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Have you ever thought about starting a business? Maybe youve got an amazing idea that you just have to bring to the world. Or, maybe youre tired of working for others, and want the freedom and control that comes with working for yourself. Whatever your situation, theres one thing you should know: Building and growing a business is hard work. But doing so is much easier when you have a template or system that walks you through it all. Below is a simple, step-by-step guide to help you start your business. You dont have to follow these steps in exact order, and you may not even need some of them at all. But this guide should give you all the basics you need to get your product or services on the market, and a solid foundation you can build upon. So, here we go. Identify a problem that needs a solution Everyone needs help. Whats something you love to do and would enjoy helping others get better at? Do you enjoy technology? Are you a great communicator? Do you make pottery? As you encounter problems doing your thing, think about how you could share solutions with others. Alternatively, you could simply be observant. Maybe you see other business owners, or even family and friends, who all have the same problem. Think about how you can solve that problem. Start small Starting a business is hard. It might take a while to make enough money to support you or your family. So, if youre already employed, consider starting your business on the side. A side hustle can be a great way to practice, hone your craft, and experiment before you go all in. You could work a bit in the evening, on the weekend, or on your day off. Consider it your hobby. On the other hand, you might be forced into working for yourself. If thats the case, give it your all and dont look back. Find more customers Once youve exhausted your current network (friends, family, current or former colleagues), youll need to find more customers. Talk to anyone and everyone about your new business. You dont have to sell; just share what youre doing. If youve focused on solving a real-world problem, some of the people you share with will have that problemor, know someone who does. In the beginning, consider working for free. You can tell the potential client or customer youre doing this for a limited time to help refresh your portfolio. Also consider reaching out to others who work in a similar industry and ask for advice. Of course, you dont want them to view you as competition. Depending on what youre offering, you might focus on people in a different geographical area, or in a slightly different niche. Or, if the niche or industry you work with is large enough, you can offer to take on work from bigger players who are maxed out, or even consider subcontracting for them. Practice, in publica lot Even if youre already an expert in what youre selling, youre bound to experience imposter syndrome; thats human nature. (Multiply that feeling exponentially if youre still learning to do the thing.) Thats why sharing what youve learnedand are continuing to learnis so helpful. It gives you the chance to: Show and sharpen your skills. Get free feedback. Grow your network. Attract clients. With this in mind, look for opportunities to share examples of your work. Collect pictures or sample and build a portfolio. Start a blog or website, or a YouTube channel. Share what youre making on social media. The other advantage in doing this is showcasing your face and your personality. After all, people do business with people, not with faceless companies. Double down on the good stuff The more work you do, the more youll start to identify: What youre especially good at What resonates with others What gives the biggest return on investment (for you and them) What you enjoy most As you do, try to work on projects that balance satisfying all four of these. As you do, your work will start to spread. In time, youll have more freedom to choose the work you want to do most. Choose a name In the beginning, the business is just you. But in time, you might consider choosing a separate name for your business. The right business name can make more of a difference than you think. The more the name stands out and the easier it is to remember, the more people will be to talk about your business. And word of mouth advertising is the best kind of advertising. (Hat tip to Creator Science founder Jay Clouse for teaching me much of this.) Try to choose a name that: Is easy to remember (and say) Is different or unique Resonates with you Want to test out your business name? Youll find a free name evaluation test (and more naming tips) at Eat My Words. Decide on a business structure. Ok, things are starting to move; your business is starting to do well. If you havent started thinking about a structure for your business, you definitely want to start. Your business structure will impact many things, including whether or not you hire employees and how you do so, to what type of income tax return you file, to how much of your personal assets are at risk. In the U.S., business structures include the following: Sole proprietorship Partnership Limited Liability Company (LLC) Corporation (includes C corporation, S corporation, benefit corporation, and nonprofit corporation, among others) The benefits, protections, and risks of each of these can be complex. So, take your time and seek advice as you make a