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Four things you shouldn’t forget to do before starting a business

Date: 01/12/2017 | Category: Business | Author: Petr Litavec

It may look overwhelming when you look at all the you have to do before starting a business. We have made this list to show you which tasks are really important for starting your business.

Conduct market research

Know your market. Whether your business will be local or global, in order to understand your customers you must know your market. Knowing your market will help you when you are advertising and identifying advertising opportunities. Knowing the age and overall demographics of your average customer will also help you when creating ads. You will probably choose different advertising or a whole customer acquisition strategy when offering something to West Coast teens as opposed to New York businesspeople. Learn what your potential customers care about the most and what the main factors  are that influence their choice of a company. For example, whether they prioritize quality or price.

Learn how others have done it in the past

Instead of obtaining costly  business training, it may be a better idea to read some stories and tips from successful entrepreneurs. Check Seth Godin’s blog, the site Quora, or try to find an experienced veteran from your industry. Another smart idea is to talk to a friend or family who is currently or was a business owner – he or she can tell you how he or she started, what the main obstacles were that they faced, and so on.

Do not forget about incorporation

You need to form a company structure for your business. You have 2 main things to decide:

Legal entity – the most common types are limited liability corporations (LLCs) and C-Corporations.

Which state you will incorporate in? When it comes to developing a legal entity, you cannot go wrong with any of them. We recommend to form your company in your home state – unless you have some specific reason to incorporate elsewhere – like being an ambitious startup that will get investor funding globally – in that case, form a Delaware Corporation.

Take care of your online presence

Operating a business without an online presence is almost impossible in the 21st century. If you aren’t very tech savvy, you can use a simple website builder like Wix.com. For $8.50 a month, you can also have your own domain name (without .wix suffix) and Wix website without ads. If you still feel uncertain about creating a site, you can hire a freelancer who should be able to set up a website for you for under $100.

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