How do I turn my idea into a business?

How do I turn my idea into a business?

How do I turn my idea into a business?

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Deciding to start a business is a big step personally, financially, and professionally. The mechanical process of starting a business includes choosing a legal entity form, e.g., corporation (C or S), LLC, Partnership, and a tax entity (flow-through or self-reporting). How you make those choices depend upon a number of factors that include risk, on-going reporting, tax planning, and liability limitation to name just a few. In my book, Out of the Cubicle and Into Business, I provide over 100 questions that guide you through the decisions and reveal some of what you don’t know, you don’t know.

One of the biggest questions you have to answer beyond the mechanics is “Who is my customer?” And closely related to that is “What problem of need am I addressing for that customer?” Notice I didn’t ask you to answer what product or service are you going to sell. Businesses solve problems, fill needs, and help a customer save money, time, or something else they value. Many products and services can serve the same purpose to solve a particular need/problem. Successful business owners begin with the knowledge that they must match what they do with a market (a group of customer large enough to sustain the business) need.

In the twelve-part article series on starting a business, you will learn about the mechanics and more. Learn about business plans, budgets, and the customer. How you start a business successfully depends upon your choices and who you serve.

Key services:

  • Legal and tax entity choices
  • Setting up the “mechanics” of your business (accounting, etc.)
  • Identifying the customer and the solution
  • Positioning your business for success (planning, strategy, goals…)
  • Funding options and budgets
  • Building the team
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