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Wednesday 13th of December 2017

Tips and tricks for starting a business PDF Print Email
Business - Entrepreneurs
Written by: Matt Bacak   
Wednesday, 10 August 2011 13:15
Use this comprehensive checklist to strategy each step of your new company and transform your dream of entrepreneurship into reality. These actions may not necessarily be completed within the order listed; nevertheless, you can use them as a guideline for completing all of the necessary company startup tasks.


Use this comprehensive checklist to strategy each step of your new company and transform your dream of entrepreneurship into reality. These actions may not necessarily be completed within the order listed; nevertheless, you can use them as a guideline for completing all of the necessary company startup tasks.

- Determine what type of company you want to begin.
- Learn about the business for your company.
- Analyze the market for your company.
- Study your competition.
- Educate your self on running a business.
- Join trade associations.
- Name your company.
- Perform a trademark search.
- Register a domain name.
- Style a website.
- Acquire a logo.
- Figure out company structure (sole proprietor, partnership, or corporation).
- Evaluate your individual budget.
- Write a business strategy.
- Write a advertising strategy.
- Locate financing.
- Create a list of start-up supplies with budget.
- Set up a system for accounting and payroll.
- Apply for company license, fed tax ID, fictitious business name.
- Choose a location and set up shop.
- Order signage.
- Acquire business tools (computer, printer, fax, postage, office supplies, and fixtures).
- Order company stationery (business cards, letterhead, brochures).
- Obtain inventory.
- Create an operations and employee manual.
- Hire employees.
- Set a launch date.
- Plan a grand opening event.
- Send announcements to everyone you know.
- Send press releases.
- Turn on the OPEN sign!
- Revisit your company plan and update frequently.
- Evaluate your marketing technique often.
- Prepare a realistic business plan.

Believe of this as your business road map. Define exactly where you want to get to with your company and then you are able to successfully map out your path towards achieving your goals!
By making a detailed company strategy you need to cover all options and eventualities and have a clear future vision which will guide you through the rest of the start-up processes.

- Your company strategy ought to encompass the financial considerations of starting your small or house based company:-

Do you've the capital needed?
Do you should raise additional funds?
Who are you going to approach for finance?
Who do you trust for advice?
And don't forget to open a business bank account...
- Consider the legal implications of becoming a business owner and proprietor.
Are you much better off as a sole trader, a limited company or are you considering a partnership?
Make sure you consider all the angles and protect your self and your assets personally from the outset.
Anything you bring to the company has to be itemized, valued...even if you are a sole trader.
And make sure you're professionally covered with the appropriate company indemnity insurances.
- Get your family members and friends behind you from the get-go.
Make sure your family and friends are fully understanding and supportive of your suggestions to venture into small business start-up.
Do they understand the level of commitment you will have to show for on-going and long term success?
Their belief in you and continued support of you will work wonders towards your on-going success, so do not forget to look out for them too.
- Protect your family, protect your company.
If, God forbid, some thing had been to occur to your well being, how would your company survive, how would your family members cope?

Consider insurances - from health, crucial illness and income protection insurance to life insurance - and think about your pension and lengthy term monetary security.

- Face those 'taxing' questions from the start.
Your little or house based company has to think about its taxation situation.
Do you need to register your business for sales tax purposes; have you informed your tax office of your business's inauguration?
Do you have a great tax professional lined up to guide and help you?

The bottom line when it comes to taxation is that from the outset you need to make sure your papers and books are in order, this will save you time, cash and heart ache within the lengthy run.

- Prepare realistic and achievable objectives and targets for your initial year.

Do not anticipate to conquer the world with your initial year's company returns.
Beginning a company is a life changing undertaking and 1 you need to be patient with. The rewards are there, but make certain you set your self achievable targets - whenever you reach them they will provide you with the confidence and satisfaction to set new goals and to continue building your business' success.

 
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