Starting a small business requires determination, motivation, and
know-how. Here are the critical steps to provide you with the know-how
to have a successful small business startup:
Identify Your Business Opportunity:
Choosing what kind of business to start can be an immobilizing task
when confronted with the multitude of opportunities. It's important to
determine where your passions lie and to understand your personality
type. Yet, equally important is what skills you bring to the table and
whether you are entering a dying industry or a fast growing emerging
business.
Build a Business Plan:
For any start-ups, a business plan allows you to gain a better
understanding of your industry structure, competitive landscape, and the
capital requirements of starting a small business. A study mentioned in
"Business Plans For Dummies" by Paul Tiffany states that companies with
a business plan have 50% more profits and revenue than non-planning
businesses. Writing a business plan just makes good business sense.
Find Start-up Money:
To start a business, you must invest in the business. The journey of
finding start up funds will be different for each individual. Some
start ups such as consulting, requires a few thousand to get a website
and business cards whereas a retail store could need
N
200,000 or more.
Finding the money you need may come for a source you never thought of or
may just end up being the frugal bootstrap method.
Name Your Business:
What's in a business name? Everything and nothing. The right
business name will help distinguish you from a sea of bland competitors,
provide your customers with a reason to hire you, and aid in the
branding of your company. Learn what you need to know to find a name for
your business.
Choose a Business Structure:
Deciding on the structure of your business is not a decision to be
taken lightly. Whether you choose the popular LLC, a sole proprietorship
or form a corporation; your choice will have an impact on your business
liability, fund-ability as well as taxes due. Don't fret over your
ultimate business structure, because as your business evolves, so too,
may your structure.
Get Your Business License and Permits:
Starting a small business requires the mundane, yet necessary,
paperwork and regulations. Depending on your chosen business structure,
may need to register your business with the state authorities. Setting
up your small business may require an business identification
number given by C.A.C(Corporate Affairs Commission) which is also used by state taxing authorities to identify
businesses. Additional paperwork can entail sales tax licenses (FIRS), zoning
permits and more.
Set Up & Determine Your Business Location:
One of the multitude of tasks in starting a business is the setting
up of your office. There are many steps in office set up including where
to locate your office (home or office space), buying the necessary
office equipment, designing your work space and getting supplies.
Get Business Insurance:
As a new small business owner, you have the responsibility to manage
the risks associated with your business. Don't put your new start-up at
risk without getting the proper small business insurance to protect
your company in the event of disaster or litigation.
Create an Accounting System:
Unless you're a number person, the accounting and bookkeeping aspect
of running your business can't be avoided. Setting up your accounting
will help you understand the financials of running a business and help
you advert failure.Bookkeeping is extremely important in every business endeavours.
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