The 21st century is considered to be an era of freelancers. Thousands of entrepreneurs around the world found their businesses. Many of them succeed, others fail. Starting a business is both challenging and satisfying. It may take you a year or a decade to organise your ideas and establish a solid business plan. Once you have a challenging and creative notion of what is your business goal you are ready to start planning.
How to Start a Business?
It seems easy to start a new business when you are not in yet. Nevertheless, coming up with the correct idea is not so easy. Afterwards, running the business is another issue to consider. Let’s have a look at a basic guide on how to start your business.
Business Plan
The most difficult part of a new business is a good business idea. You can be impressed and encouraged by other trade samples, however, the credo for success is not copying others. You should consider innovative ideas and perspectives. The business market is very flexible and it changes constantly. Something that was a success today may be a total fail tomorrow. That is why your business must satisfy you and your creative mind. In other words, the right business idea is the very first step of the challenge. This choice should be followed by writing down your business plan: detailed and meticulously planned.
Additional resource: Best 6 Ways To Transform Your Business
Are You An Entrepreneur?
The business market is a complex area. Before you enter this sphere you should have specific knowledge about inversions, marketing, HR planning, leadership, decision making and more. Many business marketing degrees offer you broad information about the founding and running a business. If you already have a university degree you can get more specific abilities by attending MBA programs of entrepreneurship. Different executive MBA admissions consulting specialists can guide and help you to choose the correct course or program. Having specific preparation is essential nowadays to confront competence.
Funding
Once you have fulfilled the first two steps it is time to look for the money. Businesses need to be funded. If you are capable of funding your business with your savings you are welcome, if not you must look for the funding.
- Before anything else you need to know how much capital you need. It must figure out your business plan.
- Search investors - you can find investors if your business plan is interesting and has a hook.
- Use the crowdfunding technique - This technique is based on using the money of many people and offering them compensation in the form of a gift.
- Ask for a loan - It is very popular to ask for a small business loan. Here again, you will need to present your business plan and try to make it attractive for the bank.
Business structure
New businesses tend to give lower income in the first months. It is important to register your business under the correct business structure. The taxes you are going to pay will depend on how your business is registered.
Your company structure also will define if you are the only owner and controller of the business or not. Sole proprietorship, partnership, Limited liability company are some business structures to consider. You must also analyse the option of the corporation with its subcategories.
Business name
Something so basic can be a serious headache. It is not easy to choose a good business name. First of all, the name you consider is more likely to be already registered and have all rights reserved. On the other hand, the name is not only the title of your company but also its business card. Your business will be on the internet and one or another name can make it appear more or less often in online searches.
And finally, names that are copied by changing one letter will not bring your business success, because people will confuse it with the original brand.
Here you need a creative and professional team.
Additional resource: Naming agency
Tax IDs and licences
Once you register your business you will be assigned a tax ID. This ID must be used to pay your taxes. Depending on the country or the state laws may differ, taxes as well.
After having your tax ID number assigned make sure to start an active registration for licences. Permits for combining different types of activities are common in modern businesses. You need to have federal permission to carry out these activities.
Business bank account
Your business must have a bank account. It is not a big deal. If other legal issues are handled correctly, a business bank account is a quick chore to manage. You have plenty of choices among different types of business accounts. Choose the one with low fees and important benefits. Your business can have more than one business account. If you do not have the specific preparation to carry out the paperwork hire a professional for financial advice and company accounting.
Additional resource: Daily Income Business in Nigeria
Choose the software system
The software system will automatize, organise and coordinate your business network, working team, client information and more. Accounting and marketing facilities you will need constantly. You will pay for some ads. That is how business works nowadays. However, you can have software that will reduce noticeably ad costs and will find options for your brand to stand out.
Additional resource: How to Write a Business Proposal
Team building
You will not be alone in this whole process. A good business depends on a good team. Once you have hired the professionals you need, it is time to create a satisfactory and enjoyable environment for your team. A happy team is a productive team.
Do not save on team building activities and events. Pass time with your crew. Organise eating outs, picnics, interesting activities, competitions for your people. Congratulate them on special events and buy gifts for Christmas or other holidays.
Personalised treats will make them feel special. Remember that you will not manage everything on your own. Do not challenge destiny.
Conclusion
If you have read this guide and feel like you fulfil all the steps it's time for you to pass to action. Make a checklist of these steps and mark them one by one while you complete them.
We live in a creative and flexible world, individuality is the value of a successful business, effective teamwork is its practical realization. Do not hurry but do not delay!