Starting a Biz, but more than a little lost
Noclue:
Hi Ben. Frankly, I see little benefit for you in incorporating or forming an LLC. Those entity forms are great for limiting liability and selling partial interests. For your needs, they're overly complicated at this point. Go with a sole prop until you're farther along. You can always change that later.
You really shouldn't be worried about registering your trademark at this point either.
You need a business plan! It doesn't need to be fancy or long, but failing to plan is planning to fail.
Business plan should have at least the following:
Market information, segmented into target customers and best channels to communicate with them.
Costs of using these channels.
Competitive Analysis comparing your product with others out there. Who is your competition and how do you differentiate your offering? What price point makes sense for your product in the market.
Detailed estimates of production and administrative costs to see what profit margin you can reasonably achieve.
Projected income and expenses. How many units do you need to sell to break even after all the costs? How long will it take to get there? What will it take to hit your profit goals? Don't forget to figure what your time is worth to you when you're calculating costs.
Seth M. Drebitko:
Something I would suggest is googling how to start a business in [insert state you live]. Most states have resources to take you through the process, and I know NY has a little guide to let you know what type of filing fits you best.
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