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How to become an independent woman: 5 steps to starting a business

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You have clarified your idea, created a company name and decided on your target customers, so now you probably cannot wait to get started with your new business, but where do you begin with everything? Here are the first 5 steps that you must take when creating a new business.

Write a Business Plan

This is not only a document but also a guide to help you visualize and achieve your goals and showcase to investors what your business is all about so that they can consider assisting you with funding. This is not essential in starting your own business, but there are many benefits to having one,such as setting out a strategy for producing profit that will make investors and loan providers aware that you are serious and organized.

Decide on Funding

At this point, you need to assess your finances to decide as to whether you will require funding or can start the business with funds that you have already collected and saved because starting a company will always come with a price. You will need to figure out exactly how much startup costs are going to be for your business and remember to leave a contingency fund in case profits take a little longer to produce than expected.

Determine a Legal Business Structure

This part cannot be skipped if you are planning to go ahead with registering your company, since the business structure will determine many legal actions such as how much liability you have to how your taxes are filed. The structures that you need to research for your company include sole proprietor, partnership, corporation, or a limited liability company.

Register Your Business

Once you have decided on your business structure, you are able to register your company with the government by creating and submitting your corporate charter. This statement will include information from your business name and addressto the purpose of the company and number of shares, and when approved will allow you to begin trading. If you are dealing with certain products, such as alcohol, you may also need to apply for state or local licenses and permits before you are able to begin operating.

Get an Insurance Policy

Prevention is much better than the cure, especially when starting out as a new business. The assets that you own are worth protecting, and purchasing the right insurance before you officially begin trading is considered to be a smart move at this point. There are many different types of insurance that you can consider depending on your location and industry, butgeneral liability insurance is often the goto for small businesses.

Hopefully, after reading these first 5 steps, you can understand in which order each task should be undertaken when starting out with your business. Once you have made it to the point of registering your business and have protected its assets, you can really begin to get excited as you are only a few steps away from starting your dream as an entrepreneur.

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Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best. We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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