First and foremost, find a profitable idea that will become your business.
PROCESS OF SETTING UP A BUSINESS
- Solve a problem, fill a need or want or meet a desire.
- Create a business plan. This is not as intimidating as you think. Your business plan just needs to accomplish a few things and one sheet of paper front and back in most cases is all you need.
- Prove to yourself or investors that the idea you have is profitable. (Through market research, etc. THIS IS CRITICAL!)
- Determine how much it will cost to launch the business and then to sustain its operation.
- Decide who you need to operate this business.
- Discover what you will need. (Business license, office, store front, signage, etc.) This should be a MASSIVE LIST.
- SET UP A CORPORATION BEFORE DAY 1, quickly followed by a bank account which will require an Employer Identification Number (EIN) from the IRS. SOUNDS COMPLICATED, BUT IT’S VERY SIMPLE. You can do it online.
