I learned it takes time! You have to do lots of work before the business opens. When you start a business, there are hundreds of things to do. Where do you start? My advice is start with an idea you are passionate about. The energy you need will be fueled by that passion. Take your business idea and then spend time looking at the industry. See who else is doing what you want to do and where. Also take time to look at your target markets. Are you going to have a traditional storefront or will it be virtual. How will you brand your company?
When I went to the Small Business Association with my idea, they shared some key areas to focus on. When you evaluate your idea, take time to go to the library and research, talk to friends and family and use your self knowledge. There are also Small Business Development Centers in most states. What legal entity will you create. Do you have a business plan? How will you get money? All of these questions need to be answered. What resources are you going to need to include facilities, equipment, people or inventory. You also cannot forget about the IRS and setting up necessary accounts for keeping your business separate from your personal accounts.Do not forget about any insurance you need to protect your business.
All of these things can be done by yourself or with the help of others. If your are transitioning military, there are some great resources available to you under the Army Corporate Partners Program and there are programs that will help you prepare your business plan. Get proper legal advice up front and that will save you time and money. If you are serious about it, go for it!
To your Success,
Mark
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