STARTING A NEW BUSINESS If you want to start a new business or a small business at first you want to take huge decision. At first you want to make a business plan. Developing a business plan requires a lot of time and energy, but it’s invaluable for one primary reason — it forces you to come to terms with your business idea. You must decide how you will generate income, what your expenses will be, who your competitors are, and most important, WHAT YOUR BUSINESS DOES. It doesn’t have to be formal or long — just a few pages is fine. But try to cover the basic sections, especially if you expect to make a pitch to investors or lenders. These sections should include an overview of the business. This may seem obvious to you now, but write it down. Think about it. What sets your business apart? What service do you offer that is superior or unique? What’s going to put you ahead of the competition? There are some plan for make a business: Build up 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. Those plan is like that 1. Invest money 2. Name of the business 3. Make a business Map 4. Get you business license and permits 5. A business Location 6. Insurance of the business 7. Create a account system Invest 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 $100,000 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 of the business: What's in a business name? 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. Make a business Map: 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 you business license and permits: Starting a small business requires the 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 employer identification number(EIN) which is also used by state taxing authorities to identify businesses. Additional paperwork can entail sales tax licenses, zoning permits and more. A 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. Insurance of the business: 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 a account 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.
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