What You Need To Know Before Starting A Business
My short answer is nothing. There is nothing you need to know before taking the leap and saying “I am in business”. You can do it, say it now… Now you are in business. That wasn’t so hard was it?
Everything else you need to know you can learn as you go. You just need to learn it at the right times. For instance, you may not know what a business entity is. Ok, it’s time to learn. Why do you need to know this? Well, it has a bearing on whether you are a legal business and how you pay your taxes; oh, and if you’ll lose all your personal belongings if you’re sued. Important stuff to know so make sure you check it out. You’ll need some sort of business entity created to open a checking account.
Taxes? Legal issues? Other stuff? Learn as you go… Taxes will be important after the first of each year, just keep good records. Legal issues: Don’t do anything bad intentionally and read a bit each week. We all make mistakes, even legal ones, but most are resolvable without going to jail or paying big fines… just don’t do anything intentionally wrong. Anything else you just learn as you go.
I know there may seem to be an overwhelming amount of things to know but the most important thing is to find a good product and make a profit. The rest is just stuff that can be picked up along the way.
Please review the following resources for more information: