Starting a New Business? 10-Point To Do List.
- If you're inexperienced, seek out numerous reality checks.
- Understand your strengths and weaknesses; know your competition.
- Commit. You're in it to win it, and you better have enough capital.
- Document everything.
- Get solid accounting and legal advice. Your accountant will advise on which accounting procedure to use, and perhaps suggest a form of entity. Your lawyer will create your entity, protect your assets (such as your trade name or invention), and keep you out of trouble with sound advice and contracts.
- Build an experienced team of advisors beyond your CPA and lawyer.
- Understand the basics of employment and tax law.
- Network: get to know other entrepreneurs from all business sectors.
- Don't be afraid to ask questions: call your lawyer often if they don't charge for brief phone calls.
- Understand financial statements and manage from them regularly.
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