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by Contributor

Image: geralt at Pixabay

(Oct. 6, 2019) — Starting your own business is incredibly exciting, but it can also be nerve-wracking. It’s not enough to have a great idea, but you need the tools to implement it. If you have an idea that has potential and you’re not sure quite how to actualize it, take a look at some of the basics that you need to create a viable business.

5 Essentials When Starting Your Own Business

  1. A Unique Take

You may have a great idea, but what’s the competition like? Do you have something new to bring to the table, something that will stand out from the crowd and that consumers will value? This doesn’t necessarily need to be a life-altering product, it just needs to be a reason that consumers will choose your product/service instead of someone else’s. It can be something as simple as amazing customer service, low prices, high quality, etc.

  1. A Money Management Plan

All great ideas are grounded in funding and a solid business plan to make sure your company turns a profit. If this isn’t your strong suit, hire someone to do it for you. This is especially important if you plan on seeking outside investors. Key money matters to get a handle on are:

  • Making sure you have enough funding to get started (loan, savings — what’s best?)
  • You have a way to manage until your business shows profit (some companies can take months or years to become profitable)
  • Creating a business model that’s sustainable and scalable once it does start turning a profit.
  1. Seek Advice

You may think you have it all figured out, and that’s great that you’re feeling so confident. However, there are so many factors to consider when starting a new business, like tech support, customer support, advertising, accounting, taxes, and more. Since it’s impossible to be an expert in every area, it’s important to seek advice from experts, especially from people in your field.

  1. Get Life Insurance

Life insurance may seem like a strange requirement for starting a business, but it’s actually one of the most basic. To get a business loan, you’re required to have life insurance. And even if you think that you won’t need a loan, you never know when your financial situation will suddenly require one. No Medical Exam Life Insurance is great for business owners since it’s easy to get and approval is quick.

  1. Choose a Business Structure

This is the basic of the basic, but it can’t be overlooked. Your business can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. Make sure to choose one that’s practical for you, and more importantly, check the tax ramifications of each type before you choose. If you’re not sure how to go about your research, hiring a CPA or tax consultant can save both time and money in the long run.

Keep Your Eyes on the Goal

There are so many details that go into starting your own business, it can be easy to get bogged down and feel overwhelmed or disheartened. At times like these, keep your eye on the larger goal. You had a great idea, you have something to offer, and you have the ability to make it happen. The tedious details inevitably become easier to handle when you keep the larger goal at the front of your mind.

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