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Business

  •   2019/03/14

    What is the first step to start a business?

    Answer by :
    admin

    Are you planning to start your own business and browse through hundred tutorials so as to get a simple answer where do I start?  

    Don’t worry, this is the place where I am going to tell you how you should start planning out and what exactly is the first thing that needs to be done in the process.  

    Research is the key 

    If you are planning to start a business, you must have the business idea in your mind. Now, research anything and everything about the business concept, like If it is a product/ service based, find out and analyze what is Market Demand, supply, competition, available competitors in market, profit margin, scope of success, requirement in specific location, Target audience etc. Research and analyze each factor and measure what are the chances your business will do good in market under present scenario. 

    Develop a plan 

    By now, you already have everything ready in your mind and thoughts but that’s not enough especially when you are seeking financial help from bank institutions or looking for investors. They will require a detailed blueprint of your business idea that should be crafted on paper. If you don’t seek any financial help a page consisting details of your business type, product/ services type and things required etc. will do. If your business relies on investors or banking institution, make a detailed blueprint of business plan that should include everything that you will deliver, need/ require, invest in the project.  

    Financial planning 

    Be it a small-scale business plan or large, you will have to make the initial investment for Equipment, license & permit, legal fees, insurance, marketing, branding, raw materials, inventory, packaging, advertising, travel expenses, salaries, wages etc. Plan out how much it is going to cost you for a year so that you gain a rough idea of how much expenses you will have to manage before actually getting any profit. If you are not investing money from your home, then the options you have to take financial help are Financing, Business loans, Investors etc.  

    Select Business structure & Name  

    Choose your business structure depending on the kind of business and other factors. Choose if you want your firm to be a sole proprietor, partnership, LLC or a corporation. Be careful while choosing business structure as it affects business name, liability and how you need to pay taxes. Take consultation if you are not sure of which structure is best for you. You may as well change business structure at a later point of time as the business grows. Now, choose a business name that reflects your niche well. Think it through and choose a name, check if the name already exists or is available for use. After you have chosen a business name, you need to choose a domain name as most of the businesses now a day are present online.  

    Licenses & Permits  

    Depending on type and location of business there is a number of licenses and permits you will have to get. Register your business, get licenses, permits, copyrights, trademarks State tax ID etc. Make sure you don't miss a thing legally.  

    Develop Account system 

    You may hire a Chartered accountant or do the work yourself. Select the accounting software byou are going to use and start your work.  

    Start business unit physically 

    This is the first step where you start your business physically. Setup your office location, workplace according to your business structure and requirements. Place equipment, office accessories etc. And setup so that you can proceed to next step. Hire employees as per your need or build a team of family members, friends who can work together.  

    Promotion & advertisement  

    You will need to have a powerful business plan once your business is in running state. Make sure your product/ services reach potential customers/ clients. Start campaigns, promote business online and through other ways reach target audience to increase your business productivity and growth.