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New business owner can take several steps toward success

People who have come up with a new business idea in Maryland might be in a rush to start their endeavors. After all, they may naturally be excited and eager to start making money by growing the new business. A few initial steps may put one in the best position to succeed in the market.

A person would be wise to expect to have to make an investment in the business upfront. Even for a service business operated from home, a person can expect to have to cover the cost of a quality website and logo, along with professional fees and technology requirements. These costs can easily add up.

It’s also helpful to realize that it may take a couple of years to establish a business. Marketing -- which involves traditional public relations, social media, blogging and email newsletters -- can help with this. These tools can be useful while a person is trying to establish a brand.

Individuals also will need to sell themselves when starting a new business. They additionally must be flexible enough to handle a wide variety of business functions, such as finances, service/product development and marketing. A willingness to evolve is also necessary, as many businesses change as time goes on. Prior to embarking on a business endeavor, it is wise to engage in entity formation by setting up the business as a limited liability company or corporation, for example. Doing so can offer asset protection and tax liability reduction benefits that may help a new business owner to thrive in Maryland.

Source: forbes.com, "Five Things To Check Before You Start Your Own Business", Kristi Hedges, Aug. 15, 2014

Source: forbes.com, "Five Things To Check Before You Start Your Own Business", Kristi Hedges, Aug. 15, 2014

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