Mitch Zelman shares six steps to beginning your personal enterprise

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In this article, Mitch Zelman will look at six steps you need to take to start your own business. However, before you begin the process, it is always a good idea to find out whether any license or certification is required to start your business. This can vary from state to state, so you need to know the requirements before proceeding. Also, make sure you have an accountant on hand who can help answer questions and prepare your tax returns for your new business.

1. Determine the type of structure for your business

One of the first things to decide about is the type of business structure you want for your company. This determines how much liability you are personally responsible for and it has tax implications, so it’s important to make a wise decision. the The four most common corporate structures are sole proprietorship, limited liability company (LLC), C Corporation and S Corporation.

• One-man business: This is the simplest form of business and ideal for small businesses just starting out. With a sole proprietorship, you are responsible for all of your company’s debts and liabilities.
• Limited Liability Company (LLC): An LLC offers some protection from personal liability, making it a popular choice among business owners.
• C Corporation: AC Corporation offers its shareholders the most comprehensive liability protection available. However, this type of structure has some disadvantages, such as B. the double taxation of profits.
• S Corporation: An S corporation combines many of the advantages of a sole proprietorship and an LLC while avoiding the double taxation of a C corporation.

2. Register your company name

Once you have determined the type of corporate structure you want for your company, it is time to register your company name with your state government. This can be done through the website of your state’s Secretary of State. Be sure to search for similar company names first to ensure your company name is not already taken. This can be done through the website or by visiting your local Foreign Ministers office in person.

3. Hire an attorney to help you with legal issues

If you have legal problems, it is best to hire a lawyer who can offer you advice and assistance. This is especially important when start a new business, as there are many laws and regulations that you need to know. Hiring a lawyer can help you avoid potential legal issues and give you peace of mind. This is especially important if your company is being sued for any reason.

4. Find a location for your business

Next you need to find a location for your business. Mitch Zelman notes that an ideal location is close to other businesses to increase traffic from nearby facilities. Also, try to choose a location with ample parking as this will help attract more customers. Make sure the space you are considering has adequate storage space for files, equipment, and other business items.

5. Build relationships with companies in related fields

It is also helpful to build relationships with local businesses in related fields as this is a Opportunity to get referrals and to make recommendations. Once you have established a relationship with other companies and they see the level of service you offer, they will be more likely to refer customers to you. This is especially true if you also refer clients to them.

6. Start networking within the industry by attending events or joining professional associations

Finally, start networking with other professionals in your industry by attending events or joining professional associations. You can also make valuable connections through networking sites like LinkedIn. Having good relationships with other professionals allows you to learn from their experiences and mistakes, which helps you avoid making the same mistakes yourself. It’s also a great way to make connections that could lead to future business opportunities.

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