Essay --

People all around the world have dreams of opening a business by creating a service, or product that is consumed by customers. Opening a new business requires a lot of hard work, patience, and extensive planning in order to operate a successful and legal business. However, before a person attempts to open a business, they must be sure they are up for the challenge, and they must be guaranteed that they have the right tools, personality, and experience to be a successful entrepreneur. Pick a mentor that owns a business who can give you advice. They can advise you of things you never knew, or things you should be aware of. Having this kind of person can save you a lot of trouble, and encourage you on the way. When opening a business you must have motivated, strong-minded, and goal oriented people that will provide the proper effort, planning, organization, funding, and structure of the entire business. To begin, creating a business plan for your company is essential for the future of y our company, and how it intends to create revenue 3-5 years down the line. It is the most important step, and the first step of beginning your business. A business plan is an essential roadmap for business success; it is a formal statement of a set of goals for your business, the reasons they should be completed, and how you plan on reaching those goals for further success. Your business plan should contain an executive summary. An executive summary includes what you want out of your business, where you plan on taking it, and why it will be successful. Also, if you are seeking financing to get a loan, an executive summary is a great way to grab the investor’s interest. It shows the investor your intensions with your business, the structured guidelines... ..., it must be registered with the appropriate authorities in order to maintain everything legal. This process is knows as â€Å"Doing Business as† (DBA name), which is a business that is named something different than your personal name. â€Å"For example, consider this scenario: John Smith sets up a painting business. Rather than operate under his own name, John instead chooses to name his business: â€Å"John Smith Painting†. This name is considered an assumed name and John will need to register it with the appropriate local government agency.† (www.sba.gov) Not all states require registering a business under â€Å"DBA†, which is why it is imperative to conduct precise research. Generally, every business must have an Employer identification number, which is used to identify the entity of a business. In order to be assigned an (EIN), you must apply for one. One way to apply is online.