decision. Write a business plan A business plan is a document that outlines a companys goals and strategies. It can serve as a roadmap for how your business continues to grow and develop. Wait a second, youre thinking. Ive gotten this far without a business plan. Do I really need one? The answer is, it depends. Some business owners never write an official business plan. However, taking time to think through exactly what you want to achieve with the business, along with how you plan to achieve it, can help you reach those goals more quickly. And since clear writing leads to clear thinking (and vice versa), a business plan is usually a good idea. Of course, your business plan can be more formal or informal, depending on why youre doing it. If youre planning to stay small and just want help setting goals and staying on track, a more informal businss plan will likely serve your needs. On the other hand, if youre planning to pitch to potential lenders and investors, youll need a business plan thats more refined, and youll likely want help writing it. (You can read more about what a business plan entails and how to write one here.) Register your business Depending on your business name, your business structure, and where your business is located, you may need to register your business. For example, if you conduct business as yourself and you use your legal name, there is likely no need to register. However, in other cases you will need to establish your business as a distinct legal entity. Further, business registration can support your goals of protecting yourself against personal liability and make it easier to get certain tax and other legal benefits. Dont worry, registering your business isnt as hard as you might imagine. For most small businesses, it simply involves filling out some forms and submitting them to state and local governments. (You can read more about business registration in the U.S. here.) Get a Tax Identification Number After registering your business, you should consider applying for an Employer Identification Number (EIN). An EIN is your business tax number; its like a Social Security number for your business. Youll need it to pay federal taxes and hire employees, to open a bank account, and to apply for licenses and permits. (You can read more about EINs and apply for one on the official IRS website here.) State tax ID numbers are handled on the state level. You can learn more by checking the official website of the state(s) where you do business. Secure a business license and permits Depending on what your business does, and where, you may need a combination of licenses and permits from government agencies, either on the federal or state level, or both. In addition to obtaining the proper licenses and permits, youll want to make sure to keep them currentrenewing licenses and permits is usually easier than applying for a new one. (You can find more information on licenses and permits in the U.S. here.) Open a business bank account Depending on your business structure, you may need to open a business bank account to stay legally compliant and protected. And even if youre not legally required to do so, a business bank account will provide separation between your personal and business finances. Additionally, some business bank accounts offer perks that you may not get with a standard personal bank account, like a larger line of credit or a business credit card. When looking for a business bank account, you could check with your personal bank if you have a good experience with them. Or, you could shop around to see which bank offers the best rates and/or the specific perks youre looking for. Be sure to research or ask ahead of time which documents youll need to open an account, which may include, but not be limited to, your Employer Identification Number (or Social Security number if youre a sole proprietorship), formation documents, business license, and other documents. Get help One thing about being a business owner: You have to wear a lot of hats, especially in the beginning. Youre the executive team. The production, marketing, sales, finance, and research and development departments, all wrapped up into one. Eventually, though, you may be in a position to start hiring specialists to help you manage your ever-increasing workload. You could start by hiring specialized freelancers or agencies. Or, you might search for an assistant who can handle a variety of tasks. In time, you may even want to hire your first employee(s). That will bring a whole new set of questions and complex considerations. To get help, you might consider partnering with a Professional Employer Organization (PEO). As long as your business has its own registered entity and fits other requirements, a PEO can work with your business to co-employ individuals and offer a wide range of HR services such as payroll, benefits, tax filing, workers compensation, and business insurance. No matter how big or small your business, hopefully this guide will help you begin to navigate the complexityand help turn your business idea from dream to reality. By Justin Bariso This article originally appeared in Fast Companys sister publication, Inc. Inc. is the voice of the American entrepreneur. We inspire, inform, and document the most fascinating people in business: the risk-takers, the innovators, and the ultra-driven go-getters that represent the most dynamic force in the American economy.
