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Start your business right with these first 2 steps

Forming a business may have been a dream for you since you were young, and it's important that you get the start you need to get your business moving and growing. The U.S. Small Business Administration (SBA) loves to see entrepreneurs start their businesses and it published 10 steps to start your business the right way.

At the very beginning of these steps are two vital components to starting your business. They are research and your business plan. Here's more about these two first steps that you should take.

Market research's benefits can't be overlooked

Market research tells you all about the opportunities that exist for your business. You need to know your market to understand if you can have a successful business where you are and with what you want to sell or provide to the public. You'll look into businesses already operating around you and use the information gathered to decide on how you can develop a competitive advantage over other businesses around you.

Getting the right business plan matters

After you do research, it's time to develop a business plan. It's the foundation of your business, so you need to spend time developing it well. This plan is what you can use to convince other people to work with you or invest in you. Without it, you'll struggle to obtain financial backing.

Business formation begins with these two steps, and they're the core of any business's structure. Start with these and really focus on getting them right, since they will impact all parts of your business in the future. A good source of guidance is an experienced business formation attorney.

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