HOW TO START A COMPANY IN THE US

Times have changed. After the dot com rush of the 90’s and the following crash, starting your own business became a risk most people weren’t willing to take. However, times have changed, and the flare and safety of corporate America is fading. Last few years, the fear around being an entrepreneur is being replaced by excitement. The road to achieving self-employment has a few important steps along the way.

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Road to Self-Success

You cannot skip steps along your way to achieving your business dreams. Let’s break down each step and set you along the right path:

  • Be Absolutely Sure
    • The very first thing you need to do when deciding to be a company owner is making sure that entrepreneurship is what you really want. The road to building success takes determination and commitment. So, make sure this is what you really want to do.
  • Decide What YOU Want
    • Starting and running a business requires some passion. Make sure you choose the job you want to do. Consider all the factors:
      • Whether in Manufacturing or Service Industry?
      • Starting an Independent business or a Franchise?
      • Consumer Based or Business-to-Business businesses?
      • Retail or Online based business?
  • Research! Research! And Research!
    • Trying to rush your startup without doing the proper market research can be fatal. Commit the necessary time to search all aspects of into your idea:
      • Who else is doing it?
      • What is the size of the market?
      • Is your product different or unique compared to the competition?
      • Does your idea fill a need?
      • Will your business stay in demand in the long-term?
  • Form a Business Plan
    • A business plan, even in a company of one is crucial to success. You can get a clearer image of your business by answering some important questions:
      • What purpose does the business serve?
      • Who is your clientele?
      • Who is your competition?
      • What will be my price point?
      • What product does my service/product solve?
      • What are my short- and long-term expectations?

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  • Build the Right Team
    • A great leader is not only the person who can properly lead people, but a person that can pick people properly. From your employees, lawyers, accountants to advisors, building a strong team can make your entire business start and run better.
  • Don’t Skip a Page
    • The most unforgiving step of starting your business is actually setting up your business. For this part, it could be very useful to get your lawyer involved to make sure you don’t make any mistakes on these vital forms. There will be a lot of paperwork, like when:
      • Filing for the proper licenses, permits, and registrations from your state’s government. To fill the correct paperwork, you need to decide on the type of business you aim to setup. There are good and bad things about all of these business structures so make sure you do your due diligence on all types.
        • Sole Proprietorship
        • Partnership
        • Corporation
        • LLC
      • Applying and or accepting investments or lending from:
        • Commercial Banks
        • Friends and Family
        • Venture Capitalist
        • Angel Investors
        • SBA Loans
      • Protecting your proprietary intellectual property. A correctly filed and granted patents and trademarks can be costly, however, it is crucial to protect yourself from someone copying your idea and becoming your competition.
      • Acquiring the correct business insurance to fit your company’s needs.
      • Setting up your business space. Whether it be a physical shop and or location, or an online website or store.

Success is an achievable goal and if you follow the correct path and commit to your idea, business, and dream. Once you have your idea, market research, business plans, teams, funding, permissions, and your website or shop setup, you are ready to launch.

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