10 Steps to Help You Start your Business

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Starting a business is not for everyone, but the small business sector could use more entrepreneurs! Gauging the gap in today’s society, the entrepreneurial spirit can be found across many cultures in our society. We have to weigh in on the importance of entrepreneurship, and how these efforts usher in new frontiers, creating opportunity for our societies. So, Mind the Gap when starting your own business, and keep the following steps in mind.

Entrepreneurial Gaps in Society:
1. The Gender Gap (Men v Women)
-Male entrepreneurs outnumber females by a ratio of 2 to 1
– Half of the workforce and college students are female
– There is a need to cooperate to mend this gap

2. The Generational Gap (Youth v Elderly)
– new entrepreneurs are age 20-34, accounting for nearly 30 percent every month
– highest index for new entrepreneurial include individuals 45-54 years of age
– There is a need to exercise two-way mentoring to mend this gap

3. The Global Gap (America v World)
– 39.8 percent of American entrepreneurs are non-Caucasian; 22.9 percent are Latinos
– Sweden, Austria and the Netherlands outperform the U.S. in business creation
– There is a need to establish cross cultural relationships to mend this gap

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10 Steps to Start Your Business:
1. Create Your Business Plan
– Essential roadmap for business success, projecting 3-5 years
2. Choose Your Business Structure
– Structure will have legal and tax implications
3. Choose & Register Your Business Name
– Key step to legally operating your business
4. Obtain Your Business Licenses & Permits
– Federal and State licenses & permits you will need to obtain
5. Learn About Business Laws & Regulations
– Subject to some of the laws and regulations that apply to large corporations
6. Finance Your Business
– Understand financing needs and options available to help start, manage & grow
7. Explore Loans, Grants & Funding
– Explore your opportunities that range from traditional loans to grants and bonds.
8. File & Pay Your Taxes
– Obtain a tax ID
9. Choose Your Location & Equipment
– Ensure compliancy with leasing terms and zoning ordinances
10. Hire & Retain Your Employees
– Learn about employment and labor laws to ensure compliancy

We encourage everyone to pursue their entrepreneurial goals, no matter what gender, age or culture. Just do your research, follow the steps, and mind the gap!

-by Jacob Isaac

Disclaimer- This article is not legal advice. Please console a lawyer for legal counseling.

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