Essential first steps before starting any business

As you know, there are thousands of businesses you could start right now if you put your mind to it. More and more opportunities are emerging, thanks to good old-fashioned ingenuity of intelligent business owners/inventors and new technologies emerging in various industries. Yet despite the sea of opportunity, you need to ensure that you’re standing on good ground. Here are some essential steps before starting any business:

starting a business in 2016

Do a market research first. Knowing how to build and sell doesn’t mean you’ll have instant buyers. Start by researching your potential market. See who needs your offer. Is there a space for your product or service in the market or is the market already saturated? Is your market international? Can you define your ideal customer? These are questions that need to be answered before you consider starting a business.

Money matters. Starting a business means getting hold of a capital. Determine your current financial status, find out how much you need and how you will go about getting it. If you plan to seek financing or investor funding, start formulating your business plan and pitch.

Hire a good accountant. An accountant will work in determining the best form of ownership for your business. He will establish bookkeeping and other record-keeping procedures that will keep your business on track for years. Tax planning is also an important factor why you need a competent accountant.

Decide your business structure. Your choices include sole proprietorship, corporation or partnership.  Taxes, personal liability, paperwork and regulations differ greatly among different legal business structures. Your accountant will play a crucial role in helping you in this decision.

Create a good business name. Sometimes the business name is the foundation of a good company since it is how your business will be known to the world. Create a list of potential names and narrow it down to the one that will describe your company best in a few words.  It has to be easy to remember, catchy and easy to pronounce and spell. Consider how it will translate to a web domain name. See if you have a similar business name or domain name in the market.

Get necessary permits and licenses. You may need additional licenses along with your business license. Many professionals like real estate agents and contractors need to be licensed in the states in which they operate. Also, you may need licenses to produce and/or sell some products such as firearms, liquor, or even lottery tickets. Research all applicable licenses in your country or state.

Leverage on technology. Too often, businesses start off doing good, but fail later because they missed on new technologies. Startups should always have the latest technology in tow to keep processes fast and costs low. Cloud servers, isdn phone plans, printers, and other peripherals are necessary for a smooth-sailing business operation.

Of course, there are other crucial steps to getting a business off the ground, such as utilizing a website or finding a technical expert. However, by following the steps above, you’ll find yourself already in a business-ready standpoint.


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