Starting a business in Massachusetts is a huge undertaking, and at the same time, it’s like to draw a winning ticket. Yes, to get your business off the ground it will take all your courage and self-determination, time and energy. Yes, running your own company isn’t always fun and cool, sometimes it will be troublesome and exhausting. The good news is everyone who has an idea, willing to work hard, and choose the right place — everyone can launch his/her own business.
Launching a business consist of several parts include drafting a business concept, writing a business plan, planning the financial side, pitching, and marketing. Today we speak about the very first steps of starting your own enterprise.
How to start a business in Massachusetts
The first thing you should do before starting anything is asking yourself why you want to start your own company, what does it mean for you: money, fame, or a lifetime project? When you find out your true motivation, it will be easy to move on. Then you search for interesting business ideas and finally got yours. So, what will be the next step?
Before writing a business plan, you should make a concept for your business — it will help you to not confused with positioning or your business strategy in the future. A business concept is a part of a business plan with the difference that the first one consists basic information that is better to thought out at the very beginning of your entrepreneurial path.
In the business concept you have to describe such things of your business:
- Positioning is the image associating with your brand you want to put in your customer’s minds.
- Mission — this is the stable core purpose of your business. Here you have to explain why you started this.
- Vision is the description of what you do to achieve the Mission of your company.
- Values. Every brand should be built on values — the essential principles that help you connecting with your audience and running your business.
- Voice is how your brand talks with the clients and what is it represented.
- Objectives are the business goals you want to obtain within a year or another time period. It changes all the times.
- Strategies — ways that will help you to achieve your objectives.Tactics are the specific programs that will help you to implement your strategies. You can change your tactics according to a situation.
How much does it cost to open a business
To estimate the costs you need to learn the specifics of cost categorizations for startups. There are two types of spendings for a business that hasn’t income yet: expenses or capital expenses.
Expenses include tax-deductible costs (payroll, rent and office supplies, marketing materials, travel, etc.) and initial organizational costs (state incorporation fees or legal fees). Capital expenses are the one-time costs of buying assets like property, equipment, inventory, vehicles.
Frankly speaking, in Massachusetts, we have significant fees of registering LLCs: $500 for the formation fee and $500 for the annual report fee. And the state filing fee for incorporation is $100 extra for each 100 000 authorized shares over 275 000 (this won’t apply to most startups).