Being A BO$$

So, you want to start your own business. As an entrepreneur, I can tell you that it takes a ton of time, commitment, patience, and of course capital.  Here are five things you should do before forming a legal entity.

• Write a business plan.  Sounds like a no-brainer but laying out what, when, where, and how you plan to do it will save you time and heartache in the future.

• Decide on your business name and strategy.  Google is your friend and will let you know if the name has already been claimed. Also research the competition in your space and develop a strategy to differentiate your company.

• How will your business be structured? Sole-proprietor, partnership, LLC, corporation, etc.  This is important as there are advantages and disadvantages to each type.

• Consult with an attorney and accountant early.  Avoid any pitfalls by sharing your business plan/ideas with these professionals.

• Financial Projections…Take a deep breath.  This step is necessary to determine how much capital you need to get started, how much to charge for your product, and if you’re charging enough to make a profit.

Good luck on dipping your toe in the entrepreneur pool!