How To Start A New Company-5 Must Haves

December 24, 2011 

So you are ready to take your business idea and turn it into a company.   Below are the steps to creating a solid new company.  Here are 5 must haves for your new company.

1. Develop a Business Plan For Your New Company

If you are like me you have had many good ideas for starting a new company.  The key to success  is to take that idea and break it down to actionable items that will help ensure success.  That is why creating a clear, actionable, business plan is essential.

2.  Find Start-up Capital

Ah, the money.  This used to be the piece that completely shut down almost any new company idea.  In today’s internet age starting a business has never been more accessible to the average person. However, most new companies need some capital.

Go4Funding.com has several articles about finding start-up capital.  In the article they talk about angel investors, personal funding, venture capital, and many other ways to raise the initial funding for your new company.

3.  Find a Mentor

When you are setting out to do anything it is always important to have someone to look at as a model of success.  Find a mentor, find someone who is doing it right, achieving success, and duplicate their efforts.

I am not saying model your new company exactly after another company.  It is always important to be different when starting a new company, disrupt an industry in some way. However, there are elements of success that exist with any new company.

4.  Legal Structure of Your New Company

While the idea and the execution of an idea is the most important eliminate of starting a new company, the legal structure of your new business can protect you and your family from financial disaster and warranted legal risk.

Business.gov is a great resource to learn the best legal structure for your new company.  Usually the easiest to form and the most applicable for a new company is Sole Proprietorship.

5.  Domain and Website

Registering the right domain and creating a professional website is one of the most important things you can do to get your business off to a good start.  Not too long ago, it cost thousands of dollars to register a domain and create an effective and professional website.

Fortunately today, new companies can create a website for their new company for less than a twenty dollars.  Check out godaddy cheap domains and a very easy to use website builder.

What are your must haves?

This list is only a start…Below give me your ideas and responses.