The exciting world of cryptocurrency is here to take you on a journey of algorithms, stat charts, fluctuations and market caps like no other. The decentralised blockchain that awaits your business could take you from a competitor in the market to a leader and pioneer in payment methods that are set to become a norm in the near future.
What is blockchain?
Blockchain is a decentralised system that records information based upon investments, deposits and withdrawals in a way that is impossible to change, hack or alter within the system. It is a system that is managed by multiple users at a time and therefore does not have one centralised owner who takes control of the system’s cryptography.
Blockchain is an essential ledger that provides transparency to a world where the tracking and tracing of money is sometimes left in the dark, with fraudulent behaviour, corrupt dealings and even cheated systems all contributing to the lack of transparency in the distribution of funds around the world.
Blockchain is seen by many of its investors as a way forward for all monetary transactions to be handled digitally with a tracking route that is as clear as the light of day. With this digital currency method in place, e-wallets are thought to be the founding steps towards currency of the future.
Some of the hottest blockchain technologies on the market include Bitcoin, Ethereum, Cardano, Polkadot, Ripple, Dogecoin and SHIBA INU. Each with a market cap set in place and a soared peak in interest based upon the smart contracts implied by the e-wallet providers respectively.
Many companies including iGaming casinos, automotive companies such as Tesla, media and communications companies as well as the health and education sectors have begun to accept different forms of cryptocurrency as a method of payment.
Here’s how you can start a blockchain business with 6 easy steps:
1. Get your business plan in complete running order
Once you set yourself up with an optimised business plan, you will be able to envision the perks and benefits of your blockchain company. Thinking about what you can offer your market will be your guiding light in the success of your business. Here are a few aspects to keep in mind:
- What costs will you need to manage in the opening of your blockchain business?
- How will these costs affect your business and your users?
- Who will you be targeting as your niche market?
- How will you make your business profitable?
- What will your blockchain business name be, what will you stand for?
2. Form a legal entity to meet all standards
Whenever you start a business for profit, you will need to register yourself under a business structure. Some of your choices include becoming a sole proprietor, a company formed on partnership, a corporation or a limited liability company (LLC).
4Sight Top Tip: be sure to seek legal advice from an attorney who is knowledgeable or specializes in blockchain technology.
3. Make sure you register for taxes licenses and permits
Much like with your legal registration requirements including licensing and permits, you will need to speak to your specialised attorney on the taxation restrictions and requirements that you will face as a blockchain business owner.
Working with a team of accountants and legal advisors who will keep you up to date with any changes in their highly popular, yet still new to the scene industry, will make sure that you are always meeting your taxation requirements, completing the right forms and documents and paying what is due for you to run a legitimate business.
4. Get yourself a business bank account and accounting plan
Apart from managing your accounting and taxation logs, you will also want to open a business account to ensure that you are benefiting from the most beneficial rates and margins in your business.
A business credit card will also deem itself an asset in your business, so enquire with your bank of choice on which plans and credit cards you might want to start using for business reasons.
4Sight Top Tip: avoid using your personal credit cards for business needs, this will put your home, car and other valuables in jeopardy if something were to go wrong with your business.
5. Get a good business insurance plan
Insurance could be your saving grace in any business, and with a fresh industry such as blockchain, you might want to get your business insurance running in full gear before you open your enquiries to the public.
Take a look at your options and make sure that you opt for full coverage for you and your workers.
6. Define your brand strategy and communications
Whenever you start a new business, branding, strategy and communication tools always come into play. Make sure you conduct thorough market research and suss out what your competitors are doing, what the target market is after and how the industry will react to your arrival.
At 4Sight, our branding experts and developers can help you create the technological aspect for your new blockchain concept, present your brand, communicate with your audience and represent yourself with digital marketing tools and strategies.
The world of blockchain is fast growing and highly engaging to an elite market whose efforts and investments in the industry are determined to see an ROI. The right tools, techniques and technologies will help your blockchain business soar and reach incredible heights.
Contact 4Sight today to get started!