Global Resources has the expertise to help entrepreneurs launch small businesses. Starting a business is a huge commitment that can reap many long-term rewards. If you’re looking to become a business owner, we can help put you on the path to success.
If you’re contemplating a business idea, here are tips for you:
- Perform a self-inventory -Before investing any time or resources, evaluate yourself and see if you have some the typical traits of an entrepreneur. Are you motivated, able to adapt and confident? Are you resilient?
- Create an idea- Develop a business concept that you’re passionate about related to something that you have experience with. From there, come up with a product or service that you believe can enhance the people’s lives.
- Test the probability- Once you’ve settled on an idea, figure out how you can make it become a reality. Is the product or service something that people want or need? Can you make a profit selling it? Does the product work?
- Write a business plan- A solid business plan will guide you going forward. It’s also needed for presenting your idea to potential investors. Your business plan should include a mission statement, a company summary, an executive summary, a service or product offerings, a description of a target market, financial projections and the cost of the operation.
- Identify your market – Assess the market, targeting the customers most likely to make a purchase. Perform a competitive assessment.
- Determine the costs – Find out the standard cost factors within this industry. Not only will this help you manage your business more effectively, investors will want to know this.
- Establish a budget – Figure out how much it will take to develop your product or service and create a marketing plan.
- Find the right investors – Find an investor who shares your passion, someone you believe you can work with.
- Determine the legal structure – Settle on which form of ownership is best for you: a sole proprietorship, a partnership, a limited liability company, a corporation, an S corporation, a nonprofit or a cooperative.
- Select a business name- Decide on a name that best suits your business. Then check to see if the domain name is available online, as well as if it’s free to use in your county, state and in the country.
- Register your business name- If your proposed business name is available, register it with the county clerk, have it trademarked at the state and federal levels and secure a domain name.
To learn more and / or to schedule your complimentary appointment with the business experts at Global Resources LLC, call us at 855-338-0266.