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Tips for starting your first company

The day has finally come when you are ready to take the first step to becoming your own boss. Starting your own business has been the goal since you took your first college course. However, opening a business in San Diego can be difficult and even stressful. You have to balance your ideas for operations with legal requirements and the other nitty-gritty while working toward making a profit.

After jumping through various hoops to get a start-up off the ground, many young entrepreneurs think back and say, "I wish someone had told me this" or "I wish someone had told me that."

Keep your head in the game

While you may be tempted to grab at every opportunity that comes your way, these might cost you. Stay focused on your mission and goals and do not let those seemingly endless opportunities distract you from what you set out to accomplish. When you have your company running like a well-oiled machine, it might be time to start considering another project.

Don't spend too much too soon

In order to keep your business running, you have to maintain a certain amount of liquidity. This means you should keep the spending to a minimum until you see some real profits. Keep overhead low and make sure you have a strong and steady cash flow. You may have to start small with a one-room headquarters for the first months or years before you can move into the top floor of a downtown high-rise.

Start simple

In the beginning, it is unlikely you will have an investor falling over to give you an unlimited source of capital. If you need large amounts of money to get your business off the ground, you need to rethink your strategy. Start things small and work your way up. Investors put down money to make money. That means that it is unlikely someone will invest in your start-up until he or she feels confident that the return on investment is worth it. You have to be able to prove your success before you can raise capital and take your company to the next level.

Choose the right people

Sometimes success can hinge on the people you surround yourself with. If you plan on bringing in a partner, be sure he or she is a good fit for your company and its goals. You want your partners, advisors and even your legal team to share your vision and to contribute in unique and successful ways.

If you are considering starting a business, the above tips can help you get things off the ground. In addition to these strategic moves, be sure to research California business law and the legal requirements that you have to meet in order to start your company. If you fail to file the appropriate paperwork or obtain the right licenses, you may find yourself dealing with some serious legal hurdles.

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