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Have you dreamed of starting your own business? Many people do, and those who are proactive have discovered that forming a company is now easier than ever before. All you need is a good idea and an understanding of how to get started. Here’s a guide on how to turn your startup dream into a reality in 2018.
Choose Your Business Model
The first step is the idea. When starting a business, you want to work in a field that has ample opportunities. An industry with lots of existing customers gives you a better chance of earning money quickly. Think about everyday items that people use.
For example, everyone eats and drinks every day. Similarly, outside of nudist colonies, everyone wears clothing. Selling something that’s related to food, beverages, or clothing guarantees that virtually everyone is a potential customer. From there, you can tweak your product to distinguish it from competitors. And finding an edge is easier than you think.
You can even follow the lead of Kara Goldin, who translated her love of diet soda into a new, healthier lifestyle and a profitable business. Find an untapped niche for your company, and you can succeed as she did.
In the age of the internet, incorporating online is easy. Several sites, such as LegalZoom, offer detailed instructions on the best strategies for doing so. Many of these services charge a flat fee in the range of $150 to $250. Free incorporation sites are available online, although they’re not as detailed. You must decide whether the cost is worth the extra attention to detail.
You may also wonder if you even need to incorporate at first. There are three reasons why you should. By incorporating, you gain better asset protection if your business has issues. You also gain tax benefits that are unavailable to unincorporated companies. Finally, incorporation provides you more control of your brand, thereby preventing someone from stealing your work and ideas.
Without money, you can’t do much with your business idea. You need to pay for resources and materials plus any manufacturing expenses. You have startup costs for a storefront, internet access, and utilities as well. You may also need to travel to meet with prospective clients and suppliers. You must pay for several of these expenses before earning any income, which is problematic.
You should consider alternative financing to meet these needs. Many lenders offer loans to high-risk businesses. These resources are available to new companies, and the acceptance rate on the loans is 95 percent. You’ll have a strong chance of getting the money you need to survive during those first few months of your business when money is so tight. The turnaround time on such loans is generally 24 hours, meaning that you could get a head-start on your new 2018 startup as soon as tomorrow!
Your dream of owning your own business is closer to reality than you may know. Follow these tips to get started on a new and better tomorrow.