Thinking about starting or buying a business? So you have a passion, and you would like to turn it into your profession. First, you'll need funds, a business plan and to incorporate.
Raise funds: One of the aspects that entrepreneurs find most daunting is raising start-up capital. While many may use personal credit cards, friends and family are still your best source for loans, because they are typically less stringent regarding your credit and on their expected return on investment.
Have a plan: A business plan is essential because it allows you to experiment with the strategy for your business on paper, before you start playing for keeps. No matter how enthusiastic you are about your business, it won't be successful unless you have a plan in place for how you're going to start and run it.
Protect yourself: Most small businesses are sole proprietorships or partnerships. While these types of businesses are nice and easy to form, they also expose their owners to liability for business debts and judgments. Forming a corporation or limited liability corporation (LLC) will shield owners from personal liability.
Find tips and tools on these and other important elements of starting a business on this site.