4 Step Action Plan to Start a Business after Setback

Many people dread going back to work after they have suffered an injury. They may have received compensation, but they may not be able to go back to their old job due to injury. Starting your own business with the compensation received may seem like an attractive idea for many. While this is certainly possible, you do need to be careful and do your research before jumping n with both feet. There are number of steps you need to take care of before you can open the door for business. The 4-step action plan described below will help you alleviate some of the jitters associated with starting a business.

1. Think About the Type of Business You Want to Run

Many people wish to start their own business because it allows them to be their own boss, make their own hours, and work where they choose. If you have suffered from a serious injury that has changed your life and your mobility, you may decide to invest in a new business and partner with the right people who can do most of the work after receiving your instructions. Another option would be to start a business from home and then run it online from your home office, where you can have everything you need without having to worry about a daily commute.

2. Write a Business Plan

Writing up a business plan is the first step that you need to take when you are serious about setting up a business. This will include sections that cover your executive summary, company description, market analysis, organization and management, service or product line, marketing and sales, funding request, and financial projections, along with an appendix.

As you can see, you will need to do a lot of research and writing before you settle on a business idea that works for you, whether you want to open up an online business, you want to become a consultant or contractor, or you want to open up a new retail location.

3. Get the Money You Need

It takes a lot of money to start a business the right way, and you have a few ways to access that funding. For example, you can apply for a small business loan, invest your own money into the company, collaborate with partners who can also submit their funds to get the business off the ground, start a crowdfunding campaign, and apply for grants.

4. Register Your Business

The next step would be to properly register your business, whether you want to operate as an LLC, corporation, or sole proprietorship. You will need to fill out the appropriate paperwork to register your business’s name and get your business license. If you are planning on running a business in which you will be hiring employees, you will need an Employer Identification Number (EIN). You will also need to get your EIN if you are going to register your business as a partnership, corporation, or LLC.