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When thinking about starting a business there are many topics to discuss The first step in starting a business is the business plan Business owners must think about their financial status They must consider how they plan on financing their business It is essential to study all the legal issues that they might come across Another thing to think about is do you want your spouse helping you with your business Entrepreneurs are faced with many issues but they must overcome every issue to make their business run successfully What is the purpose of a business plan and why is it an essential first step for a start-up firm A business plan is basically the backbone for a business It will state clearly what kind of business youre starting An entrepreneur can test their business to make sure it will work before starting it You can save money and time if everything goes right the first time intuit 200 Intuit Incltwwwintuitcomgt When an entrepreneur wants to start a business they must consider their business type the legal structure getting a license or permit the location they want if the business will need a checking account or if it will need a business phone line Entrepreneurs who need a loan will need a business plan to prove that their business will generate enough revenue to cover their expenses The most important part of a business plan is the cash flow The plan usually changes over time due to business development Planning is the key factor in the success of any business SBA 2004 SBA online ltwwwsbagovgt the failure to plan adequately is one of the quickest ways a business fails What are some of the sources for financing There are a lot of different ways to finance your business Business owners can use a savings account a bank home equity loan venture capital firms from family or friends When using a savings account it
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