Forums: Discussions for entrepreneurs and small business.

If you have been thinking of starting your small business for quite some time and haven't been able to take a step yet then what you need is start up business energy. Initially you might feel some element of fear because you don’t know much about starting a business, however it is easier than what you think. Although starting a business is not a one step process it can go ahead quite gradually. What you basically need to do initially is concentrate and put a plan in motion. You should take care to take one step at a time. However, a warning from beforehand is that be prepared for rejection. During the initial phase of your business you would hear a lot of no's, however, you shouldn't let this bring down your morale.

You should also keep in mind that failures are likely to occur on your way to success and it is not a factor that should deter you. There are very few people who have been successful in the business right at the first go. You should learn from your mistakes and get up and continue again.

There are some key points that you should keep in mind before you start a small business. These are as follows:

• Clearly define your product or idea - If you want to start a business the first thing you need to do is write down your business plan. It does not require being too elaborate or over 100 pages. You should write down the business name, the objectives you have and your business goals. You should also remember that this isn't the final plan that you are making. Your business plan will change as your business grows. Also, when you are applying for loans in financial institutions, you would be required to show them your business plan.

 

• Business structure - After you have put together your business plan, you also need to figure out your business structure. This is of utmost importance as this decides how you will pay taxes, the number of employees you would require and so on. Generally a business for one owner is a sole proprietorship. However, this may not always be the best option. You should look at other alternatives to legally register your business so that you can deal better with your liabilities. Registering your business with your State is quite a large process involving various steps and also a certain fees. After registering, you should get your Employer Tax Identification Number from the Internal Revenue Service.

 

• Accounting - This is of great emphasis for your business. It is of utmost importance that you keep a track of your income and expenses continuously as you go on incurring them. This can save you a lot of time during payments of tax. Depending upon the business that you have, there are some tax regulations that you have to abide by along with the government taxes.

Thus you can now use these guidelines to start your own business.

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Very Well said, actually that is what I had wanted to explain in my forum.  However there are some pointers in which was missed out.

• Clearly define your product or idea.

Well, having to simply define and describe the product or idea might not be occasionally enough. Most of the times, we must understand the unque selling point (USP) of the product, the market industry and our competitors as well.

NO USP == NO Sales Why would someone be interested to listen to you or perhaps give you a chance to serve them when there is no USP. We must clearly understand that your product or service might be good to you but perhaps is just a piece of item that is taking up either their place or time.

The more competitive the market industry is, the worse or harder is it to penatrate into the industry. Just imagine if there are a 100+ compeitiors out there in the market and you are trying to sell something generic to the public. How high do you think that they will be listening to you or perhaps giving them a chance to do a demostration of your product or services. The geeral public will usually either go for something branded or perhaps somethig cheaper. (which may not be good as it might actually backstab and damage the business 

Knowledge of our competitors and how they are doing is also important. There is a saying :" Keep your friends close; and your enemies closer" This statement again relfects in Sun Tzu's Art of war "Know your enemies and yourself; 100% chance will youwin the battle) This perfectly makes sense as since we know our competitors, we wll be able to manevuer and adjust accordingly before our competitors do. 

• Business Structure

Business Structure might not be the one of major criteria to think of. In different countries/ stateland, there are different types of rules and regulations that onl allow a certai type of business structure to be set up. Furthermore, you might need to take your years of relevant experience in their particular industry as well as amount of capital that you have into consideration before choosin a suitable business structure for your company.  E.g. If you are ind of green in running a similar business, then a partnership with someone way more senior than you might bemost appropriate. Likewise if you have only a small capital and the industry that you are entering is a labout-intensive market, it would be better off chooing a LLC, as this would allow the work to be much more spaced out amongst the shareholders. 

• Accounting

Accouinting, though is important, should not be just focused upon as a tool to keep trackj of the expenses and income. But rather as a tool for the business owner to focus on the much more value-added services and perhaps as an indicative of whther the business is goiung in the right way. Without Accounting, it would be very much like driving a car blind-folded as you would never know how things are going until you hit the wall( which somtimes would be too late)

 

Well, that is all I have to say at the moment about this. For more information on having a business headstrat up with limited capital, feel free to email me direct to ykh@wingroup.org orvisit me at my website : www.winglobalsolutions.com -- THE ONE PLACE WHERE ALL BUSINESS SOLUTIONS CAN BE FOUND, REGARDLESS WHETHER IT IS TOO BIG OR TOO SMALL

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Business Strategy that is the key

Lets look on further points which kept in mind while starting new busines:-

1. Know about your self,
2. Allocate all the financial resources,
3. Get advices from senior person,
4. Evaluate all the possible alternatives,
5. Chose best one of them,
6. Apply it as you decide before, and 
7. Matched results.

 

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If you are new to business and wanted to start new beginning to journey than following are steps to begin:

1. Start with an Idea

2.Register your idea

3.Turn your idea into a business

    3.1Research your market

    3.2.Develop and plan

    3.3Find partners and suppliers

4.Set up your business

5.Get funding

6.Research your market

7.Development of plan

8.Find partners and suppliers

9.Set up your business

10.Get funding

11.Government schemes

 

 

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