Before starting a business, the small business administration, SBA, recommends potential entrepreneurs to make a list of reasons to enter into companies.
Some of the most common reasons to start a business are as follows:
To be your own boss; Financial independence; Creative freedom; and fully use your skills and knowledge.
In addition, the SBA suggests entrepreneurs answering the following questions:
(1) What type of business am I interested in starting?
(2) What services or products will I sell?
(3) Where will I be located?
(4) What skills and what experience do I have to bring to the company?
(5) What will be my legal structure?
Although there are different opinions about the process involved in starting a business, the entrepreneur advisors agree that the first step to start your own business is to select the most appropriate business structure for your intention.
There are different ways to organize a contractor to conduct in different ways. business, including exclusive property, partnership, limited liability, and society.
Before selecting a commercial structure, the potential entrepreneur should take into account the following elements: legal restrictions; Assumed liabilities; type of operation; Gains distribution; capital requirements; the number of employees; tax benefits or disadvantages; and the length of the business operation.