. Be sure to address any challenges you are likely to face, as well as how you are going to tackle them.
2. Identify a suitable location to operate from.
Where will your company be located? Choose a convenient and customer-friendly location, and ensure you comply with any zoning laws in the area.
3. Find funding for the following:
- Legal costs such as incorporation and IP protection. It’s crucial to make sure that you’re business is legally compliant from the start. Engaging with a business attorney from the start will facilitate growth and familiarity between your company and your lawyer.
- Software/ computers/ equipment and machinery, if any
- Employees and contractors or any other expense you feel your company will incur when starting up
- Compliance with both local and state taxes to avoid lawsuits and penalties
4. Understand the basic company operations and how the company will generate revenue. Spell out any employee responsibilities and ensure you comply with authorities (local and state laws) when hiring employees.
5. Join an association that will help you grow and equip with the skills you need to kick-start and grow a startup or small business. The key to success is to know as much information about the nature of your business to minimize your chances of failure. Attend workshops and seminars, join other entrepreneurs with a similar mindset, and always strive for continuous learning and growth.
I hope this helps! If anything legal-related comes up during your launch, feel free to visit. For a while, companies just starting out had no affordable and quality legal options. We’re trying to change that at LT. We rely on technology, rather than fancy law offices in order to reduce costs for startups & entrepreneurs. The lawyers on our site average 10+ years and have worked for companies like Google, Yahoo and MGM Studios. We offer free initial consultations and quick & easy price quotes!