Starting Up A Business With The Right Structure

When starting up a business, you should keep in mind an LLC

, Limited Liability Company. An LLC combines the benefits of a private partnership as well as a corporate entity.

It is simple to form, easy to run, it has tax advantages, personal liability protection, and instant credibility. An LLC allows a person to separate their personal assets from the assets of the business allowing for a greater peace of mind.

One thing to keep in mind is do not expect your business to boom. It may, it may not, but for the beginnings of your business, it is a good idea to have another steady source of income to fall back on, be it stock in another company or residual income from intellectual rights. Your survival depends on your ability to manage your money and keep your head above water.

Make a marketing plan. Your best marketing plan will always be word of mouth advertising. Getting people to talk about your business is the best way to make it grow. The best part of word of mouth advertising is it is free.

You should also consider other forms of advertising to get your foot in the door of the market so to speak. If you are not already on the web with your business, the internet is probably your greatest asset in marketing.

Stay diligent with your infrastructure. Keeping accurate records will save a lot of headache in the future of your business. Knowing exactly when it is time to contact customers or make calls for new products to be shipped is essential to a business.

This diligence will also pay off in the future if you try to sell your business, having accurate customer records will allow you to sell your business for much more than it will without.

Health insurance, car insurance, homeowner's insurance are all basic needs in the early days of starting a new business. Since your home becomes your office there are deductions that you can take from your taxes that can help you in the long run.

There are many great trade organizations available online that will allow you access to methods and information about upcoming products that you could possibly use to build your business.

Getting into contact with the other business owners will make your life easier as when you run into problems, they might have already experienced them and can offer you advice on how to deal with the problems. Having multiple sources of information is a great way to become more versatile and adaptable.

In your business plan including a detailed explanation of your financing. Determine where you will get your initial financial backing, consider bank loans, credit cards, grants or self financing. Also keep in mind your salary and the salaries of those working under you.

Also when considering financing, consider how your customers will be paying. If you are a non-digital business, decide whether you want to stick with cash only or if you want to include credit card payments as well.

by: Dan Cavalli

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