Partnerships are formed through the negotiation of an agreement between the partners (assisted by a lawyer usually), and each individual partner is liable for his or her share of profits, losses, or liabilities. Partnership – A partnership simply refers to the sharing of ownership between two or more people.government agency focused on supporting small businesses Go to source This option can be attractive for a small business due to its ease of formation, and due to the complete control it provides. As a result, all profits, losses, debts and deeds of the business are your responsibility. Sole proprietorship – A sole proprietorship is owned and run by one person, and there is no legal separation between the individual and the business.If you are considering another legal structure, you may wish to consult a lawyer who specializes in new business start-ups and who can help you pick the structure best for you. Most small businesses are sole proprietorships that are the easiest to set up and require the least paperwork. This will have implications for how you file taxes and how much you will need to pay. A financial plan: This would outline how you will finance your business, what your expected costs are, and projections as to your revenue.ĭetermine the legal structure of your business.

It would include, for example, how you plan to develop the product, a timeline, and people and equipment required.

An operations plan: This will describe your operations on a day to day basis.

A marketing plan: This should describe how you plan on addressing the needs of your market, how you will communicate with customers, and how you will advertise your product.

Identify who your major competitors are, who your target market is, and the preferences and needs of your target market.

Market research: Market research is critical, as it describes the nature of the market you are entering into.

Your business concept: The focus here is on describing your business and the market for your products.

You can find more details about how to write a plan here, but you will want to include: This is a strategic plan that will guide you in achieving your goals for the business.

Write a plan that describes the purpose of your business, product, branding approach, market audience, product competition, and financial needs and plans.

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