5 Things to do before you start your business!
Benchmarking
Benchmarking is a tool that businesses use to compare the performance of their processes and products against businesses considered to be the best in their industries. Benchmarking allows a business to refine their practices and thus increase its overall performance. Generally, benchmarking can be broken down in the process, performance, and strategic benchmarking.
Name Selection/LGO
Finding the right name for your startup can have a significant impact on your success. The wrong name can do worse than fail to connect with customers; it can also result in insurmountable business and legal hurdles. In contrast, a clear, powerful name can be extremely helpful in your marketing and branding efforts.
EIN & LLC/CORP
An EIN is needed by any business that retains employees. However, non-employers are also required to obtain one if they operate as a corporation or partnership.
Not sure whether you need an EIN? Review this guide from the IRS. If you answer yes to any of the questions in the list, you need to apply for an EIN.
As your business grows, be sure to visit the IRS website and its resources for a complete list of who needs an EIN.
4. Identifying Target Audience
Your target audience refers to the specific group of consumers most likely to want your product or service, and therefore, the group of people who should see your ad campaigns. Target audience may be dictated by age, gender, income, location, interests or a myriad of other factors.
5. Sales vs. Services
The main difference between sales and service is that sales involve various activities that are carried out by agents working for a business, with the purpose of selling a product or good, whereas, service aims at helping or supporting a customer throughout the process of buying a product, in order to fulfill their needs.
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