The dream of starting your own business in the United States can entice entrepreneurs. However, turning that dream into a reality can be a daunting task.
So how can you launch a successful operation in the U.S.?
If you want to put yourself in the best position to achieve your goals, consider following these simple, actionable steps to help advance your project.
Perform Market Research
The first thing any entrepreneur should do when starting a business is to perform market research. This step will demonstrate to the prospective owner or investor whether or not a market exists for the good or service they are looking to launch. The market research will also provide insights on the ideal location to market any given product or service.
Market research provides the entrepreneur with valuable information about potential customers and clients and knowledge of the competition they face. They can also surmise what pricing structures, advertising methods, and so forth will or will not work.
Craft a Business Plan
Next, the entrepreneur should develop a business plan that will serve as the roadmap for their business. This written document lays out all information about the operation and answers any question that a prospective investor may have to provide direction for how the company will operate under various contingencies.
A well-written business plan includes information about the structure of the business, how it will be financed, information about the market, and organizational structure, details about products and services, a marketing and sales plan, pricing information, and more. While entrepreneurs may consider writing their business plans, they should also consider teaming up with outside professionals to complete this all-important step.
The next step in getting your business off the ground is to secure the funding needed to start the operation in the first place. Through your market research and business plan development, you should know how much money you will need to get the business going.
Armed with the knowledge and aligned with what is spelled out in your business plan, you will know if you can launch the business with your own money or if you must secure funds from other investors or take out loans. If you’ve done your work with the business plan, you’ll be well-prepared to know precisely where to turn to get the startup costs covered.
Establish Your Business
Next, you’ll want to establish your business by giving it some tangibles. This step includes selecting a location for your business, establishing a name for your enterprise, and refining your company's business structure.
By choosing your operation’s location and naming it, you genuinely start to bring your project to life in a way that allows you to establish a presence that can connect with potential customers. Of course, the location and name you select will aim to further connect you with as many potential customers as possible and, as such, will rely on your previous market research.
Cover Legal Bases
When launching your business, a final but crucial step is covering all of your legal bases. This step includes registering your business, securing tax identification for your operation, and obtaining all required licenses and permits so that you can operate from the start.
Entrepreneurs and business owners are advised to consult with attorneys who can help ensure that they meet all legal requirements before opening their doors to customers. This step will provide peace of mind for the operator knowing that no outstanding legal matters await them while facing all the challenges of launching a successful business.
Don’t Try to Do It Alone!
You should never try to start a business in the U.S. without getting input from experienced professionals. Unfortunately, far too many entrepreneurs fail because they think professionals cost too much money, aren’t helpful enough, or don’t think they have enough time to get help.
Here at Visa Business Plans, our team of professionals has helped thousands of entrepreneurs launch successful operations in the U.S. So, if you want to learn more about how we can help make your and your business a success story, call us today!
Visa Business Plans is led by Marco Scanu, a certified coach from the University of Miami with a globally-based practice coaching Fortune 1000 company executives, entrepreneurs, as well as professionals in 4 different continents. Mr. Scanu advises clients on turnaround strategies and crisis management.
Mr. Scanu received a bachelor’s degree in Business Administration (Cum Laude) from the University of Florida and an MBA in Management from Bocconi University in Milan, Italy. Mr. Scanu was also a Visiting Scholar at Michigan State University under the prestigious H. Humphrey Fellowship (Fulbright program) with a focus on Entrepreneurship, Venture Capital, and high-growth enterprises.
At present, Mr. Scanu is the managing partner and CEO at Visa Business Plans, a Miami-based boutique consulting firm providing attorneys and investors with business planning services in the areas of U.S. and Canadian immigration, SBA loans, and others.