Startup Business: Convert your idea into something tangible
So You Want To Start a Business: Tips for Creating a Startup
If you already have a business idea or plan, it is quite hard to take the idea and convert it into something tangible.
I will show you some of the most important things to consider here.
Here are some general pointers:
• Do not create something you are not passionate about, as you will probably fail to carry through
• Think about this as a project or venture rather than a business
• Simplify the idea, then expand over time
• Spend a lot of time planning the marketing scheme – use as little money as possible
• Outsource things that don’t need to be done in-house
Since your company will be a legal entity, the form of this entity must be considered.
• Consider the legal advantages/disadvantages of each legal structure
• Choose between being an LLC, “C” Corp, or “S” Corp
• Decided where to incorporate based on tax laws, etc.
Any company will need a team which works hard to keep it going.
When making a team, consider the following:
• Think hard about whether or not you need a co-founder – it’s not at all necessary
• Consider the company’s culture
• Designate a CEO, but don’t hire one
You absolutely must brainstorm a clear path to profitability. If you don’t becoming bankrupt is a much bigger possibility.
• Start with 1 income stream
• Back up any financial models with real-life information
• Figure out how many customers you will need to be profitable.
Make sure to secure your intellectual property:
• Get an IRS corporate tax number to apply for a patent
• Make sure you are capable to produce your patent
• If you’re invention is unique, consider a provisional patent
• Consider trademarking your logo, slogan, etc.
Christos Pittis
Premium Educator, Entrepreneur, Business & Tech
http://www.christospittis.com/
StartUp Business: Convert your Idea into Something Tangible
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