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When you’re in the planning stages of a new business or startup, sometimes the process can be overwhelming. But don’t get discouraged! Many new entrepreneurs have felt this way and still managed to succeed.
You should start off by getting your ducks in a row, or in other words, getting everything in order before your company opens its doors.
Here are some basic pointers for setting up shop and sorting out the legal side of things. This lesson also includes an easy-to-use planning tool called a “SWOT Analysis” to help your company plan its future goals.
When you start physically setting up your business, try to keep everything separate from your personal life. Not only will your company appear more professional, but it will also make life simpler, too—especially when tax season rolls around! Here are two ways to start:
While a business might start out as something informal, making it “official” will help you to maximize profit and minimize risk. A lawyer or an accountant can assist you with this process. Here are two key steps:
To make sure your business is headed in the right direction, you need to come up with a plan. It’s important to reflect on the internal workings of your company—like which resources you have and those you need—as well as the external environment, or the market your business is entering.
A SWOT Analysis can help in assessing your business from these two angles. The aim is to think about your company’s future goals. SWOT stands for strengths, weaknesses, opportunities, and threats.
This exercise doesn’t have to be complicated! Divide a piece of paper into four rectangles, labeling each section with one of the four key words. What do they mean?
As you jot down items in your SWOT Analysis, be honest with yourself. Every business has its strengths and weaknesses! And the more aware you are of what’s going on around you, the more likely it is that your company will thrive.
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