How to Build Your Own Business

For aspiring entrepreneurs, having their own business is an ultimate “Dream Come True”. However, starting one can be very challenging. All the preparations and planning can really stress you out but if you know what to do, you’ll find everything easier.

Below are the basic steps on how to start your own small business.


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    Have a Business Idea. The first step has to do with your business idea. You can either choose from existing business ideas OR create a new one. Search the web for these ideas. You can also ask family members, friends, relatives and colleagues for suggestions.
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    Research: Don't jump into a franchise or internet business opportunity, MLM or Make Money Fast opportunity without significant amounts of research. Be sure that you check out the sources, references and "hidden" costs before you sign anything or join anything
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    Write Your Business Plan. The next step is to write a business plan. This is important since it will make it easier for you and others to evaluate your business. For instance, you are applying for a new business loan or a new business credit card, lenders will ask for your business plan and read it before they can make a decision to approve your application or not. For people who have enough funding, a business plan is still essential because you will need it to develop more business strategies and financial projections. One important part of a business plan is your marketing plan. A marketing plan explains the different marketing techniques and tools you will use to advertise and promote your products or services. You should also state your goal or goals. This will be needed in the future to make it easier for you to evaluate the success of the business.
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    Develop Your Financial Resources. Now that your business plan is ready, it is now time to look into your capital. Small business owners have three financing options. They can:
    • borrow from friends and family members
    • look for investors or
    • apply for a loan.
      • Just keep in mind that investors and sometimes friends and family want ownership and control of their portion of the business.
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    Choose The Correct Legal Structure for Your Business. You should also choose a legal structure. Will it be a Sole Proprietorship, Partnership or Corporation?
    • Sole Proprietorship is a type of business entity which is owned and run by one individual.
    • Partnership is a type of business entity in which partners (the owners) share with each other the profits and/or losses of the business.
    • Corporation has different forms but most of which are used to conduct a business. Corporation is an institution which is chartered by a state recognizing it as an entity separate from its owners.
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    Locate an optimum Office Place. Where are you going to run your business? Will you rent an office or commercial space? Or will it be a home office? When choosing an office space, make sure that it is accessible and within the city.
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    Find Your Employees. Are you going to hire employees to help you run the business? If yes, then this is another challenging task for you. You must look for hard-working and honest workers. You might also need an accountant for your bookkeeping needs.
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    Learn about Taxes. What taxes do you have to pay and collect? Make sure that you have enough information about the taxes you need to pay for to avoid legal issues.
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    Get all of the Legal Documents you need. You should never forget the documents you will need for the business (i.e. business permits, licenses).
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    Have Fun! This should be an exciting adventure, an opportunity for a new and better future.

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Categories: Buying & Forming a Business