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3 Things You Need To Do Before You Start A Business


From thinking about the digital aspect of your business to sorting out your finances, here are three things that you need to do before you start a business.

Every month around 543,000 new businesses are started in the US, so if you want to start a business you are not alone. The idea of doing something that you have never done before can naturally be a little intimidating and scary. But there is no need to be nervous if you know what you're doing. There are a few essential steps that you should take before you start running a business, and taking these steps mean your business is far more likely to succeed.

From thinking about the digital aspect of your business to sorting out your finances, here are three things that you need to do before you start a business.

Sort Out Your Finances 

One of the most important things that you should do before starting a business is sort out your finances. Scaling too fast, too soon is the main reason why most businesses fail, so it is important to clear up all of your debt, especially if you want to use a loan to fund your business startup. This is because it will be very difficult to get a loan if your credit score is low, so you should sort out any issues with portfolio recovery and debt before you try to take out a business loan.

Consider The Legal Side

You should also think about the legal structure for your business. One of the most common business structures is a limited liability company (LLC) due to how flexible the structure is, but there are lots of other options to choose from. You will also need to get proper registration from the government to legally open your business, which means you will need to acquire an employer identification number and create articles of incorporation. You may also need a license for your business.

Consider The Digital Aspect

If you want your business to succeed it can be beneficial to consider the digital aspect of your business. Most businesses need a website, business cards, advertising designs and mailing supplies and postage, but that isn’t all. It can also be useful to think about getting a credit card processor account and an online bookkeeper to help with the accounting side of your business.

Starting a business is a great way to become truly independent and be your own boss. Just make sure that you set up your business to succeed, instead of fail. 



Author: Cindy Trillo