How To Start A Business
Guide To Getting Your Business Of The Ground
It takes a huge commitment and a lot of determination to start your own business. Many entrepreneurs fail before they even officially launch their companies – mostly because they have not thought out the steps necessary to get from the initial concept to realized business, and beyond to success.
Some will say you have to fail in order to succeed, but it is best to be as fully prepared as you can be when taking on the task of launching a new business. That is why we have created this resource to help educate entrepreneurs interested in starting a business and providing them with insights on some of the strategies needed to be successful.
Develop A Business Plan
Without a doubt, a business plan is the most important key to starting a business. A business plan details everything from startup costs to operations, resources needed, and a time line that shows how long it will take for a company to start turning a profit. Business plans are incredibly useful guidelines and reference tools, and they are required by most banks and commercial lenders when seeking working capital to launch a new business.
Even if you are starting a business for an idea that has never been done before, there are still some basic laws of business that cannot be avoided. There are many free resources online that will teach emerging entrepreneurs how to do things like business accounting, taking inventory, dealing with suppliers, securing startup financing, and how to develop contingency plans. Starting a business is a very involved process, and building your own skill set is a great place to start.
There are myriad financing options available for entrepreneurs. Most people who are new to owning their own business may have a difficult time securing a bank loan (less than 40% of all business loan applications are approved by banks), which leaves entrepreneurs looking to alternative lending methods to get the startup funding they need. It is best to explore private lending options to figure out which type of financing works best for your business model.
Register Your Business
As a state and federal tax requirement, all entrepreneurs must register a company name, in addition to deciding what type of business the operation is going to be (LLC, S-Corporation, etc.), and get a Tax Identification Number (TIN) from the IRS and state tax agency in order to legally operate as a tax paying business. All of these things are necessary, even if the only employee in the company is the business owner. Starting a business means all tax and legal aspects must be squared away before doing business with any clients.
Licenses and Permits
Depending on the type of business, there may be permits and licenses that are required by state and federal law in order to operate. When opening a restaurant, for example, a business owner needs permits to sell food, a liquor license if the establishment sells alcohol, and any requisite health inspection certificates and safety permits. Starting a business can require many permits, especially when operating out of a commercial building or office space.
Want To Start A Business Working From Home?
Many entrepreneurs desire financial independence while having the freedom to set their own hours and work out of their own homes. This greatly reduces the startup costs, licensing, and the need for excessive marketing.
The Commercial Capital Training Group (CCTG) gives people the tools and training they need in order to work from home as commercial finance professionals, as well as providing the support of a panel of finance professionals who are available day and night, to help you grow your own business.
CCTG has a very low startup cost, and provides the freedom to run your business on your terms, while building up revenue streams and bringing in profits that are virtually limitless, simply by introducing entrepreneurs to private lenders, and then taking a broker’s fee for yourself.
If you are looking to start a business, but want the training and guidance that does not come with most other entrepreneurial ventures, with the potential for six figure profits on your terms, then consider joining The Commercial Capital Training Group.