Basic steps to start a Business.

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I am tired of Paychecks. if you feel the same as I do, then the Best idea I would suggest is to start a business

Business. Most of People want to own a business. first of all, what is business? Any activity which involves buying and selling in a motive of profit or no-profit is Business. This is the definition I studied in my School. its correct.. but you need to define Business in your terms if you are gonna start a business on your own.

In my words, I define Business as 'Business is something which makes me financially free'. That means I need to give my debit/credit card (definitely not the credit card.) to pay for something I bought even without looking at the price of it. I will walk you through some simple basic steps to start a Business. stay Tuned...


Describe the Purpose.

First of all, as I said earlier. you need to know, why are you gonna start the business? ask this question with yourself. for most of them, it is to get away from paychecks. but others may have different reasons, some may need some extra money so they can start a side hustle. by Describing the purpose, you can identify which type of business is suitable for you. this is the first step.

Evaluate Yourself.




The evaluation depends on the Questions you ask. if you ask the correct questions related business, you can start progressing with the answers. I will state some of them so it will be easy for you.
- What skills Do you have?
- What is your Passion?
- Are you ready to fail?
- Will you be able to afford the cost of failure?
- What sort of lifestyle do you want to live?
- Will you face the Problems which will arise on your way to success?
- Are you ready to be an entrepreneur?
Be honest with your answers. these answers will be the foundation for your Business.

Create a Business Idea.

I will overly touch this step. this is one of the most important you should have and if you start a business without a plan am 100% sure it will fail. it is like building a house without a plan. Just think how will it be.

If you already have a business idea.. proceed with it. but if you don't have you can get an idea by reading this article “8 Ways to Come Up With a Business Idea,”

Do market research.


Are you ready with the business idea? start your fieldwork. start researching the market.
- How is the Market working?
- Who are your rivals?

You can start online research, surveys and etc. start asking questions from people. ask questions from people.
- Why do you want to buy this product?
- What areas would you suggest for improvements?



Make your Business official.

Get all the legal aspects early before someone else gets it.
  • Business structure (Sole Trader, Partnership or Corporation)
  • Business name
  • Register your business
  • Permits
  • License
  • Trademarks, copyrights or patents
Plan your Finance.


Even if you are gonna start a small business, it will require some funds to cover some initial costs,
  • Registering the business
  • Getting permits and license and etc
Anyway, you will be running your business for at least 12 months, you could get monthly cost involved,
  • Rent .
  • Utilities.
  • Travel expenses and etc...

It is better you plan it early in a spreadsheet for these aspects unless you will be stuck.

there are many sources of funds,
  • Business loans.
  • Getting into a partnership so you raise more than a sole trader.

If you are going to make it a large business. the best idea would be to register as a private limited or a public limited company

Choose your Accounting System.

you need an accounting system to run your business more effectively.

An accounting system is important to manage your funds and keep track of your budgets and activities. you can manage the accounting system on your own if you have a small business or else you can hire an accountant for this purpose. if you are gonna manage the accounting system, it is vital to choose an appropriate accounting Platform. read this article to get some idea "What is Bookkeeping? And best bookkeeping platforms"

Set up a location for your business.

setting a place for your business is important, but it depends on the type of business. Is it worth it to rent a place for your business or else you can have a home office.

Get your team ready.

Now it is time to start the hiring process. if you are going to hire employees its time to get the recruiting process ready. Make sure you take the time to outline the positions you need to fill, and the job responsibilities that are part of each position.

If you are not hiring employees and instead of that you are going to hire independent contractors. Now is the time to work with an attorney to get your independent contractor agreement in place and start your search.or else if you are gonna run the business on your own, no problem at all. but it is better to have some support like mentors, family members, business coach and etc.

Promote your Business.

Once everything is in place. now it is time to start promoting your business and make some sales. Create a marketing plan to promote your business effectively. decide which type of promoting activity works for your business 

Last thing but not the least. Start asking questions. it will make you stronger and smarter. 

REMEMBER KNOWLEDGE IS WEALTH

Comments

  1. Nice post! This is a very nice blog that I will definitively come back to more times this year! Thanks for informative post. company formation in dubai

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