The Latest Guide for a Practical Business Start-up
The latest guide for a practical business start-up gives you 5 crucial steps to follow to get your online business running.

You can assure yourself of a solid business foundation by following the latest guide for a practical business start-up.

You are not required to do anything that we recommend.  It is up to you to decide how you want to run your business. However, years of experience has proven to us that it is better to put certain fundamental business structures in place to protect you, your family, and your future.  Be sure to consult with a trusted advisor and an attorney as you move forward.

In this episode of My Biz Dream Team: Opportunity Wednesday Training Series we share with you our systematic approach to starting up your on-line business so that you can leave your 9-5 job and start living your entrepreneur dream life.
1. Prepare a Business Plan
Last week we discussed doing research to discover if your business idea is viable and compatible with your business personality. We hope that you took the opportunity to take the entrepreneur assessment test in Harvard Business Review: Assessment: Identify your Entrepreneurial Personality Type

This week we want you to continue researching your business idea. Then write a business plan. The data and research that you have gathered should be enough to start making projections for your business.

Do not be intimidated by a business plan. It is not cast in stone. It does provide you a guide to follow during those crucial early days after start-up. For help in developing a business plan consult with your local economic development authority or the federal small business development centers that are sponsored by the Small Business Administration.
2. Create a Legal Entity for Your Business
Creating a legal entity for your business is an important step in building a solid business foundation. As you decide on the type of legal entity to create for your business think about your business goals and exit strategy. These considerations will help you decide what type of entity is most suitable for your situation.

You should familiarize yourself with the (1) different types of company structures and (2) laws and regulations regarding them. Then choose the best one for your circumstances. Consultation with a business attorney who specializes in this area is always a great idea.

You may decide that a sole proprietorship will work for you. A single owner business is the simplest type of business formation. Just be sure to make an analysis of your risk factors.

You may also want to consider forming a limited liability company or LLC. Over the past 25 years LLCs have been used very broadly and in many different types of circumstances. The state statutes on limited liability companies offer business owners great flexibility. An LLC shares characteristics of a corporation (limited liability) and a sole proprietorship or partnership (pass through taxation).

You need to decide whether you want to go through with the formalities of forming a LLC. If you decide to form a LLC, pay close attention to the provisions of the operating agreement, if you decide to have one. If your operating agreement does not specify what happens in certain situations, you may be subject to the default provisions of the relevant state statute.  Also, be sure to ask your attorney about the benefits of a “charging o...