Starting a business can be challenging but preparing yourself is the best way to set your business for success. Review these three important tips as you prepare to take on the entrepreneurial path.

1. Understand the legal aspects of starting a business

You will have to touch base with federal, state, county and city officials to get the proper licenses and permits for your business. Make sure to do your research on the rules and regulations as they can vary by locations.

2. Understand your numbers

What is it going to take to inject and start your business and where will the money come from? Take a look at your projected monthly operating budget and your pricing model. Once you have those ready, the SBDC will be happy to assist you on the next step which is creating your break-even.

3. Understand your competitive advantage

How are you going to solve your customers’ problems? Are you going to be faster, better, quicker, more effective? Identify these qualities and add them to your business model. These qualities are what will make you stand out in the market so make sure you and your employees have a clear understanding of what they are.

Starting a new business can be an exciting and rewarding time. Make sure you take these extra step to learn the correct path for a solid business foundation to start and succeed.