The name is a small tongue in the cheek, because starting a business is not easy. It requires a lot of hard work, commitment, sufficient capital and attention to detail to get a business off the ground these days. When I decided to start my own planning and project development, I tried my best to find a good beginner’s guide that would make all of this in a logical order. I could not find anything in the library, in which all stages were clearly indicated without much confusion and filler. Therefore, mainly due to frustration, I decided to write one good article on this subject based on my experience and make it available to others. So far, I think I just scratched the tip of the iceberg and at the best made a contour with bare bones, but I hope that it will accomplish what I intend to help others navigate in the right direction.
Before you spend one penny to start any business, first talk with several experts and decide whether entrepreneurship is right for you, especially in the area in which you are going to go. Go to your local library or search Google and Yahoo for your company on the Internet. Be attentive and study every aspect of creating a new business in your chosen classification. This will give you a good basis from which to decide whether you want to pursue it. Starting out usually happens more money than coming, and usually you work long hours without a fixed salary. Make sure you include your spouse in this decision. If both of you are not passionate about it, and are just looking for a stable salary, think again. The bottom line is that you need to like what you are doing, and you need to be dedicated and focused, or you will fail.
Assess yourself honestly and make a pro-and-con list of business ownership. What do you share with successful entrepreneurs? Are your financial reserves large enough to carry you in the first year? Do you have access to capital from banks or investors to take you through rough times? Do you have the technical and managerial skills necessary to run a business? Can you treat your customers and your employees? No one can cover all the bases, so consider all the ways you will have to compensate for your weaknesses by transferring these things to competent subcontractors or employees. Maybe you are a good artist, not a keen business man, so team up with someone who can deal with left-brain things or vice versa.
Since I live in the United States, this guide is intended to eliminate the procedures required in this country. If you live in Canada, Europe, South America, or anywhere else in the world, this article may not be particularly relevant to your specific situation or address specific conditions in your region. In this case, please use this as a general planning guide to familiarize yourself with some of the tasks and commitments required by most enterprises to launch a successful enterprise in this country. Most likely, if you can start a business in the United States, you can start it anywhere. Choose relevant information related to your business and ignore the rest. For example, the sequence of steps outlined in this article is ideal for most enterprises, but you can find options for your business from the norm in accordance with your specific circumstances. You can even ignore some steps altogether, but in general; most of them should be useful in the order in which they are listed for planning your business.
Assuming that you have done your due diligence, self-esteem, and you still passionately start your business, here's how you need to do it.
1. Spend a detailed feasibility study your planned business. Describe your typical customer profile, your product or service, and your local competitors. Identify your suppliers and their loan requirements. Determine your prices, employee requirements and labor rates for you to be competitive. Include in your assessment of your banker and any criteria for credit and credit rating. Prepare a marketing plan that lists all advertising, display and advertising expenses and how your budget will allow you to use them to reach your market. Think smart ways to get the word out without breaking your bank account.
2. Record or outsource the full and detailed business plan using the information you received from the feasibility study. Write your vision and do it. Select key management personnel and list their skills and responsibilities. Create your team. You will need a good lawyer, an accountant, a banker, an insurance agent, an office store, an Internet Service Provider (ISP) and a reliable car. Take the time to meet in person and interview your team members and create a network of supporters from your friends and acquaintances. Include as much detail as possible in your business plan to describe your company and its activities, its management team, its goals and objectives, its resources, core values, products or services, competition, market share, financial information, and realistic cash flow forecasts. , sales and service of debt. Be as detailed as possible; the better your planning, the better your chances will be to secure funding and manifest your dreams. A well thought out business plan is essential for any successful effort.
3. A key part of your business plan should financial situation , List all initial and repeat expenses, you will need to pay when you open your door. This will include office supplies, rent, accounting, utilities, a coffee maker, perhaps a water cooler, tables, chairs, wardrobes, furniture for conference rooms, trash bins, computer workstations, reception, telephone system, security system etc. This is a variety of ways to finance your business, from using your personal credit cards, from your savings, securing bank loans, personal loans from friends and family, or lines of credit. If you can work in your home office for the first few years, which I recommend, then your startup costs will be much less, and you may have more tax and cash write-offs to pay as they are received.
4. Decide how you want structure your business , Visit a tax attorney to review your options, and then choose the one that best suits your needs. A budget is an amount for these expenses because it is important for the tax liability of your business and should not be overlooked. There are three options: individual entrepreneurship, partnership and incorporation. Each has its advantages and disadvantages in terms of liability and tax implications. Starting with you, you can work as an individual entrepreneur for the first few years and then take on a partner or turn it on. At present, the structure of limited liability corporations (LLC) appears to be growing in popularity for many entrepreneurs and is easy to implement. You may need to complete a fictitious name registration in your state and obtain a license for a city business license.
5. Choose a good one name for your company and then check the availability of the name for the appropriate domain on the Internet. Also search Google and Yahoo to find out if you have competition in your market. You can also make a recently updated automatic name lookup report (NUANS) that will compare your name choices with an extensive database of other business names to verify its uniqueness. Any reserved name is usually valid only for ninety days. If you intend to include it later, contact the State Department of Commerce where you intend to include it in order to receive your name. Define a list of the best categories for your Yellow Pages, and if you want to be on top of the competition, choose a name that alphabetically gives you the advantage of placing at the top of the list, especially if your business depends on phone contacts.
6. You can choose incorporate in any state you desire because of taxes and privacy. Delaware and Nevada have become very popular among start-up companies due to privacy laws and cost savings. If you want to do business in Canada, you will also have to register in each province, which will increase your expenses. Although you do not need a lawyer to do this for you, it is always recommended to consult one of the planning stages to make sure that you are making the right choice for your business. There are many online resources that can help you gather legal information, such as legalzoom.com, do-it-yourself-legal.com, etc. Your own forms can also be sent or faxed to you from the state office or downloaded from the Internet in most cases. Some forms can be completed and registered online, and usually a small fee is required for submitting an application, but usually this is easy and convenient.
7. Contact the Internal Revenue Service (IRS) office in your region or on the Internet to apply for employee identification number (EIN) if you plan to have employees. This will not be necessary if you work as an individual entrepreneur. Your accountant or accountant can better inform you about the details of this step, but the possibilities are good, you will have to regularly calculate tax payments for both federal and state taxes. Make sure you expect these and any other recurring expenses in your cash flow forecasts.
8. If you expect collection sales tax on your products or services, contact the appropriate agency in your city or country for the correct procedure and registration procedure. Once again, your accountant or accountant can better advise you about this when you set up accounting and books. Choose a good accounting program if you plan to keep your own books, preferably that will be compatible with your accountant software. You can save money by storing your own books, and then bookkeeping fill out your quarterly reports and tax returns.
9. Most major municipalities require business licenses and work permits especially if you run a business from your home. Cities and counties often have strict requirements regarding parking, fire protection, disabled access, and zoning rules that determine how your business may affect your area. If your business is carried out only by appointment and does not depend on traffic, you are best suited for a home business operation.
10. Development of basic marketing package for your business according to your business plan. This should include your Yellow Pages list, a company listing brochure with a fare sheet, a press kit, voice mail with a lady and a voice with a professional website with search engine optimization. Your company's identification package includes business cards, letterhead, and a logo. Your press kit should include current press releases, photos with photos, recommendation letters, customer reviews, satisfied customers, business leaders and suppliers, articles, business journal photos, your biographical sheets and qualification statements for your key management team. the staff. You need to create a positive image and presence on social networking sites such as Linked-in, Twitter, Google Plus and Facebook. Your website should be polished with excellent content, easy navigation and a concise page to create a list of visitors. You will need to purchase and finance an autoresponder service to create your list and conduct advertising campaigns to create a repeat business.
11. Set up a separate account verification for each profit center in your business and savings account associated with each current account. For example, if your business has a retail product sales department and an installation service unit, keep them separate. Never combine private funds or income from individual enterprises with your regular business funds; have your personal bank accounts at another bank. Your bank will require your fictitious registration of the name of your state, your business license, your contact information, your social security number, your EIN number, or your corporate documents and documents. Your savings accounts must withhold your tax money for your quarterly payments, plus a small reserve to cover overdraft protection.
12. Acquisition of adequate liability and property insurance Consult with your insurance agent and review the optimal coverage you need for your particular business. You may need to insure a key person for key management personnel or bonds or complete insurance operations; There are many different types. If possible, place all vehicles and property under a millionth or larger zonal policy to get the most out of it and protection. If you intend to have employees, you will need Compensation Insurance and Unemployment Insurance. Depending on your business, you may want to cover yourself, even if you do not have employees. Be careful not to insure your business and create large expenses when you are just starting out. Be cautious and carefully assess your risk initially, because you can always add more attention later as your business grows.
13. Contact all potential suppliers and lenders and set up accounts with the most favorable credit terms and payment options. Provide documentation in which you collect sales tax, so you only pay retail sales or wholesale prices for goods and services. Take advantage of all special discounts and sales whenever possible from any source. Understand clearly the return policy of each supplier and supplier.
14. If you need a brick and mortar store for the correct image, and decide not to work outside the home, despite the tax advantages, you will need to choose primary location , Consult a good property seller in your area and visit the store for the best offer for a building or office. Lease your business. space for the best tax benefits. Make sure you have sufficient parking, good access, high visibility, solid waste disposal services and that your structure complies with building, fire and zoning codes and all other local ordinances. Your personal and professional image can be important for your business, so “dress for success”, as they say, and budget for a tasteful wardrobe, if necessary. In business, you never get a second chance to make a first impression, so make the proper effort to dress properly, give you a firm handshake, and provide the right eye contact.
15. Purchase office supplies and equipment as needed. Do not stockpile large stocks at the beginning until you are sure that you are going to stop. Rental tables, chairs, cabinets, filing cabinets, vehicles, conference room furniture, telephone system and computer workstations whenever possible. This will allow you to experiment, prioritize, evaluate and try before buying expensive furniture and fixtures. Security services should start at a level of bare bones sufficient to provide basic protection and increase as the business’s risk, impact and reserves increase.
So congratulations! Now you are aware of what you need to do, and all that is left is to go out and do it. If you follow this short guide, you will avoid many pitfalls and, I hope, develop a successful business that will flourish and serve you for many years.
