6 VITAL STEPS FOR SMALL BUSINESS START UP:
Small business ideas vary, as they depend upon what one could possibly think of launching in the market
. Numerous opportunities have been made possible with the emergence of technology and traditional business ingenuity which can add spice to a boring idea. The 6 vital steps to startup a small business are:
MARKET RESEARCH: You have to research your potential market to answer these questions:
What you are offering and to whom?
Is the market already equipped with the similar product as yours?
Is your market local or international?
Is your product for niche market?
Who are your potential customers?
These questions are for the pre- planning stage.
CAPITAL: Without having funds and capital, you cannot get along with the idea. Identify these three states of your capital and think accordingly for a small business startup:
What do you have with you at the startup stage?
What is required?
How can you get it?
The alternate way is to find any investor, funding or financing. In this regard, you need to have your business plan with you with an idea of cost associated, as to how much more is required and the possible to access it.
BUSINESS STRUCTURE: What business structure is preferable for your business type?
Sole proprietorship
Corporation
S corporation
Limited Liability corporation (LLC)
Partnership
Many legal aspects depend on the business structure, for e.g., personal liability, paper work, regulations and taxes; all these hugely depend on the business structure you opt.
BUSINESS NAME: Name selection is an obvious step to make you known to the world. Choose a name that best describes your business, is easily pronounceable, and capable of captivating attention.
Get LEGALIZED: Legalize yourself by getting licenses for the type of business to get registered according to the local law. Contractors, real estate agents and other professionals need a license to work.
These 6 steps provide grounds to your business. The steps vary from business type to business size.
6 VITAL STEPS FOR SMALL BUSINESS START UP:
By: Ayaz Haider
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