What Must an Entrepreneur Do After Creating a Business Plan? Part Two
In the first part, we discussed the importance of creating a lean business plan. Now we will go into more details about what must an entrepreneur do after creating a business plan.
Once you have your lean business plan in place that is coherent, written in plain English, and includes everything required to both setup and manage your business, you can move on to the next stage. There are many important aspects to setting up a new business. You will need to decide on your business structure, file the correct paperwork, market your business and set up premises and a website among many other tasks.
So, what must an entrepreneur do after creating a business plan?
Incorporation and Registration
You will need to decide on the structure of your business. Do you wish to be an LLC or a corporation, for example? There are several options for incorporation. Hiring a business attorney can be costly and you will have to invest time in choosing an attorney and meeting with them.
There are online business attorney services that can appear cheaper at first but may not include all necessary steps or have additional charges. Filing yourself is a further option, but it could take up significant time to work out everything you need to do.
The Legal Stepz courses are an ideal solution. You work through the process of your incorporation, forming an LLC, or registering a trademark with the helpful workbook and video. It is affordable and will ensure you don’t miss any important steps.
Register a Fictitious Name or File a Trademark
If you plan to operate under a fictitious name, which is a name that is not your own, you will need to register this name. You will need to check that the fictitious name you want to use has not already been registered, and then you will need to register your business name with the county recorder. You can only use your fictitious business name in the county where it is recorded.
You might also wish to file a trademark. The Legal Stepz trademark course can help you register your trademark with the United States Patent & trademark office by helping you to file your trademark yourself.
Prepare For Recruitment
If you plan to employ staff, you must apply for an employee identification number or EIN from the Internal Revenue Service. You will need to have an EIN before you hire any employees or open a bank account in a name other than your own. This number will identify your new corporation, limited liability company, or other entity.
When you have your EIN number, you can hire your first employees. You might need to wait until your business is ready to launch or hire employees to help get your business going, such as sales, marketing, or crowdfunding teams.
Investment and Funding
You will need to seek funding for an investment if you do not have sufficient funds or are not funding your business with your funds. You will need your lean business plan, an elevator pitch, and an idea of what you seek.
You might be able to find a local government or charity which offers grants. These might be restricted based on the funding. For example, it might need to be for specific items or activities such as training, equipment, etc.
You could seek venture capital for your new business when investors fund your new business in exchange for equity. They will see potential growth in your business. This option is usually considered for more high-risk business ventures.
Another option is to secure a business loan where you will have to pay back interest on the loan. Some business loans offer a delay in the payment of interest until your business gets going. The risks associated with this option depend on your business structure. For example, if you are from a limited liability company, your personal assets are not at risk if you default on your loan.
Crowdfunding is a great option for new products, especially if there is a lot of anticipation or requests for your product. This is an ideal way to secure funds for a product and the customers to purchase as your business takes off. It is also considered quite a low-risk option.
Final Word: What Must an Entrepreneur Do After Creating a Business Plan? Part Two
Now you need to take a pause. There is still more to do, which we will cover in part three of this series. However, above are some of the most important elements that we consider when we ask “what must an Entrepreneur do after creating a business plan.” Good luck and wait until part three is available.