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/

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