Over the years, many Blockchain-inspired projects have paved their way in many industries such as Banking & Finance, Tourism, Healthcare, Law Enforcement, Voting, Real Estate, Supply Chains, and many more. Major large companies such as HSBC, Walmart, Barclays, Pfizer, Siemens, Maersk, Etihad Airways, Mastercard, FedEx, Microsoft, IBM, Overstock are adopting Blockchain. Additionally, the Blockchain companies such as Ethereum, Bitcoin, and EOS have reached millions in market cap.
However, we already have a system in place that performs nearly the same functions that Blockchain offers. So what is Blockchain’s USP?
1. The start to the endpoint of transactions are solved, verified, approved, and added by the network’s users, also referred to as nodes.
2. Blockchain is Digitized, meaning the framework runs digitally through the Internet.
3. Blockchain is Decentralized; hence, it eliminates the need for middlemen and intermediaries.
4. It is Immutable; consequently, it cannot be tampered.
5. The data stored on Blockchain is time-stamped.
6. Blockchain is Cost-efficient and Faster.
7. The network is Secure and Private.
8. It maintains Anonymity.
9. Blockchain creates Trust and Transparency in the system.
10. Last but not least, Blockchain has Smart Contracts.
Blockchain technology usage can enhance productivity and efficiency in the management of projects, information, and finances. Every type and form of Business transaction and service can benefit from Blockchain technology.
So if you have the perfect Business opportunity, and are willing to take the next step towards Blockchain. The first thing you must remember is that “Rome wasn’t built in a day!” Likewise, building a Blockchain Services Business requires meticulous planning, effort, and time.
In this blog, we have put together a Step-By-Step Guide To Start Blockchain Services Business
1. Plan your Business
As Antoine de Saint-Exupéry said, “A goal without a plan is just a wish”. Similarly, research, planning, and strategizing are the key to the success of your Business. These components will help you map your Business journey. Thorough and diligent research can help you discover and learn the odds that you may have missed out otherwise.
You can consider the following topics:
- You Can Consider The Following Topics:
- Establish, Define And Design Your Brand – Your Blockchain Service Business.
- Create A Business Website And Social Media Presence, For Your Customers To Reach And Connect.
- Define The Services That You Are Going To Offer.
- Design A Framework For Your Blockchain Business Application.
- Identify And List The Target Audience And Market.
- Incorporate Blockchain Solution Into Your Business Plan, Including Costs, Revenues, And Profit Projections.
- Study The Cost Involved In Starting A Blockchain Service Business.
- Learn The Ongoing Costs Of Running A Blockchain Service Business.
- Design A Revenue Model For Your Blockchain Service Business.
- Know Your Risk Tolerance, Strategize And Act Upon It.
2. Create a Legal Entity
It is crucial to establish your Business structure type, such as sole proprietorship, corporation, partnership, and LLC – limited liability company. Forming a legal Business entity such LLC will safeguard you from personal accountability when the company faces trouble like litigating.
3. Business Licensing
Licensing is crucial in Business; otherwise, it can result in significant fines or the worse – shut your Business. To operate your Blockchain Business service, you may require necessitating the acquisition of state permits and licenses.
4. Filling out Taxes
You will have to register with a number of state and federal taxes before commencing your Business. You will need to apply for an EIN in order to register for taxes. Furthermore, the taxation options depend on your Business structure; for instance, LLCs may benefit from being taxed as S corporation.
5. Business Insurance
Obtaining insurance is important for your Business to function safely and lawfully as it protects the company’s well-being. There are various types of insurance policies designed for Businesses to mitigate associated risks, such as General Liability Insurance, Worker’s Compensation Insurance, etc.