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Find a Mentor- Never think you can do it alone! One of the
best ways to insulate yourself against business failure is to
find and work with a mentor, someone with business experience
who can guide and assist you.
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Finance Start-Up- All businesses require some form of
financing. An integral component of starting a successful
business is raising sufficient capital. There are many
challenges here, but numerous resources are available to help
you.
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Buy a Business- Once the decision is made to start a
business, often the next decision is either to buy an existing
business or start a new venture from scratch. There are
advantages and disadvantages to both options.
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Buy a Franchise- Business franchising offers many
opportunities. This form of ownership has helped many
entrepreneurs get started in business and succeed.
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Name Your Business- There is more to naming your business
than just coming up with something that sounds good and you
happen to like. Thought must be given to state and local
requirements and making sure you don’t infringe upon the rights
of someone else’s business name.
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Choose a Structure- Many factors must be considered when
choosing the best form of business ownership or structure. The
choice you make can have an impact on multiple aspects of your
business, including taxes, liability, ownership succession, and
others.
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Protect Your Ideas- Innovations and new product ideas are
valuable assets of a business. These assets need to be protected
so that your rights are not infringed upon by others.
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Get Licenses and Permits- Most states and many cities and/or
counties impose licenses and permits on a wide variety of
businesses. The operation of your business will most likely
require such a tax.
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Pick a Location- Choosing the right location for your
business can be a major factor in its success or failure. A good
location may allow a struggling business to survive, but a weak
location could mean trouble for even a very well-run business.
Make sure you know all the legal restrictions of your place of
business.
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Lease Equipment- Sometimes leasing equipment, instead of
buying it, can be the best option for your business. However,
there are many variables that should be considered, including
costs, use restrictions, legal parameters, and others.
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