What is the first step for a young person who wants to start their own business?

What is the first step for a young person who wants to start their own business? by @R44D

Answer by Raad Ahmed:

Any person, no matter their age, should really put in the effort to create a solid foundation for their business from the very start. If you already have you plan in place and conducted proper research to ensure that you have a place in the market, then you have to start on the organization and planning portion of business. This is an incredibly tedious process, but don’t be tempted to cut corners as it will likely impeded or totally crash your business before it even begins.

So, where do you begin? It’s not really just one step, but rather the first phase.

Planning is everything.

Here is what you need to do:

  • Write a business plan
  • Obtain appropriate training and research to advance your business skills
  • Finance your business
  • Choose a legal structure
  • Register your business
  • Register appropriate taxes
  • Obtain licenses and permits
  • Establish an operations agreement for employees

There’s a lot that goes into business planning and it’s not easily answered by doing just one single thing. Instead, it’s just making sure that your foundation is sound and that you are off to a good start.

This may all seem overwhelming, especially if you aren’t really experienced in business. A startup attorney is an incredible resource that is worth the investment. Not only can they help you with all the proper filings and documentation, but they can serve as ongoing legal counsel for other aspects of business as yours develops.

LawTrades can help. We’ve assisted over 1000 startups that have been exactly where you are. Business can be complicated, but that shouldn’t stop you from following your dreams of starting your own business. We are committed to offering affordable and quality services. Check out our website to learn more.

What is the first step for a young person who wants to start their own business?

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