5 Things You Should be Doing Right Now To Start a Business in 2016

By the small business content developers at  BizLaunch.com.

If starting a business has been on your list for years, make it a priority in 2016. After all, you can continue to come up with excuses as to why you haven’t started a business, or you can actually start it and begin enjoying the perks of running your own company.

Don’t make lack of info an excuse either; here we’ve provided everything you need to know to start your business off on the right foot.

  1. Decide What You’ll Sell

You might already know exactly what types of products or services you want to sell, or you might just know you want to start a business. Now’s the time to do a little research to figure out what products you can offer that will be competitive in the marketplace. Do your homework to find out:

  • Who else is selling similar products

  • What gaps are missing that you can fill

  • What people are charging

  1. Consider What You Want Out of Business Ownership

Do you want to become an entrepreneur so you can get rich fast and retire? Or do you want to do something that you love every day? Understanding your motivation can help you find the best path to business ownership to fit your needs. Some possibilities are:

  • Launching a startup that you grow quickly and then sell

  • Starting a lifestyle business where you work part time to have a flexible schedule

  • Beginning a business while you’re still working, then quitting once you’re profitable

  1. Create Your Business Plan

Even if you will not launch your new business until next year, now’s the time to draft your business plan. You need to know your market, how you’ll run your business, and other important details to be organized before you start your company. That includes:

  • Product and promotion

  • Marketing strategy

  • Budget and finances

  1. Choose a Business Structure

Taking the time now to select the best business structure to ensure your personal assets and business are protected. If you apply for incorporation status now, if your application is approved before 2016, you can start the new year — and your new business — off under your new corporate structure. Your business structure options are:

  • Sole proprietorship

  • Partnership

  • Corporation

  • Co-Operative

  1. Think About Hiring

Even if you’re not ready to hire people, at least think about what your hiring plan will be. Will you run the business entirely on your own? Hire part-time help, or do so once you’re too busy to manage it all? Some hiring options include:

  • Interns

  • Freelancers

  • Part- or full-time staff

  • Third party companies, like a marketing firm

If you start your planning and research now, you’ll have less work to do in 2016 when you’re ready to launch your new business!

By Andrew Patricio

November 18, 2015