ROCHESTER, N.Y. — The new year often brings a wave of fresh starts, and for many, this includes turning a passion into a profitable business. While the idea of starting a business can seem daunting, experts say that with the right tools and guidance, it’s more accessible than ever.
According to LegalZoom, approximately 30% of small businesses are launched in the first quarter of the year, making now an ideal time to transform that entrepreneurial dream into a reality.
“We’ve seen small business growth at 55% in the last five years. A recent customer study indicated that 70% of small business owners are working from home. This unprecedented level of flexibility is a game-changer. You’re no longer confined to a traditional office or storefront; you can operate entirely from the comfort of your home,” said Erin Mrozek, senior director of product marketing research & insights at LegalZoom.
This shift towards remote work has significantly reduced the initial costs associated with starting a business, making it more attainable for aspiring entrepreneurs.
Here’s a simplified guide to get you started:
- Create a Business Plan: Begin by outlining your product or service, its pricing, and associated costs. A profitable business model is the foundation for success
- Choose a Business Name: Get creative! Ensure your chosen name is available and that the corresponding domain name and social media handles are also free. If you plan to expand nationally, consider conducting a trademark search
- Determine Your Business Structure: Explore the various options available, such as sole proprietorship, limited liability company (LLC), or corporation. LLCs are often favored due to their ease of management, liability protection, and minimal tax implications
- Complete the Necessary Paperwork: Once you’ve selected your business structure, complete the required forms to officially register your business with the relevant authorities
- Stay Compliant: Depending on your industry and location, you may need specific licenses, permits, or insurance
According to experts women owned businesses increased by 40% in 2024. Staying organized with your finances and staying passionate about your venture is key to long-term success. For more information, visit the Small Business Administration’s website at sba.gov.
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