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Business Registration Time!

Hello everyone!

I hope everyone is having an amazing week!

As we continue on with our entrepreneur journey, we will now walk you through what you need to register your business.

To recap from our previous discussion, we went through the different types of business strucutres, which includes:

• Sole Propritorship

• Partnership

• Limited Liability Company (LLC)

• Corporation (C-Corp or S-Corp)

Why is it important to understand the different business structures? Well, the first step to registering your business is to first select a legal structure.

Once you have chosen a business structure, it is time to name your business! When you're naming your business, keep in mind that it is available and that it isn't already trademarked by another company. To check this, simply head over to U.S Patent and Trademark Office (USPTO)'s website.

As you have chosen your business name, the next important step is to apply/obtain an Employer Identificatin Number (EIN). An EIN is simply a ID assigned by the Internal Revenue Services (IRS) that identifies your company; this is important as you will need this to file your business tax returns, obtain business loans, apply for business bank accounts, etc. To apply for an EIN, head over to the IRS website.

Lastly, after you have received your EIN, to operate legally make sure to apply for business licenses and permits your business needs as you face legal consequences for not doing so. Common licenses can be

• Professional license

• Health and Safety

• General Business license

• and many more!

If you are having trouble determining what licenses and permits you need to run your business, one of the great resources is to reach out to the Small Business Administration (SBA) for support!

One more thing to keep in mind is that depending on the state you are in, you may be required to register your business to the state.

And there you have it! You are one step closer to launching your small business!

In the next post, we will cover a few more critical steps we need to take before officially opening your business.

If this information has been valuable to you, follow for more!

[mintmastery]

Types of Business Structures

Before registering your business, we need to understand the different types of business structures.

Here is a brief exaplaination of the main types of business structures:

• Sole Propritorship — one person is the owner of the business and is responsible for the day-to-day operations of the business. They have control over the business (including profits) and are liable for the debt of the business.

• Partnership — two or more people are the owner of the business, and they share the profit and loss as well as liable for all the risks within the business.

• Limited Liability Company (LLC) — a hybrid business structure that has characteristics of both a partnership and of a corporation. The owners are protected from personal liability where their personal assets are protected if the business faces bankruptcy or lawsuits.

• C-Corporation — this strucutre is seen as a complete seperate legal entity to its owners. The corporation can make its own profits, pay its own taxes, and is held legally liable should things go wrong.

• S-Corporation — this is another type of corporation where it offers limited liability for its owners, similar to a C-Corp, but it is different in terms of how they are both taxed. C-Corps faces double-taxation (via profits and dividends earned) while a S-Corp allows profits to be passed through to their personal income of owners without facing corporate tax rates.

Now you know the main types of business structures, but how do you pick the one that is right for your business?

When you are selecting your strucutre, you should consider

• what your long-term goals for your company?

• how many owners there are?

• the number of employees that you’ll need to hire to operate efficiently.

• how much funding you require?

• how risky your business is?

As there are many factors to consider when selecting the business structure that is best suited for your company, it is best to seek an attorney or a tax professional for advice.

Like always, thank you for reading and follow for more!

[mintmastery]

Creating a Stellar Business Plan

In our last two posts, you should now have a business idea in mind. What happens next once you have found your business idea? It's time to create a business plan!

Business planning is vital for small businesses, as it helps determine the direction of your company's growth, goals, market analysis, and operational plans.

That said, when you are creating your business plan, it should consist of the following components (listed in chronological order):

• Executive Summary — a summary of your business plan which should be written last.

• Business Description — this section focuses on providing an overview of your company (the legal structure, history, mission statement, vision statement, values, and goals).

• Product and Services — a description of your product or service you provide, defining unique features.

• Market Analysis — this is where you conduct an analysis of the industry/niche you operate in (provide information about your competitors, target market, etc).

• Sales and Marketing Strategy — outline your promotion and pricing strategies.

• Customer Segmentation — a deeper analysis of your target market which includes information about their needs, demographics, and purchasing behavior.

• Organization and Management Structure — outline the organization structure of the company (the roles of your management team).

