Article by Chris Davodi of 1 Stop Service Business Resources.
Amongst the million businesses that open up every year, some make it past their first year and churn profits while others fail in not being able to generate a profit. Perhaps it might be things that are out of your control like the state of the market or even the economy, in general.
While there is a possibility that you might not succeed due to these factors, you can probably increase your chances by making a checklist of tasks that you should complete when you open a new business.
Here are some vital tasks that can help you succeed, or help you survive when things get rough:
#1: In determining whether the business will suit your life’s goals or not, you can proceed to create a business and marketing plan while also using the break-even analysis to determine whether or not the business will succeed before jumping headlong.
#2: Finding a legal structure for your business is paramount, and this means understanding which ownership structure will suit your business, and perhaps, a lawyer will be able to help you streamline your efforts.
#3: Get a good name for your business and make sure you have the paperwork in place.
#4: It is important to find an appropriate business location so that it will stand more chances for success in its first year.
#5: Obtaining Insurance, filing for permits and licenses while also setting tax reporting and accounting are also important tasks.