Define and refine your business plan.
This seems obviousl and self-explanatory on the surface. Of course you have a business plan. You're doing all this because you have a strong, viable idea for a product or service. But you'll need other people to hop aboard. They can not see your vision as clearly as you can. It's time to put your thoughts, goals, dreams and plans on paper.
Try to keep the idealism out of your business plan. The people with whom you'll meet this week need to see concise details. They want numbers, trajectories and validated data. After you've written your business plan, give it to a few people whom you trust. Listen to their ideas and suggestions, and then pare down and refine your mission statement.
You also can put together a presentation to convey your vision. You do not want to show it to everyone you need to speak with, but an eye-catching, relevant and entertaining pitch will pique the interest of potential backers and investors. Include numbers and statistics from your business plan, but show something of yourself as well.
Decide where you'll set up headquarters.
Do you want a store? Is your company operational entirely online? It mainly depends on what you're selling. Some businesses are better as brick-and-mortar establishments. Others fare better online. If your wares lend themselves to the notion, you might launch a hybrid company with a physical location and a web store.
Understand that different places come with different requirements. Before you open a physical store, you'll need to research neighborhoods and look into zoning laws and the permitting process. Your online storefront will require a registered domain to conduct ecommerce. It's not as simple as renting an empty building or creating a website.
Explore the legalities.
It's vital to discover the best legal structure for your new business. In fact, do this before you ever register your endeavor with any local or state agencies. What kind of business is it? Its structure will determine how you'll file taxes on your startup. It also affects your degree of personal liability, should anything (or anyone) go wrong.
If you're going it on your own, you're eligible to create a sole proprietorship. If more than one person will be liable, you'll need to register as some form of partnership. However, you might want to separate yourself from your business so you're not personally responsible for debts, legal obligations and other issues. In that case, you'll need to form a corporation. Small businesses, for example, usually register as Limited Liability Corporations (LLCs). It's wise to meet with a professional tax adviser before you make your decision.
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