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It’s August, and horror and humor came to play.In a month that’s long been known to let edgier movies thrive, Zach Cregger’s highly anticipated horror film “Weapons” did not disappoint, topping the box office during its debut weekend with $42.5 million domestically from 3,202 theaters. It made $70 million internationally.The film’s success also handed its distributor, Warner Bros. Pictures, the seventh No. 1 opening of the year, and became the studio’s sixth film in a row to debut with over $40 million domestically.“Freakier Friday,” Disney’s chaotic sequel to the 2003 classic, “Freaky Friday,” took the second spot during its premiere weekend, earning $29 million in 3,975 North American theaters. Lindsay Lohan and Jamie Lee Curtis return, this time for a double body-swapping between the mother-daughter duo and Lohan’s teen daughter and soon-to-be stepdaughter.Viral marketing tactics, coupled with strong social media word-of-mouth, boded well for both films’ success, said Paul Dergarabedian, senior media analyst for the data firm Comscore.“The top two films could not be more different, and that’s what makes this weekend so appealing for moviegoers,” Dergarabedian said. “Both are perfectly tailored for their audiences to react in real time over the weekend to these films and then post on social media.”“Weapons” transports audiences to the small town of Maybrook, where 17 kids up and leave their homes at 2:17 a.m., leaving bewildered parents in their wake. The town is left to navigate the lingering effects of trauma through horror, paranoia and a touch of existential humor.The film is Cregger’s follow-up to his solo directorial debut with the 2022 genre-bending horror, “Barbarian.” That critically-acclaimed film had a slower start and smaller budget, but still topped the charts during its premiere with $10 million domestically and made a splash in the genre.“Weapons” generated a lot of buzz for its strong reviews (95% on Rotten Tomatoes).“The internet’s exploding right now between Friday and today. You just see that people are having a great time with it,” said Jeffrey Goldstein, president of global distribution for Warner Bros. “It starts with an exceptional movie, an exceptional marketing campaign, and the date was exceptional too.”The success of the comedy-horror double premiere meant “The Fantastic Four: First Steps” surrendered its two-week run in the top spot and landed in the third position, bringing in $15.5 million domestically. The superhero movie enjoyed a strong $118 million debut, but stumbled in its second weekend.“The Bad Guys 2,” which got a healthy start at the No. 2 spot during its premiere weekend, came in fourth place, earning $10.4 million domestically. “The Naked Gun” had a similar fate, reaching the fifth position with $8.4 million in North American theaters.“Jurassic World Rebirth,” which came in seventh this week, is expected to hit $800 million globally by Monday, according to NBC Universal, following a successful run in theaters.Warner Bros. started off slow this year, but made a comeback with the box-office hit, “A Minecraft Movie,” which opened with $157 million domestically. Since then, movies like “Sinners,” “Superman” and now, “Weapons,” have found success.The studio set “a blueprint to how to create a perfect summer lineup,” Dergarabedian said.“Weapons “also joins a stream of successful horror movies this year, its opening numbers coming in just behind “Final Destination: Bloodlines” and “Sinners.” Top 10 movies by domestic box office With final domestic figures being released Monday, this list factors in the estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Comscore: “Weapons,” $42.5 million. “Freakier Friday,” $29 million. “The Fantastic Four: First Steps,” $15.5 million. “The Bad Guys 2,” $10.4 million. “The Naked Gun,” $8.4 million. “Superman,” $7.8 million. “Jurassic World Rebirth,” $4.7 million. “F1: The Movie,” $2.9 million. “Together,” $2.6 million. “Sketch,” $2.5 million. Itzel Luna, Associated Press
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E-Commerce
Authorities overseeing the development of artificial intelligence in Indonesia have proposed a “sovereign AI fund” to finance the archipelago’s ambitions to become a regional hub for the fast-growing technology, a government document showed. Last month, Reuters reported that Southeast Asia’s largest economy would release its first national roadmap on AI in a bid to attract foreign investment as it looks to join the global AI and chip-making race. The race has seen neighbouring Malaysia secure billions of dollars from global tech firms seeking to build critical infrastructure to meet growing demand for cloud and AI services. The Indonesia strategy, released in the form of a 179-page white paper seen by Reuters, recommends, among other things, a sovereign AI fund mainly handled by the country’s new sovereign wealth fund, Danantara Indonesia, which controls over $900 billion in assets. Danantara Indonesia did not immediately reply to a request for comment. The paper did not specify the amount that would be needed, but estimated a 2027 to 2029 timeline to set up the fund, and a public-private model to finance Indonesia’s AI push. It also suggests increasing fiscal incentives for domestic investors in AI, without providing details. The strategy paper, which the communications and digital ministry said still awaits public feedback before the final draft, maps Indonesia’s computational readiness for AI and makes recommendations for AI-related policy strategies until 2030. “Indonesia right now is in the early stages of AI adoption,” the document reads. Industry players including Chinese giant Huawei and Indonesia’s biggest technology company GoTo contributed to the report. An April report by the Boston Consulting Group said ASEAN nations were positioned for substantial AI-driven gains, with GDP contributions ranging from 2.3% to 3.1% by 2027, and Indonesia could see the highest impact in terms of absolute gross domestic output growth. The roadmap also details challenges for Indonesia, including a lack of talent, low research funding, uneven connectivity outside big cities, risks of misinformation, and data leaks. Global tech companies have courted the AI drive in Indonesia, including Nvidia and Microsoft. Stanley Widianto, Reuters
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