How to Start a Business
To understand the concepts related to starting a business, we will use our online t-shirt store, Shirts 4 Mike, as an example. This includes the basics of marketing, finance, accounting, and the legal aspects of creating a company.
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Why Start a Business?
So you want to start a business? In this stage, we address the basic needs for starting a company, from setting goals to defining success.
One of the first steps to starting a company is choosing a legal structure for your business and filling out the relevant paperwork. In this stage, we address the advantages of incorporating, the different business structures available, and where you can incorporate.
Forming Your Company
Once you’ve figured out your legal choices in regards to incorporating, you might think you’re done and ready to go. Not just yet! You have to make sure you and any co-founders are on the same page and that you secure your intellectual property before you finally sign off on everything. Let’s take a look at what that means.
The first steps of your marketing efforts will include establishing your online presence, from your website to your social media identities. By defining who you are what you do, you will be able to create your messaging and initial content to share with potential customers.
An Introduction to Accounting
Managing your company's books and keeping an eye on your cash flow is absolutely crucial to your company's success. To help you with that, let's go over a few basic accounting concepts, including debits and credits, cash flow, and how to use accounting software.
The content you create will be a key component to your marketing efforts. We'll discuss how to create it, where to publish it, and the different forms it can take from websites to mobile devices.
Your business cannot survive unless you make money. There's many ways to do that however - do you price high or low? Do you charge hourly or per project? To arrive at an answer, we need to understand our costs, our pricing structure and the different ways we can collect money.