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21 - 23 : The Complete 35-Step Guide For Entrepreneurs Starting A Business

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21. Don’t Go Overboard on a Business Plan

It’s useful to come up with a business plan to think through what you want to do for the development of the product or service, marketing, financial projections, and more. And you should then get input from trusted business and finance advisors. But don’t go overboard with a 50-page business plan. In reality, many startups have to deviate from their plan as the business develops.

22. Secure Capital to Finance Your Business

Here is a summary of the most effective sources of business capital:

  • Personal funds
  • Credit cards
  • Friends and family
  • Angel investors (see Angel Investing: 20 Things Entrepreneurs Should Know)
  • Crowdsourcing sites such as Indiegogo.com and Kickstarter.com
  • Bank loans/SBA financings/online lenders
  • Venture capitalists
  • Equipment loan financing

One of the biggest mistakes made by startups is not raising sufficient capital.

23. Determine Which Permits, Licenses, or Registrations You Will Need for Your Business

Depending on the nature of the business, you may need the following permits, licenses, or regulations:

  • Permits need for regulated businesses (aviation, agriculture, alcohol, etc.)
  • Sales tax license or permit
  • Home-based business permits
  • City and county business permits or licenses
  • Zoning permit
  • Seller’s permit
  • Health department permits (such as for a restaurant)
  • Federal and state tax/employer IDs

forbes.com

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