Deciding to start a business can be one of the most exhilarating decisions you make in your life. They’ve created products & services we’ve all heard of, turned entire industries upside down, redefined what it means to be successful when you start a business and many have also written business books or taught online business courses about it. Suffice it to say, their business advice is worth it’s weight in gold.
Whether the money comes from your checking account, a family inheritance, or funds sitting in an old money market account , using your own cash is not only popular but also demonstrates a business owner’s commitment to other potential investors, which can ultimately help win additional funding from third parties.
Despite this, a small percentage mature into stable small- to mid-sized businesses, while a microscopic fraction becomes the stuff of legends – like Apple or Hewlett-Packard, companies born in garages that ultimately ascended to the highest ranks of American business.
When I speak about formalizing the business, I am talking about 1) creating an appropriate legal entity (corporation, limited liability corporation or other) within your state or country 2) create tax status with the tax authorities 3) publicly announce the business formation through public recording or periodical announcements or both 4) get a checking or bank account.
To register in person or by mail, click here for business registration forms , and choose your business type from the options at left. The second half of the business plan is largely to execute your selected business strategy. Do what startups do and create a minimum viable product – the smallest version of your business idea that you can put out into the world and prove people like it.