Starting a Business – Business Creation Essentials

Business creation can be a rewarding experience for those with the passion, motivation and commitment to succeed. However, it is not without risk and challenges.

Starting a business requires a lot of planning and preparation. It is not easy to go from a great idea to running your own business, and it can be overwhelming at times.

Inspiration, passion and a cash-flow plan are startup essentials.

Start with a business idea that fits your lifestyle, has a clear market demand and is a good fit for you as an entrepreneur.

Determine your business model, identify and develop products or services, and set prices. Then, research the marketplace to determine trends and key competitors.

Establish key vendors, partners and contractors. Once you have a solid business model, choose your legal structure and obtain an Employer Identification Number (EIN).

Get workers’ compensation insurance. This is necessary in most states and will cover your employees if they are injured or become ill due to work exposures.

Ensure you have an adequate business bank account to keep your personal and business finances separate. This will make your bookkeeping and tax preparation easier.

Build a product or service that is distinctive and appealing to your customers, while keeping costs low. This will enable you to create a sustainable business that grows and evolves as your market demands change.

Many successful entrepreneurs started their businesses from a garage or basement and found success through word-of-mouth advertising, word-of-mouth referrals, or a unique product or service that no one else has offered. Others, such as Disney, Zuckerberg, Bezos and Gates, grew their businesses from small ideas into giant enterprises.