Starting a business is a challenging task that requires a certain optimism, imagination and perseverance. While studying in school and preparing for your career, it’s a smart idea to consider preparing for your own business and being your own boss. This idea can also flourish into a part time job that can help pay for college fees, or it could lead to your first full time job post college. Wearing the hat of CEO isn’t easy, but it’s attainable if you seek help from others who have wisdom on the do’s and don’ts. Here are some important and key initial steps to consider: 

1. Know the business in and out. Whether you want to sell homemade sauces, offer tutoring services to younger kids or start a dog walking company, you should know your product or service, the market you have and the competitors. Think about the talents you currently have. Are you a painter? If so, you could offer personalized crafts. Are you a musician? If so, you could teach others or play at formal events. Briefly and simply describe what your business consists of, what need or market it serves and who your potential clients are.
2. Create a business plan. A guide or roadmap focused on your business idea, the market and how you plan to reach your objectives, will not only help you open and face the challenges that exist in a business but also maintain it. Additionally, it will allow you to focus on your idea, see the path ahead and communicate it to potential investors. Agile start-ups only need the description of the proposal, what is needed, finances and potential clients. 
3. Assess the need for financing and look for it. The business plan you created will help you. Many entrepreneurs initially use their personal credit card to fund a business, but there are actually business credit cards, like Chase’s Ink Business Cash Card, that can help meet your needs while earning rewards like cash back on business purchases. In the beginning, you may start off asking for financial support from friends and family, or simply by using the money you’ve set aside. If you’re looking to obtain a business loan, you can work with a bank or through the Small Business Administration. Alternatively, there may be public and foundation subsidies where you can do crowdfunding. You’re never too young to start preparing for a bigger and brighter future. 
4. Determine the legal structure and register your company. This affects your tax obligations and legal liability. Some options include sole proprietorship, or Unipersonal Company — one owner is responsible for the debts; partnership –if there are more than two people; corporation — to separate personal responsibility from that of the business; LLC — or Limited Liability (the most common). Seek legal assistance to determine what structure is best for you and your business. Consider whether you should have an employer identifier number among other things to keep tax obligations separate, and this is done through the IRS. Seek help from local organizations that are built to assist entrepreneurs, as well as speaking to other local business owners who you may frequent their business. People are more willing to help when they see you also have a vision and motivation. 

For more information and tips on how to start and manage a business, reach out to your local Chase bank where you can learn more about your personal situation and be better equipped to launch your business. 

For informational/educational purposes only: Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy.