Farrell: The nuts and bolts of setting up a business
Over the last few years with the struggling economy that has impacted so many, there have been a significant number of people starting new businesses, out of necessity or otherwise. Starting a new business can be extremely rewarding but is not without its challenges.
Prospective new business owners need to have a full understanding of the service or product they plan to offer, but even then, understanding how to set up the structure of the business itself can be confusing and intimidating. Knowing some of the considerations that go into making this decision, such as choosing the correct business entity, understanding owner agreements, and appropriate financing options, are essential foundation points.
Before addressing the logistical steps and the legal decisions that are required in taking those steps, the first need is to determine whether you have a business model or just an idea. A useful definition of a business can be found in Josh Kaufman’s book, "The Personal MBA."
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