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If you're interested in starting your own business, you're not alone, says Jaian Cuttari. According to the Small Business Administration, there were about 30.7 million small businesses in the United States in the previous 2-3 years. Starting a business can be an exciting venture, but it can go wrong if you don't take the right steps.
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Jaian Cuttari - 3 Imperative Steps To Start Your Business If you're interested in starting your own business, you're not alone, says Jaian Cuttari. According to the Small Business Administration, there were about 30.7 million small businesses in the United States in the previous 2-3 years. Starting a business can be an exciting venture, but it can go wrong if you don't take the right steps. Approximately 20% of businesses fail within the first two years, and only 55% last five years, according to the US Bureau of Labor Statistics. There are a lot of factors that determine whether a business is going to last, including the planning process. Business planning should begin well before you open your first store or run your first advertisement, says Jaian Cuttari. Of course, you cannot control everything, from stock market fluctuations to bad weather. But here are some steps you can take to help your new business succeed:
Jaian Cuttari - 3 Imperative Steps To Start Your Business Research Your Idea If you already have an idea for a small business, congratulations! An idea is merely a seed, however; the next step is to determine whether there's a market for what you have to offer. The SBA stresses the importance of understanding the market for your product or service before starting a company. Write a Business Plan The business plan is your company's blueprint. This document combines your research and planning into one document that describes in detail who, what, when, where, how, and why of your new venture. You will include items such as: To whom you will market; What do you plan on selling; Your timeline for development when you expect to hit certain benchmarks; Incorporate or Form an LLC It is important to incorporate your business or form an LLC with the state since it protects your assets from business debts and liabilities. Other benefits of creating a corporation or LLC include tax advantages and greater credibility with customers, vendors, and business partners.
