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Road Map to “Effectively Start a New Business”

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When you consider some of the most popular reasons to start a business, including having a unique business idea, designing a career that has the flexibility to grow with you, working toward financial independence, and investing in yourself — it’s no wonder that small businesses are everywhere and also make  sure you follow all of the necessary steps and start your own business from small and expand your location thereafter, after building clients.Starting a business is an exciting proposition, but it’s also an incredibly challenging undertaking. The resources in this section will help you learn about what it takes to start a business.

Step 1: Do Your Research

If you have already identified a business idea. Does your idea have the potential to succeed? You will need to run your business idea through following process before you go any further.

Before you start any business  some of the questions you should ask include:

  • Is there a need for your anticipated products/services?
  • Who needs it?
  • Are there other companies offering similar products/services now?
  • What is the competition like?
  • How will your business fit into the market?

Step 2: Make a Plan

You need a plan in order to make your business idea a reality. A business plan that will guide your business from the start-up phase through establishment and eventually business growth, and it is a must-have for all new businesses.

Step 3: Plan Your Finances

Starting a small business doesn’t have to require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit.

 Put together a spreadsheet that estimates the one-time startup costs for your business (licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, trademarking, grand opening events, property leases, etc.), as well as what you anticipate you will need to keep your business running for at least 12 months (rent, utilities, marketing and advertising, production, supplies, travel expenses, employee salaries, your own salary, etc.). Those numbers combined is the initial investment you will need.

Now that you have a rough number in mind, there are a number of ways you can fund your small business, including:

  • Financing
  • Small business loans
  • Small business grants

You may find that a combination of the paths listed above work best. The goal here, though, is to work through the options and create a plan for setting up the capital you need to get your business off the ground.

Step 4: Choose a Business Structure

Your small business can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. The business entity you choose will impact many factors from your business name, to your liability, to how you file your taxes.

You may choose an initial business structure, and then re evaluate and change your structure as your business grows and needs change.

Step 5: Pick attractive name and Register Your Business Name

Your business name plays a role in almost every aspect of your business, so you want it to be a good one. Make sure you think through all of the potential implications as you explore your options and choose your business name,logo for your business, create business cards, Create nice email and website for your business.

Don’t forget to register your domain name once you have selected your business name.

Step 6: Get Licenses and Permits

Paperwork is a part of the process when you start your own business. There are a variety of small business licenses and permits that may apply to your situation, depending on the type of business you are starting and where you are located. You will need to research what licenses and permits apply to your business during the start-up process.

Step 7: Choose Your Accounting System

Small businesses run most effectively when there are systems in place. One of the most important systems for a small business is an accounting system.

Your accounting system is necessary in order to create and manage your budget, set your rates and prices, conduct business with others, get income tax number and file your taxes. You can set up your accounting system yourself, or hire an accountant . If you decide to get started on your own, make sure you consider these questions that are vital when choosing accounting software.

Step 8: Set Up Your Business Location

Setting up your place of business is important for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location.

You will need to think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing.

Step 9: Get Your Team Ready

If you will be hiring employees, now is the time to start the process. Make sure you take the time to outline the positions you need to fill, and the job responsibilities that are part of each position. The Small Business Administration has an excellent guide to hiring your first employee that is useful for new small business owners.

 

After setting up business let’s look on other steps and click on Marketing tab under business to find out next step.

 

Source : Internet

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