• Logistics and Operations — provide information about the quality control, production process, facilities and technology/equipment used to run the business.

• Financial Plans — an overview of the company's financial.

There you have it! These are the main components of a business plan, and hopefully by the end of this post, you will know how to craft a stellar business plan!

If you still need support, be sure to check out the SCORE and the Small Business Administration (SBA) as they offer a treasure trove of resources.

Be sure to check out our next post as we will walk you through the next step of your entrepreneurial journey! Follow for more!

[mintmastery]

Looking for Advance Readers!

Hello Everyone! :)

I hope everyone is having a great day! I’ve recently written a book on starting a business. It’s been a labor of love over the past several months but I’m glad to say it’s finally been completed.

I would love to give away the free PDF copy to anyone that would want one. All I would ask for in return is some completely honest feedback of your thoughts on it. There really are no strings attached.

If you would like a completely free PDF copy of my new book then just comment below or drop me a personal message and I’ll get it sent over to you as soon as possible.

Thanks!

[mintmastery]

Happy Sunday everyone!

As we mentioned in our last post, to get going with your business, we need to have an idea. But how do we find that idea? We need to research the market, fulfill a pain point, and ensure it is aligned with your passions and skills.

Okay, you found your business idea, but now what? We have to validate your idea!

It is important to validate your business idea before dedicating your resources, time and energy. Here are a couple ways to validate your business idea:

• Gather customer feedback.

• Conduct a financial feasibility analysis — determining your return on investment (ROI) when investing into your business idea.

• Develop an Minimum Viable Product (MVP) — presenting a prototype of your product to a group of individuals that may gauge their interest.

By validating your business idea, we can ensure that there is a need for your product/service, and it will reduce the risk of wasting your resources, energy and time in an idea that won't work.

In our next discuss, we will talk about what to do next with your business idea! Follow for more! :)

[mintmastery]

Hello everyone! As we mentioned in our last post, the first step of becoming an entrepreneur is to develop the right mindset so we can achieve long-term success by becoming more resilient to overcome challenges and setbacks, and embrace lifelong learning. The being said, the next step of starting a business is to start to conceptualize your business idea. How can we do this? Well, to do this, we can start by simply

• identify your interests and skills/strengths.

• find a problem to resolve or a need to fulfill.

• research your market thoroughly by understanding your target audience and the market your are competing in. By doing some of these things, we will be able to come up with a business idea that you are passionate about as well as resolving a problem within the market. Please note, when you are developing your business idea, it does not have to be completely unique. You can take an existing product or service and improve upon it — an example is Netflix improving upon the idea of renting DVDs and turning it into one of the largest streaming services today.

[mintmastery]

Welcome!

Hi everyone!

Welcome to my blog! Mint Mastery Publications is based in Canada. I created this blog to share my knowledge (educational and entertainment purposes only) to others in helping others to achieve their goals.

Fun facts about me is that I am an INFJ, and I enjoy spending my time writing and going out on adventures. :)

Feel free to send me any questions. Hope to hear from you soon!

[mintmastery]

Importance of an Entrepreneur Mindset

Are you fed up with your 9-5 job, feeling burnt out, and tired of giving up your precious time working for others living paycheck to paycheck? It's time to take control of your life and start your own business! What if you don't know where to start? Well, did you know the first step in starting a business is to develop a growth mindset — with the right mindset you will be able to achieve long term success since you are more likely to be resilience and embrace life long learning. To build the right mindset, here are three tips and tricks to reframe the way you think and help you get started on your entrepreneur journey: • Practice mindfulness and Start to visualize your success — while you mediate, visualize as if you already have achieved your goal.

• Change the way you speak to yourself — rather than saying "I can’t do this" change your thoughts to "I can't do this yea, but if I keep on practicing I can do this".

• Daily journaling — document your progression is a great way to see how far you've come! And there you have it! To start a business, we must first develop the right mindset as we will face many challenges and setbacks along the way. By creating the right mindset, this will help us overcome limiting beliefs — changing from "I can't do this" to "I can create a business", and become more resilient along the way.