Many people already feel steady and very eager to open their own business, but unfortunately when they are about to start their feel confused. ” What should I do first time to realize my dream of owning your own business? ” Maybe that’s a question that often hang in the minds of the prospective entrepreneur. And there is no technical instructions and manuals are official and accurate information about how exactly to start an own business. So many alternatives that can be taken. For those of you who feel the same confusion, see the following descriptions so you know a clearer picture of how generally start a business.
A classic joke says that when people talk about the steps initiated an effort was ranked 1 to 10 in the 12 priorities that must be met when starting a successful business. This is also true in product launches, since the launch of new product ideas usually takes a lot of resources of the target. You will need the money in an amount sufficient to fund the salaries of employees, compensation for the fellow who was instrumental in the launch of the product, the development of basic forms, testing rules, and costs in a business side. Funding requires several months to be collected and can be obtained from the gift, and a friend loans, or grants or bank loans or investors as well. Banks and investment partner companies will expect to be paid with interest. While the grants awarded in the absence of anything in return.
Have a business idea
Make sure the type of business that you will build is a type of business that you are interested. It would be good also if you have the expertise and practical experience in it. Use capital breakeven analysis ( Break Even Point ) to determine if your idea is potentially profitable. After that describe in detail your business plan, including a profit and loss forecast and a cash flow analysis. Then find other sources of help that can be used for start-up funding. After that, draw up a basic marketing plan.
Determine the legal structure for your business
Before you begin, you must decide how many people are going to be business owners. In addition, also decide how much protection from personal liability you need based on business risk. Then also think about the tax to be borne. Consider also whether your business will be able to print more profits by selling shares. Thorough variations in the types of business ownership structure : sole proprietorship, partnership, firm, and so on.
Get in-depth information from independent sources or a legal advisor if deemed necessary, before you decide to adopt one type of ownership structure.
Choose a name for your business
Think of several business names that might suit your company that will shape, its products and services. If you start a business online, check to see if your business name is already used wills as other site’s domain name or not. Determine if your business name has not been used or not being used by other companies when it comes to start a business. Try to avoid the business name easily associated with the name of another company or a fictitious company and its reputation. It relates to the image of the business in the future. Look at the Department in the administration who handles patent company name to ensure the name of your business has no equal. And if there are similar, you can still get around to look different and unique. It’s good you have a good supply of business names so that once you find a name that is similar to other businesses, you can choose another.
Register a name for your business
Register your business name as a trade mark the official and legitimate in the eyes of the law. This is important, especially if it is a business name used to identify products or services that your business offer. In addition, formally register a business name as a domain name, especially if you want to use as your website address as well.
Prepare organizational documents
Organizational documents relating to the law are usually very typical according to the type of business ownership. Types and kinds of documents required for an individual business is different from the type and variety of documents required in a firm or a limited liability company.
Find a business location
Discover the features and improvements that your business needs. Determine how much money you can spend on rent. Determine what kind of environment that best suits your business type and find a reasonable rental rates for the environment. This can be done with a survey of some acquaintance or friend who knows the area or neighborhood. Make a conducive working atmosphere around the work site so that you can work run more smoothly. Before signing a lease agreement, try to know whether there are better deals.
The following are some of the stages of licensing in this country that needs to be known.
1 . Deed company
Certificate of incorporation documents are authentic, which is one form of legality companies made in advance notary, a public official who is authorized to do so by law. In the deed of incorporation must contain the Articles of Association which contains several provisions.
2 . Name of Company
Giving the name of a company. These principles can be described as follows :
a. Intermingling with the personal name of the company name.
b. Assimilation legal form of a private company with the name.
c. a ban on using the name of the company of others.
d. ban on wearing the brand to others.
e. a ban on using the name of the company that is misleading.
3. Rights on behalf of the company
There are laws governing the naming of the company, so that many of the crimes committed by the mode of the company name. In this case the naming issue to consider in order to avoid criminal offense.
4. Recognition and validation
Containing the brand name of the company of others is a juridical issue about the top brands of the company. So the problem can be solved by some law therefore needed Recognition and Endorsements.
Running a business requires expertise in the ins and outs of the development, marketing and sales as well as business development and legal policies. Although you may think that you can do it all alone without the help of others, you will get better results by hiring people with the necessary competence to run your business. By utilizing their expertise and experiences n this, you can save time and effort to avoid mistakes and save time to achieve success. In business budget, enter the funds to employ experts who complement your skills.
In general, there are several steps you can take to get insurance coverage for businesses. Determine whether the business property that can be covered by insurance. Contact your insurance agent or broker to answer your questions and ask about its policy in detail. Get liability insurance / debt vehicles used in your business, including employees’ personal cars used for business purposes. Get liability insurance or debt to the premise when the customer or client will be visiting. After that, get the debt insurance / liability if you are going to create a product that can be harmful to people and the environment. If you work at home, make sure you enter your homeowners insurance damage or theft of business assets and debts to repair damages relating to the business of the protected elements. Consider also the health and disability insurance for you and your employees.
Determine the bookkeeping system
First, decide whether you will use a cash or accrual accounting system. Please Select the fiscal year of its own if you do not match the business cycle of the calendar year are generally applicable. Make also a system of recording financial transactions, especially efforts to trace any payments to and from your business. Recruit someone who is competent in financial record keeping.
Make the tax reporting system
Know some tax schemes to structure your business. There are also ways that you can take separately minimize your tax expenses.
Shape of the board of directors
If you incorporate your company, you will be required to have a board of directors that is responsible for holding the lien obligations and legal for your business. If you are planning on becoming a CEO in your company, think about who the right person to work with in this oversight function.