7 steps to establish your business
Starting a new business may be exciting, but it is not as easy as it looks. In this post you will get the basic steps to start your business effectively.
Plan and research your business
It is the most important and wise step that you have to make. Make sure that there is a market for what you are selling , knowing the competition also drafting the business plan that will help you move forward.
Get a Mentor
unless you are a multitalented expert, a business adviser or a mentor is highly recommended. seek out some one or more who have started their own business and have been successful with it.
Choose a location for your business
wether you are opening a local store or an online business, location is key. Do some work to determine the best location or website domain. finding the location that will bring in the most traffic is essential.
If you don’t have a capital to start your business you can get it by asking your family members, friends, angel investors, venture capital firms, your bank and the government. Good business model and a solid business plan will help you convenience in investing in your business and you will need to learn the art of proposal writing.
The Legal structure of your business
There are a variety of ways to legally structure your business. Do some research to determine which of the following structures is right for your business
- Sole proprietorship
- S Corporation
- Limited liability Company (LLC)
- Non Profit
Register Your Business Name
Once you have chosen a name for your business, it’s time to register the name with your government. The process varies from country and state to another, so find our what the policy is in the state your are starting the business.
Some businesses may require some extra steps like steps with Taxes and other legal steps. don’t forget to have fun an determine your vision and values of your business as it can give you the energy to move forward.