To be honest starting a small business isn’t easy so I understand where the hesitation comes from I mean a lot of people think to themselves whoa I don’t want to go into more debt to start a business plus it’s very risky 8 out of 10 small businesses fail right well here’s the thing how to start a business in 2020 is easier than it’s ever been before you see back in the day you would have to go out and get a loan so you can get retail space.
- The office space just to set up your foundation so you needed thousands and thousands of dollars. Just to get started and you need to hope and pray that someone buys your products and your services well today you can start your business without nearly as much capital and as the co-founder of two companies and someone who’s helped a lot of people get started. I’m excited to
- Share with you exactly what we learned about how to start a business in 2020. I’m Sean with life accounting the accounting company that saves you from bad financial decisions and low profitability now there are so many things to think about when you’re starting a business.
- So today we’re going to make it super easy for you and break down what you need to think about step by step but before I dive in make sure you like this video and you subscribe to learn more about business and financial growth also you don’t have to follow this exact order but if you do then it’ll make it much easier when you connect all the dots all right let’s go ahead.
- it with step number one builds your business plan now this step is so obvious so plain so apparent. So, Sean we get it I mean a business plan is like an idea right well as someone who has personally rushed through this stuff I can tell you that it is a mistake to not fully think about your business plan now sure you won’t have it all figured out on day one, but you should definitely ask yourself some of these questions what problem does your Starting your business
- Who are the people who have this problem you want to define your audience how big is it what are the goals what are their challenges and think about your competitors what are their solutions and how are they solving the problem what makes you different and also how can you sustain this difference if you need to replace yourself and also will you need a team will you need a partner.
- What will be your initial cost these are just some of the key questions that you need to ask yourself before you even decide to start a business think of it like this you might decide you want to start a boutique burger restaurant you may get so excited that you find your location you put together your digital menu you hire some staff and you get ready for business only to find out later that there are eight other burger restaurants with bigger menus more quality and lower cost and because you skip the business plan step you’re on a fast track to business failure before you even get started so plan and when you’re done planning plan some more let’s move on to step number two choose your business entity ladies and gentlemen boys and girls it’s time for entity wars. Let’s get ready to choose now there are five types of entities that you can look at when you’re ready.