Starting your own business? Here are 10 helpful tips

For years, you have dreamed of the day when you could start your own business. Now, you think that day is rapidly approaching. You're going to make this happen.

While this is exciting, remember that starting a new company is also a massive challenge. You need to be committed and must know exactly what to do to increase your chances of success. Here are 10 tips that can help:

  1. Put your business plan down in writing so that you know exactly what your goals are -- and so do your investors.
  2. Ask yourself if your idea is really plausible and if there is a demand.
  3. Figure out exactly what your up-front costs are going to be.
  4. Take the time to identify the people who make up your intended market.
  5. Craft a budget that is realistic and that addresses all of your costs, both at the beginning and moving forward.
  6. Figure out what type of legal entity you want your new business to be.
  7. Pick a business name and register it to ensure you can use it before doing any branding.
  8. If you have a business partner, create a partnership agreement that you both sign off on.
  9. Figure out exactly what you'll need to do to pay your taxes.
  10. Ask yourself what official documents you need to consider, including insurance policies, proper licenses and legal permits to operate.

These 10 tips can help you start off on the right foot, increasing your chances of success. As you get going, be sure you know exactly what legal obligations you have and which steps to take.

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