Check yourself if you are ready to start:
- Ensure that you possess the discipline to maintain a schedule
- Ensure that you are ready for financial difficulties until you business will gain more profit
- Ensure that you can be more creative and responsible
- Ensure that you possess necessary skills and knowledge to be successful in chosen business
- Ensure that you can be more flexible in your work and family schedule
- Ensure that you are ready for different challenges and adventures
- Ensure that you prepared to respond quickly to the needs of your business
- Discuss proposed business with your family
- Ensure the needed amounts and sources of money required for business start up and initial operating expenses until you start earning a profit
What to do first to start a business:
- Define the products or services you will provide.
- Ensure that market has a need for what you will provide
Order or make yourself a quick marketing research or market overview to ensure that demand is big enough to make your business profitable
- Research who are your competitors
- Define what is your competitive advantage
- Develop your marketing strategy
- Create business name, logo, symbols
- Preliminary decide your operational requirements
What is required for business - equipments, premises, warehouses, vehicles etc.
- Preliminary decide staff requirements
- Seek management advice and counseling to define taxation available for your type of business, research what legal documents are required etc.
Use service of professional advisors - an accountant, an attorney, an insurance broker, a real estate agent, etc. Apply for appropriate state and private services - local Small Business Development Center,the Small Business Administration, trade associations, local chamber of commerce, professional business consultants
- Check with the local government regarding any special business regulations, sales taxes, personal property taxes and zoning restrictions affecting your business.
- Decide upon the legal structure of the business
- Decide finances required
Develop a financial plan and include profit and loss projections. Decide if you have enough resources to adequately support your business until you will make a profit.Decide what type of financing your business will need and what financing options are realistic for your situation.
- Elaborate business plan for loaners if loan is required.
A business plan should outline your background including your vision, mission, goals, strengths and weaknesses, explain your positions, which achievements you want to get and how you plan to get them. A well-written business plan must be completed before seeking any form of financing. It should include proper pricing strategy, management team , operational plan, staffing plan, marketing plan, financial plan.
- Register business with the appropriate...
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Identify your liability risk and obtain adequate insurance coverage.