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How to start your own business - Preparation and Finances

So, You are finally ready to go out on your own and begin your own business. There's a few things you need to plan ahead of time before you dive into your new business.

Be legit: In order to set up your own company, you are going to need to become legit by finding a proper legal structure. It can be Sole Proprietorship, Corporation, or a Partnership. In order to sell goods online, you must obtain a sales tax id. Contact your State Revenue Department so you can start getting the papers ready.

Finances: Consider the financing options you have for your business. You need to figure out how much money you need to start your business. For an example, if you are starting up a web design business you are going to need your own hosting service, and Paint Shop Pro for making your logos. So, you will need to save up some money for both of these.

Learn from the past: As a web designer, I learn as I go along in dealing with clients every day and the trouble shooting of different websites. The hardest part is starting your business because you are just learning how to handle all of the different problems you are going to run into. This way you will know exactly what to do in the future.

Prepare: The first step to begin an article is always by writing a rough draft first. You need to do the same for your business plan. If your thinking about buying a business online or perhaps you want to open a flower shop down the street, you need to write out a detailed plan. For example, what kind of flowers do you plan on selling? Or how do you plan to advertise?

Difficulty: Moderately Challenging

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