The idea of running your own business is very appealing. Anyone can become an entrepreneur with the right drive and planning. Chances are you already have the inspiration, but you may not know exactly how to go about opening your own company.
Here’s a guide to turning your idea into a profitable business:
Generate Business Ideas
If you already have an awesome business idea, you can continue reading the next paragraph. But if you don’t have a vision or you need help formulating one, there are many ways to brainstorm.
Here are some ideas for running your own business idea:
- Fix the problem that’s bothering you: If you can solve a problem for people, they will come to your business looking for a solution.
- Do something cheaper, better, and faster: Don’t worry if your idea isn’t entirely original. You can use other people’s businesses as a starting point and figure out how you can offer the same thing more effectively.
- Think about what will happen next: Are there any new technological advances coming soon? Focus on how you can get ahead of others by anticipating changes in the business landscape.
You can also research ideas online and get advice from fellow entrepreneurs.
Make Everything Official
Once you have a good idea, it’s time to tackle the legal aspects of building your empire. Here are ideas for running your own legal business:
- Choose a business structure, such as a partnership, corporation, or LLC.
- Choose a business name.
- Register your business with local, state, and/or federal governments.
- Apply for NPWP.
- Get licenses and permits.
- Open a bank account.
- File a copyright, trademark or patent.
These steps will help you avoid being penalized and having your intellectual property stolen.
While you may be able to complete some of these steps on your own, you may need help with some of them. If you need help filing for a tax ID or submitting your LLC application, go to Government Document Filing.