5 Things You Need to Know Before Starting a Business

Starting a business takes many steps, and it certainly does not happen overnight. As an entrepreneur, you must be prepared to devote most of your time to the process.

Own your name

  • Make sure the name of the selected company matches a trademark and an Internet domain name. To see if a trademark is available, you can do a trademark search online at the US Patent and Trademark Office website. If you do not receive trademark rights, your start-up business may be at risk, and the time and money you’ve invested in setting up your company name could be wasted if someone else did so. Other was the owner of the brand. Do not assume that the name of your new company is not a trademark because you could not find that name on the Internet. Someone could have used the name of a company that closed or deposited a trademark and never used it.

Enter the law

  • Understand what regulations, licenses and taxes you must follow, receive and pay for your new business. After making some research yourself, consult a lawyer and an accountant to confirm your understanding and to structure your business to comply with the law. In general, you will: (i) ensure that you may charge the tax amount for your service or the product that your business promotes, and (ii) receive at least any necessary licenses to operate your new business. Starting a successful business is difficult enough. The last thing you need is a technical legality or administrative details that hinder your success.

How much do you have to live?

  • Think of the most important factor when working on your business plan: You have to consider your cost of living. Rent, mortgages and health insurance – these are all things that do not pay off. You probably need to cut out all the unnecessary extras without which you can live. Be sure to consider unforeseen or unexpected expenses by adding some flexibility to your budget for “just in case” moments. You might even consider taking a part-time job until things get better with your new business and talking to a financial planner so you can plan your budget properly.

Where are you in your life?

  • Starting a new business requires understanding, courage and endless hours of hard work. If you have your own business, there is always something to do. You will probably have to work at least 60 to 80 hours a week for the first two years. Having said that, I will ask you a very important question: Are you ready to give up your personal life for the next three years?

Do not give out too much or too little

  • Starting a business can mean an incredible amount of money for you and your family. You have to learn where and when you spend. It is important not to waste these precious dollars, but it is equally important to spend them as needed. In every business you often have to spend money to earn money. Do not economize on the things your business needs. For example, adding $ 1,500 to a list of online suppliers may be useful, but it may not be necessary to give each new customer a $15 trophy. Make sure you are always up to date with the latest technology. There are many programs and applications (including free or low cost) that you can use to track all of this and as we all know, “time is money”.