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Starting a Small Business

Key Actions when Starting a
Small Enterprise

key to business

How to Start a Small Business

Starting a small business is not as difficult as you might think. With a bit of research and preparation, you can create a successful small business. This article will discuss several necessary actions to consider before you open your business.

Focus on Starting a Small Business

It is essential to understand that starting a small business is a serious consideration. You must focus and stay focused. Take nothing for granted. Be prepared to sacrifice your money and your spare time.

Identify Your Business Concept

Click here to find suggestions on how to discover profitable business ideas. If you’re not sure what business you would like to start, then consider the growing field of Social Security disability representation.  This unique service even offers national certification.

Choose a Business Concept

Before starting a small business, you must clearly understand what it takes to operate the business successfully. This rule applies regardless of the business type. By business type, I’m referring to your plan to sell a product, service, or both. Take time to research your business concept. Don’t be afraid to ask yourself the tough questions like:

Create a Business Plan

Before you spend a dime on your new business, create a business plan. A business plan forces you to address the hard questions. Additionally, a plan identifies elements you may not have considered. Furthermore, if you do not know how to create a business plan, don’t despair.

There are free online tools that can help you create a business plan. Also, there is software available that is capable of making professional-quality plans. Formal business plans are usually required if you intend to apply for loans.  

We assist our students by providing an essential operational guide within our training program.  Consequently, our approach reduces an entrepreneur’s need to create a formal plan.  Our courses explain all of the operating procedures required to represent a Social Security disability claim. Thus, by providing this level of customer support, we can cut weeks off the time it takes to open an advocacy service.

Choose a Business Entity

The term business entity refers to the legal structure of your company.  Hence, there are several legal options you can choose for your business.  The most commonly used business entities when starting a small business are:

Sole Proprietor

Limited Liability Corporation (LLC)

Subchapter S Corporation

C-Corporation

Each of these business entities provides specific advantages and disadvantages.  Moreover, your financial status should determine the entity you choose.  It would be wise to consult your accountant and/or an attorney before making a final decision on a business entity type.

Opening a Small Business Bank Account

During the process of registering your business, you will be asked for bank account information.  To acquire a business bank account number, you must, of course, open a business bank account.  There are three types of business bank accounts which are discussed under the bank account link above.

Starting a Small Business Office

Creating a quiet, safe, and efficient office space is vital for business success.  To accomplish this, you must determine what you need in your office environment.  We discuss the requirements of a disability advocacy service office here.