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Starting a business is one of the most rewarding and exciting things you can do – as well as one of the most terrifying. It’s not easy to get a fledgling company off the ground. But you can succeed, especially if you pay close attention to the things you’ll need in order to get started. Here are a few things to consider in the very earliest stages of founding your business.
A great idea
First things first: for your business to succeed, it needs to be based on a great idea.
That can mean something original or brilliant, though it doesn’t have to. You can invent a new widget or just open a new bakery. The important thing is that your idea needs to deliver something people want, and to do so in a place where those potential customers are.
So research your idea. Find your potential customers and go to them – don’t expect them to come to you! You don’t get to succeed in business just because you’re passionate about something. You succeed because other people get passionate about that same thing. So be critical and be careful, and make sure that your idea is truly great before you risk everything.
A worthy resume
When you start your business, you’ll be its main asset – its first employee, its brain trust, and the person that is most important to its success or failure. Do you have the resume for that?
Of course, businesses are started by all sorts of people, from folks who didn’t finish high school to people with Master’s degrees in organisational leadership. But different types of businesses require different types of resumes. If you have to convince investors to give you millions to get your tech startup off the ground, it pays to have an MBA and an engineering degree!
Starting a new company isn’t just a business event. It’s also a legal event. Your new business has to exist legally – after all, it’s going to pay taxes and hire people and do all sorts of other business-type things, right?
A good attorney will help you set up your business in way that minimizes your risks and tax burdens while setting you up with an organizational structure that will help your company grow without getting messy. Choose a lawyer that specializes in your type of business – marijuana business lawyers are different from the ones who will help you set up a financial services company!
When you’re starting a business, you’re thinking about growth. But, of course, growth isn’t the same as making something from nothing. You need to start with something – and that something is money.
How much money you’ll need (and what sorts of techniques you’ll have to use to get it) will vary based on the nature of your company and your own financial circumstances. You may be able to get started in your basement, or you may have to seek out investors.