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Entrepreneur Advice for Beginners: 10 Steps to Success

Creating a business of your own can be difficult. You will need adequate funding, time, personal support, and professional support in order to move forward successfully with entrepreneurial dreams. Enjoy! Add me on Instagram: beck.zack ► Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1400): https://act.webull.com/i/L6YbjIyKSmv2... ► Robinhood Invite Code (grab your other free stock): https://join.robinhood.com/zacharb4799 ► Save and invest automatically by trying out Acorns: https://www.acorns.com/invite/WBD6UJ ► Get $5,000 managed for free when you invest with Wealthfront: https://www.wealthfront.com/c/affilia... Step 1: Choose the Right Business Idea The first step toward business ownership is deciding what kind of business to start. Look for an idea that suits your interests, your personal goals, and your natural abilities. BUSINESS IDEAS GENERATOR: https://firmtree.com/apps/business-id... Step 2: Plan Your Business Successful businesses are built through careful planning. Before committing a significant amount of money and other resources toward your business, critically analyze your idea, and create a game plan. At a minimum, you should have good answers to the following questions. Business Name Naming a Business is one of the most important and challenging steps in getting started. You'll want to choose a brand name that follows your state’s naming rules, resonates with your customers, and is available in your state and as a URL. Product Development What problem does your business solve? What will set your product or service apart from the competition? Sales & Marketing Who are your potential customers? How will you get their attention and convert them into buyers? People and Partnerships What roles will you need to hire and what professional relationships will you need to form in order to succeed? Financial Planning How many clients or sales will you need in order to break even? How much money will it take to get there, and where will you get the funding? Step 3: Form Your Business Register your company as a legal business entity — such as an LLC, corporation, or nonprofit. Step 4: Register For Taxes With limited exceptions, most businesses require an Employer Identification Number (EIN), also known as a Tax ID Number. An EIN is used to identify a business in its federal tax filings. Without an EIN, you can't hire employees or open a business bank account. Step 5: Create Business Banking and Credit Accounts Using dedicated business banking and credit accounts is essential for personal asset protection. Step 6: Set Up Accounting An accounting system helps you track the performance of your business and simplifies annual tax filings. Quality accounting software lets you download your bank and credit card transactions, making accounting fast and easy. Step 7: Obtain Permits and Licenses To operate your new business legally, you will need to comply with federal, state, and local government regulations. In many cases, this involves obtaining one or more business permits and/or licenses. Step 8: Get Insured Business insurance helps you manage risks and focus on growing your business. The most common types of business insurance you should consider are: General Liability Insurance Workers’ Compensation Insurance Professional Liability Insurance Step 9: Define Your Brand The strongest and most memorable businesses are built on a solid brand. When developing your brand, think about what your business stands for. What are the core values that drive your business? Customers and clients are looking for companies that have a compelling brand, as much as they are shopping for high-quality products and services. Step 10: Establish a Web Presence A professional website is critical to the long-term success of your business, regardless of what industry you are in. A website allows potential customers to find your business online and discover the products or services you offer, and it also enhances your business’s credibility. DISCLAIMERS & DISCLOSURES This content is for education and entertainment purposes only. The Zack Beck Show does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal. This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. The Zack Beck Show is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Thank you for your support.