20/03/2018
STARTING A BUSINESS
Now that you have an idea of what is involved in becoming an entrepreneur, it is time to investigate what starting a business entails. The following section will provide you with fundamental information to help you plan your new business.
THE 10 STEPS TO STARTING A BUSINESS
The following 10 steps are provided to help you familiarize yourself with the process that you are about to begin. Don’t be intimidated by the number of steps that must be taken before starting your business. The more you can plan and prepare yourself before you start, the better your chances of success once you open.
1. Develop an idea you would like to investigate.
2. Research your business idea. Conduct a feasibility study to determine whether or not this idea could turn into a viable business. Is there a need for your idea? Will people pay for your product or service? Are there enough customers to sustain a business over time? How do you expect your competition to respond?
3. Find out if there are any regulations that could prevent you from starting this business or that will hamper your success in this business.
4. Do a skills and lifestyle audit. Is this the right time to start the business, or do you need to upgrade some of your skills before you get going?
5. Write a business plan. Talk to a lawyer and accountant about protecting yourself and your assets.
6. If you decide to go into business, decide on the most appropriate structure. Register your name if necessary.
7. Identify a business location. Open your business bank account and arrange financing.
8. Organize your office, accounting, filing and client contact systems.
9. Develop promotional tools to set yourself up for effective selling.
10. Enjoy the experience.
You may find that the steps you take to start your business follow a different order. That is the interesting part of starting a business; each entrepreneur has a different experience. The key is to make sure that you are properly organized before you begin so you can concentrate on developing your products and establishing a customer base rather than wasting time wrapping up last minute details.
guides you from creation to filing of tax returns.
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