Starting a business could be a real frantic and nerve racking job especially if you have not fasten your seat belts. You might end up wasting a lot of your time and money if you don’t know where you are heading to. A lot of precautions , a lot of legalities and single you dealing with lawyers, accountants and other entrepreneurs in order to figure out what would be the next step. However, if you do your homework before you start your business and know the requisites well, you perhaps will not be going through unnecessary hassles and obstacles. Besides, it will help you save countless hours and avoid making huge foundational mistakes.
This is why here we have compiled a list of things that you must know before you start a business so that you have a systematic and unperturbed start of your business.
Hold your name
The most crucial thing that you need to ensure is that you own a company name that has a trademark and internet domain name available with it on the same name. How would that look if it is your company name however somebody else holds its trademark? The time and money that you have invested in setting up your business name could go waste and the lack of a consistent trademark might put your budding business at risk. You cannot have an excuse that you were unable to find a consistent trademark on internet. There might be case that the trademark that’s showing in use is of a business that’s already closed or someone might have filed it but never used. So do the research well.
Abide by the legalities
Be aware of the regulations, licenses and taxes that you need to obey, acquire and pay respectively for your business. At first do your own research and then to confirm your understanding and help you configure your business to be in compliance with law consult a lawyer and an accountant. Establishing a successful business is not a child’s play and you really need to take care of the law whatever you do.
Have a business plan in place
Irrespective of the kind of business you are going to set up, you need to have a business plan in place in order to have a systematic list of the conducts that you will be carrying out. Otherwise it will seem as if you are going to build a house without a blue print. A slip of mind might happen any time as you are ultimately a human being and not computer and you can miss out to something vital that was of utmost priority.
As far as tailoring a business plan is concerned depending on the distinguished situations and the business needs, you can do it any time afterwards also while you are conducting your business. You can make the changes as it comes.
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Plan your budget astutely
One of the main agenda or say hurdle while starting your business is to figure out the amount of money that is required for the business to be up and running. This is why you must ensure that you have sufficient funds to at least run the business for a year. Remember these funds do not include your start up costs.
Ideally speaking, if you are going to prepare an estimate of the capital that you will need for a successful go of your business you must consider two things that are
I. One-time costs
These are the initial costs that will include Incorporation and licensing fees, equipment, office furniture, signs, down payment on office space, business cards, initial inventory and stationary.
II. Monthly ongoing costs
These will be the ongoing costs that will include rent, taxes, payroll, insurance, advertising, supplies, website hosting and loan payments.
Besides, you also have to be prepared for some unforeseen and unexpected expenses just in case something happens like that and so need to have a little bit flexibility in your budget.
Estimate the time required and stay committed
Starting a new business is associated with a lot of hard work and sheer dedication and you cannot simply run a new business just by devoting 40 hours a week. It needs a lot of tenacity and commitment to accomplish your business goals and you have to be more than willing to devote sufficient time that is required to get your business off to a solid start. You might need to put your personal life at stake and there will come a time when it would seem as if you don’t have a personal life still you need to devote sufficient time to your budding business.
Maintain a balance in expenditures
Make sure neither your are over spending nor under spending. Both are detrimental and risky. Invest judiciously and do not waste the money where it is not required. However, it doesn’t mean you become thrifty and skimp out on things that your company actually needs. Not wasting the capital unnecessarily is equally important to spend where necessary. So maintain a balance.
Take up new technology in plans
No matter what type of business you have started, it always owns the unique opportunity to utilize the cutting edge technology for its better growth such as the use of digital marketing instead of the traditional marketing where in you can reach to your potential customer in relatively very low acquisition cost. The new technology is far more effective and impacting and that too at very low cost. The advent of internet and on top it, its usage on Smartphones, tablets and other tools has made marketing more technical, convenient and user friendly. So make use of it.
No one can guarantee the upshot of any new venture but they can of course stack the odds in their favor by carrying things out well. Besides, Alfred Sheinworld has very well said “Learn all that you can from the mistakes of others. You won’t have time to make them all yourself.” So, try gathering insights from fellow entrepreneurs and put on understanding from everything you try.
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