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What do you need to start a company? - Coggle Diagram
What do you need to start a company?
1.
Conduct market research
Demand
Market size
Economic indicators
Market saturation
Location
Pricing
2.
Write your business plan
Traditional business plan
Very detailed
Takes more time to write
Comprehensive
Leders and investors commonly request
Lean startup plan
High level focus
Fast to write
Contains key elements only
5.
Choose a business structure
How much you pay in taxes
Ability to raise money
The paperwork you need to file
Your personal liability
3.
Fund your business
Startup funding:
Self-funding
Investors
Loans
4.
Pick your business location
Costs that can very significantly by location include:
Standard salaries
Minimum wage laws
Property values
government licenses and fees
6.
Choose your business name
7.
Register your business
8.
Get federal and state tax IDs
Employer identification number (EIN)
Opening a bank account
Paying taxes
9.
Apply for licenses and permits
10.
Open a business bank account
Pros:
Protection
Professonalism
Preparedness
Purchasing power.