What do You Need to Start a Business?

Decide on a type of business

There are various type of businesses you could run. Your business could be part-time, or you could opt for a franchise. You could also run a start-up from home, or run a tech start-up, or even buy an existing company.

Write a one-page business plan

This business plan provides an overview of the small business you’re about to start. Your business plan should define your vision, your mission, your objectives and it should outline your basic strategies.

The business plan can be used when applying for funding or to present to potential investors as well.

Decide on a budget

As an entrepreneur, you need to be realistic about numbers. One of the things you need to do when you want to start a business is create a realistic budget. It’s important to set your business up with profitability in mind in the first 30 to 90 days.

Decide on a legal structure for your business

Do your research on the various types of ownership structures. Keep in mind that the type of business you have will determine factors such as taxation and how much protection from personal liability you’ll need.

Choose a name for your business

If you have an online business, check if your proposed business names are available as domain names. Choose a name that will be easy to remember, yet also unique enough to stand out.

Register your business name

Register your business name and sort out any trademark issues.

Do thorough market research

When you want to start a business, you need to do thorough market research to assess the viability of your business idea.

Think about branding

Think about your company logo, it’s website as well as social media.

Think about resources

You need to be realistic about human and financial resources. How many people will you hire? How will you pay them? Don’t rush into hiring an employee. Ensure that the timing is right and investigate employment options.

 

Leave a Reply