The entrepreneurial world is a constant rollercoaster of emotions. Sometimes you’re on top with the ultimate feeling of happiness, and the next day you feel like quitting it all. But my friends, that’s life. Wherever you choose to seek growth, whether it is a book, blog, podcast, there will never be a guarantee of success or stability in your new business.
Every day new challenges will arise. The reason for seeking out growth is to better equip yourself with these daily challenges. However, I can guarantee that if you follow the advice and learn from the experiences of other entrepreneurs who have already gone through the struggles you will soon see yourself, you will be so well equipped with knowledge that when you do start your business it will be a little less difficult.
It is impossible to predict and advise on every scenario that could arise as you open and begin to run a successful business, but these questions will always apply in the beginning:
*What is your business idea? Here you can validate what I refer to as a business idea: https://andresamaya.net/businessidea/
* Which type of company are you wanting to create?
*How much will it cost you to open your company?
* future do you see for this company?
Everything does not need to be absolutely perfectly in place before you start your business, but planning the basic steps is obligatory and essential. It is the foundation of your business. Because it is money, time, and effort that you are putting into it, it is important to be efficient with these things, and not waste a single bit. In the United States, there are three common legal structures to open a company:
|LLC Limited Liability Company||Corporation||Sole Proprietorship|
|What it is||In an LLC you can be a Sole Proprietorship or not, that depends on you, but you can separate your personal assets from the business.||In a Corporation there are similarities with the LLC, but it is a requirement to have a board of directors, officers, and shareholders.||In a Sole Proprietorship, you are operating the business by yourself, but if something happens the responsibility directly affects you and your personal assets.|
|How to Open?||Choose your business name.|
Fill in the appropriate forms such as: name. SSN, state, etc
Submit all paperwork to the Secretary of State to register.
|Choose your business name.|
Describe what your industry is.
Select key add-ons like a Registered Agent and other essential services
Submit to the Secretary of State to register.
|The name of your business will be Your Name.|
You need to get a license or permit to operate depending on what you do.
Taxes are for you and your business both at the same time.
|Advantages||If the business endurs any problem, your personal assets will not be affected.||You can have investors and shareholders.||The beginning processes are much quicker.|
These are the three most common options to create a legal business in the United States. As you begin making your decision, make sure you put thought into what you want from your business now and in the future. It can seem like a difficult process, but it’s really not once you get started! Don’t let fear stop you. There are lots of experts available to help you through each step of whichever process you choose.
In 2020 we have certain advantages that, in the past, were not even thought to be possible: global connection in seconds, scope of information readily available, limitless marketing tools, etc. Be strategic with your business and use the necessary information like prices, supply and demand, competition. Do your research, everything is instantly available on your computer. Find a balance of fearlessness and cautiousness as you begin.
You don’t want to wait 10 years evaluating and testing a business idea that never grows, but you also don’t want to open a business with so much competition you can not compete or where you are not giving any value. Ask questions regarding your company: Why is my company different? Why is it special? How can I give more value compared to the other companies?
Let’s say you want to sell your homemade cookies, because anyone who has ever tried them says they are to die for. To start you’ll first want to make 100 fresh cookies and take them to your local market to try and sell to the public.
What feedback did you get? Was it difficult to find buyers? Secondly, you’ll want to study your competition in the Cookie Industry. What prices are they selling similar products at? If your cookies are an instant success, are you prepared to deliver 3,000 units? Is that something you want? Be clear with what you want to come from your business and find reasons why your business is better than the competitors.
No matter what you are trying to sell, I’m sure someone out there is looking for it. It will require time and money, true, but it is not impossible! There is proof of this every day if you know where to look. New companies are constantly being opened. For example, 15 years ago Instagram, Airbnb, Pinterest, etc. did not exist, but now look at them! They took the first step to start the business opening process, and now they are some of the most commonly used apps around the world.
The most valuable piece of advice that I can give you is: you are also a client. When you are out shopping, be thoughtful, what makes you choose to buy from one company rather than another? Implementing this habit constantly will make such a large positive impact for your business.
If you have any questions, please ask me! As entrepreneurs we are always trying to create value. Networking is one of the most valuable assets in our world. If you know this article will benefit anyone, please share it with them. Always remember whatever you give you will receive tenfold. Let’s connect.
Are you giving your 110%?