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Create Key Business Assets

It’s a well-known fact in the business world: Your company assets are only as good as your ability to protect them. This is especially true where intellectual property is concerned. Whether it’s your company name, logo, latest invention or best-selling product, it’s imperative that you take certain steps to secure your ownership rights. In this step of the 10 Steps to Open for Business, we will explore seven types of key assets.

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Select a Business Structure

“To each his own,” as the expression goes. The same holds true for business structures—there’s no universally “right” structure for all businesses. Choosing the best one depends on the specific needs you and your business have. Before setting up your company, it’s important to understand all the options available to you—in particular, you’ll want to evaluate the advantages and disadvantages of each business formation, paying special attention to the tax implications and government formalities.

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Create a Business Plan

In our experience, the process of creating and writing a business plan is as valuable as the end product itself – a document that will provide the priorities, context and sanity you’ll need as you start up your business. Just remember that the most important audience for a business plan is YOU! You’ll be forced to be accountable to all of the statements, claims, stats and facts inside of it.

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Choosing a Business Model

Thanks to technology, there are more business models to choose from than ever before. Today you can start a business part-time or full-time, at home, online or in a brick-and-mortar commercial location! The key is to choose a business model that fits your Life Plan. This will ensure that you spend the right number of hours each week, take the right level of risk (some models involve more risk than others), are practical in terms of your financial wherewithal, and gain the kind of satisfaction and success you’re after.

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Create a Life Plan

Some of the most successful and happy people we know are entrepreneurs who created a business that’s in perfect synchronicity with what they want out of life. If you do what you love, you’ll work harder, better and more happily. In this step we will focus on: elements of your Life Plan and using your Life Plan.

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