Many people think that to initially set up and incorporate a new business; it costs thousands of dollars. The reality is that it is not necessarily the case. If you have some time to research, read, and educate yourself, you can save some of the advisory fees from accountants, CPA’s and/or attorneys. Of course, engaging a professional in certain areas is always a good idea if you don’t have the time or background.
That’s it, about $350.00, and potentially, you are open for business. Of course, if you have a brick and mortar type of business, you have a long way to go, but at least this part is simple, and it should only take you about a week.
You can get a free website (wix.com) and a free email account if you don’t care about the domain name. However, I don’t recommend that because it provides no brand value to your business. Pay special attention to the content of the website and try to answer the following questions: What is this business all about? What can it do for me? How much do the products/services cost?
Once your are set-up and open for business the next step is to implement your business plan, further develop your marketing goals, KPIs and get sales!!. Having a mentor and advisor is also key during this early stages of business development, they can help you avoid costly mistakes.
