Taking the leap to start a company is something that takes a particular type of drive, passion, and risk. Entrepreneurs all share those characteristics and that is what makes them successful as they embark on the journey of entrepreneurship. Whether you plan to start a sole proprietorship or general partnership, limited partnership, limited liability company, limited liability partnership, “C” Corporation, or “S” Corporation, understanding the vastness of any new venture is imperative. As such, it is important to consistently educate yourself on the ins and outs of forming a business and what is takes to be successful in the business world. Statistics can be scary when it comes to small business. In fact, only half of all businesses end up surviving 5 years and only one-third of businesses are able to survive 10 years.
While daunting, there is nothing more rewarding than starting your own business. Take a look at the following tips for forming a new business:
- Be an active listener. The advice from others who have walked the path before is invaluable.
- Think about solving a problem rather than offering a product or service. This will guide your ultimate business plan.
- Write a business plan that is thorough. From financials to a general marketing plan, having a specific strategy is essential.
- Do all of the above while you are still employed full-time.
- Incorporate networking into your daily routine.
- Surround yourself with fellow entrepreneurs who have experienced the entrepreneurial leap before and can offer sound advice.
- Register your business as soon as possible and determine the business structure that makes the most sense for your business goals.
- Find free resources like and use sites like SBA.gov to begin the process.
- Be comfortable working from home.
- Understand the flexibility is key and that each day will throw new challenges your way.
Starting a business is an enormous responsibility. While stress is inevitable, following the above tips for forming a new business will help to serve as an important guideline in your entrepreneurial journey.