The American Dream seems to have been roughed up lately. While the news channels fill our heads with information we do not need, and (no thanks to our Presidential nominees) there is doubt where there used to be direction. There’s still one place where the hard worker can display their integrity, feel a bit of hope, and taste a measure of independence. That’s right, we’re talking about becoming an entrepreneur. While the sky is the limit where there’s potential, believing you can become a successful entrepreneur, then going out and becoming one are two different things. Here we are going to reveal to you the secrets on how you can become a successful entrepreneur.
Good Idea = Profitable Business
“Paradise is a state of mind”. There are many starry-eyed entrepreneurs who fail simply because they fail to ask themselves a crucial question after they come up with a cool new idea for a product, which is, “Would people buy this product?” A great example can be given of the tablet computer. When Apple launched its iPad back in 2010, people flocked to buy it because it filled a gap between a computer and a phone. For a novice entrepreneur, talking to your target customers and keeping your product simple is the way to go. If your service fills a need, they will come!
The insurance needs of startup can range from property to medical and professional liability etc. There are plenty of insurers who offer free quotes as well as sound advice so you can gain better knowledge on your insurance needs. Even if you are a solopreneur, and have no physical office or employees to insure, you will still need to get insured, even if it’s a basic insurance. We live in a highly litigious society, where something as simple as using a stock photo without permission can get you sued. So, don’t ever try to cut corners when it comes to insurance.
Get a Lawyer
If you’re looking to become an entrepreneur, chances are, you don’t know what the difference is between LLC, LP, LLP, and PLLC. If your answer is no then you should probably meet up with someone who does, and we don’t mean your uncle. The truth is that the decision you make when you incorporate could cost you lots of money in the long run. This is especially important when it comes to taxes. For instance, in a business, only the earnings that are paid to the owner as a salary is subject to taxes, while money that is distributed as dividends to said owner is not subject to self employment tax. As an entrepreneur you’ll need to protect yourself from both a liability and a tax standpoint, so consult with a lawyer to put yourself in the best position.
When you’re starting out, you will have a lot of time on your hands to figure things out. While looking into the important areas mentioned above, boosting your social media presence will also do wonders for your startup.