People all over are slowly waking up to the benefits of running their own business. Before it was only the scions of the rich families who had enough backing to trod this path. But now the path has multiple new walkers on it, most people who wish to do something other than a 9-to-5 job.
My [How to start a business] guide will help those who have taken a step next to the job to do their own business.
Currently, the world economy is pretty frail and the so-called job security is slowly vanishing. This has led to many push their retirement age back by a decade as the benefits are not what it was like a decade ago. Currently, it is all about the longer one can stay in the game.
If you are among the batch of people who wish to be doing what they want and make a living out of it then reading the following piece would certainly help you make the right decision, in that path of ‘How to start a business from the beginning’.
Step #1. Personal Evaluation
Before you even contemplate starting your business think things through! You might not be as ready for starting your own business as you think you are!
You may not lack the drive but it may be something like the evaluation of your goals for the company in one business year that may make or break your dream.
You have to start but you don’t know how to start a business. What steps we should take off?
Make a list of all the probable things that you want your company to achieve. It is more important than the worries of getting your company registered.
Without a rudimentary list, you would certainly lose your way into the big bad world of business.
The one thing that you should be clear on is whether you have adequate means to achieve it or not. Start asking yourself all the tough questions like –
- Why this business?
• What is special about this business that will make people buy from you?
• Do you have the freedom and flexibility of your startup?
• What service or product you wish to provide?
• Do you like your work or just in it for the sake of the benefits?
• How much capital do you need? Is it worth to take the risk?
• Is this venture a part-time or a full-time endeavor?
Step #2. Gather all Information
Most businesses fail in the first year of their inception. So, if you want to make a kill gather as much information as you possibly can. It would help you keep your company afloat through thick and thin.
Information is the key to win any battle and currently, you are waging a battle against the biggies who have made a name for themselves in the market where you are currently fighting for a corner.
The more you know the better you would perform and just like that you would overcome all the obstacles on the path to becoming one of the biggies!
Step #3. Analyze Yourself
It is better to know your enemy but knowing yourself is even better! It is better if you sit down and analyze your strengths and weaknesses. It is necessary that you do so to avoid any unpleasant surprises after you had registered your company.
You may not realize but your competitors would within a few months of the inception of your company recognize the pattern of your success and failure and use it against you to drive you out.
Good news is that everyone has a weakness and the key to success is to recognize and work on it so that it does not hamper you at a later date.
We should make depth research to analyze our product/service before launching our startup “Jeff Bezos says”.
Step #4. Choose Business Structure
Yes, there are many structures of a business. You need to nail one that works perfectly for you. The selection of a structure that works well for you would certainly benefit you in the long run.
Not every business model works well for every business. Very few business structures have a great impact on your business proceedings on a day to day basis.
There are quite a few business models available in the market for you to choose from. Starting from a Partnership, Sole Proprietorship, a traditional corporation, a Limited Liability Company or an S-Corporation, you can choose just about anything.
The one that you would choose should have a long-lasting effect on your company name and have some implications for your company taxes. Study each of the business models thoroughly before selecting one that works well for you.
At this juncture, you will also need to arrange for finance. There are several finance companies that offer loans for startups.
Step #5. Assemble Your Team
There are things that you need to sort out before you even register your company. Get an idea of the number and kind of people you would need to employ.
If you are of the opinion; that only marking out the employees would be enough, you could not be far from the truth.
You need to select a trusted team of an insurance advisor, a tax accountant and an attorney to just register your company and make it run efficiently.
You may not believe it but there would be many other episodes that would need the assistance of the previously mentioned employees to sort things through.
Step #6. Set up your space
You may feel that after sorting out your team it may be the last thing that you need to do but it is not. Even before you register your company it is best to get the address from which you would be operating your company’s day to day operations.
• Negotiating Budget-friendly Lease
• Accessible parking area along with public transportation
• Having stationery printed
• Getting the phones installed
• The state, city, and municipal regulations
Step #7. Handle the Paperwork
After you successfully register your company you have an avalanche of paperwork coming you are to handle carefully.
From the state licenses and registrations to business insurances to intellectual property right you are to be handling it all well to thrive from the first year itself.
Follow these guidelines[How to start a Business] and you would have a thriving business in your hands!
If you are planning to start a business and looking at some other options for investment then I’d highly recommend this article “5 technology trends to invest in 2019 for maximum return“.