Once you know about the amount of initial investment that you will need to run your business it is time to either arrange for the capital yourself or approach the financial institutions in order to raise the capital. There are many options here to get the required financing. You may wish to take a small business loan, approach the angel investors, look for small business grants, or opt for crowd funding.
Bootstrapping also lets you to start your business using very little capital. Your main goal is to work through various options available and then create a plan to set up the capital and start your business.
Choose a structure for your business
You need to have a structure in order to run your business. Your business could be a partnership, sole proprietorship or a limited liability company. It could also be a corporation. You need to choose your business entity as these impacts a number of things. The name of your business, how you file your taxes and your liability are dependent on the structure of your business.
You can start by choosing an initial structure for your business and then change or revaluate it as the business progresses. Hiring a consultant is recommended, who can guide you on making the right structural choice for your business. This website lets you choose the right ways to structure your business.
Get your business registered
To get your business registered you need a name for your business. This is again a very important aspect of your business so you want to make sure that you choose a good name for your business. Before you finalize on a name make sure to go through the implications of selecting a name.
The business name should not be in use or trademarked. Only then, you can use it and get it registered. If you are a sole proprietor then get the business name registered with the country or the state clerk. If your business is a limited partnership, LLC or a corporation then you need to get the business name registered during the filing of the papers. Also, do not miss registering the domain name after you have a business name selected.
Licenses and permits
You need to have all the paperwork in place before you start the business. You also have to apply for the permits and licenses as per the business that you wish to start. Take out time to research well on all the permits and licenses that you may need to start your business.