Question

Through the generosity of an unknown benefactor, you have been given $50,000 with the following laughable requirement: start a business in 90 days. You know there are several types of options available to you, most of which are quite frightening…yet strangely invigorating! Although you’ve never really given it much thought, the idea of beginning such an endeavor does have a familiar tone to it. The business must be operational by June 1st.

Your challenge now: what kind of business and what are the first steps? Where do you go from here?

Answer 1

After selecting the industry, the first and foremost thing is to understand the industry in which you want to open the business so that you can dominate the industry.Considering the target consumers is the next big step because profits are earned only after consumers are satisfied. Next step in starting the business is selecting the legal structure of the company.The most common form of legal structure is limited liability company.Proper registration from the government is also needed. Mapping up the finances is the next major step as one cannot start a business without funds.Hirinh help in the business operations is the next big thing needed which should be done after proper research.Assistance on the legal side is very important.