Las Cruces Sun-News, N.M.
WWR Article Summary (tl;dr) Since 1964, SCORE “Mentors to America’s Small Business” has helped more than 9 million aspiring entrepreneurs and small business owners through mentoring and business workshops. If you need a little guidance getting started with your startup there are more than 11,000 volunteer business mentors ready to help. AND YES, IT’s FREE!
Building a successful small business requires a lot of time, thought, and planning. If you’ve never traveled the road to entrepreneurship before, you might find it overwhelming. With so many details to pay attention to, where should you begin?
* Determine your value proposition. What customer needs will you fulfill and do you have a large enough base of prospects with those needs?
* Find a good attorney who specializes in small business issues. Legal formation, human resources issues, etc.
* Find a small business accountant to ensure you comply with requirements and file taxes accurately.
* Determine what legal form will your business take? Sole proprietorship, Limited Liability Corporation, S Corp, or C Corp? Consult with your attorney and accountant.
* Create a business plan. You don’t need a full plan with financials unless seeking start-up capital. Consider using the lean start-up approach of the Business Model Canvas.
* Select a bank or financial institution for general use and one that can potentially provide funding if you’ll need it to start or expand your business.
* Secure business insurance for liability protection. Talk with a trusted agent who can guide you in acquiring the proper types and amount of insurance coverage.