1. Prove Your Market
The first and most crucial step to take whenever you’re thinking of starting a business is to first prove your market. Too often, many a would-be entrepreneur tries to go all in and build a business without first taking the time and effort required to conduct proper research.
Proving the market is essentially gathering evidence that your business will be successful. You want to make sure you do this before you invest further time and money into the startup, so that you save that capital should the market prove not to exist.
With a printing business, you want to ask yourself the following questions.
Is my location too saturated? Are there too many printing locations in this area?
Does this area have easy access to printing materials and equipment? Or will it be prohibitively expensive to start the business?
Have any competitors gone bankrupt in this location? Is that a sign that this area is not able to sustain a printing business?
Once you have the data gathered to prove that yes, your location of choice can and will sustain a business, then you can start to operate and move full steam ahead.
2. Choose a Legal Business Structure
The next big tip is to choose the right legal business structure. In order for you to be a legal entity in the eyes of the government, you have to be incorporated as a business. There are many different legal structures that you can take on.
An LLC, or Limited Liability Company, is one of the most popular business structure types. This is because it allows for multi-person ownership while also limiting the liability of personal assets should the business go under.
For more complicated ownership schemes, a C Corporation structure may be more appropriate. However, it’s important to keep in mind that a C Corporation is taxed at a heavier rate than less complicated structures, such as the LLC, sole proprietorship, or partnership.