What is the hardest part of starting up your own business?
I want to start a business after college where I could own my own bakery. I am a little nervous because I know this can be very challenging and want to prepare. #start-ups #cakedecorator #businessowner
I would say starting a business could be broken up into 3 categories: Come Up With a Great Idea, Write a Business Plan, and Determining your Business Structure.
Come Up With a Great Idea
You will need to create a business plan so that you can work through important questions and become fully prepared for what is ahead. Be sure to carefully describe who are you selling or marketing to and how you will reach them.
Write a Business Plan
You can't start a business without cash. You may have personal funds you can use. Family and friends may be willing to give you a loan or invest in your business. You may also choose to take out a loan or launch a crowdfunding campaign. The Small Business Association (SBA) offers loans to those starting a small business, as do various other lenders. Starting your own business is going to require substantial amounts of funding, you may need to consider venture capital or angel investors who can provide larger sums.
Determine Your Business Structure
The type of legal entity is an important choice whether you start an online business or a brick and mortar company.
-A sole proprietorship is simple to set up and puts you squarely in control.
-A partnership functions in much the same way, except you and someone else are owners together and equally liable.
-A corporation may be another option to consider, completely separating your own liability from that of the company. Incorporating may provide additional benefits and better access to capital.
Hope this helps!