Published by Everett Taylor on May 17, 2015

The Start of a Small New Business

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Do you have a regular 9 to 5 job but you’re not happy? Do you want to be your own boss? Do you think you have what you need to start your own business? If the answer to all these questions is ‘Yes’ then this is the right place for you.

It’s not important that you don’t have enough money to start a very big business and also, it is not important to know it all from the start. Here are some insights into a successful start, as others have already proved:

The Basic Part

You need to think of something. In fact, this is the thing that you need to do – have ideas. Think about what you think people will need – a product or a service. Also, think about what you know to do – in other words, to offer people something good.

Start by asking yourself questions like: ‘What can I do?’ or ‘What can I build?’ This is not about creating a business plan. In fact, in this first step, all you have to do is think about good and great ideas. Note them down and think which of them will have a great potential.

Royalty-Free (RF) Clipart Illustration of a 3d Red And White BusSet up your goals, by thinking what you want to accomplish. There can be the need to be financially independent, or to create something small, personal and sustainable, that can bring you a constant income and also be a pleasure doing. You need to know this from the start so that you can do a better planning later.

The name of your future business is also important, so start thinking about one. You can also start with this one, before thinking about what you actually know what to do. You’ll be able to choose a good name even as the plan of your business takes shape.

The next step is to choose a team, if you’ll need one, or think why you have to work alone. If you don’t feel that a big team is needed, at least choose a partner – it’s great working in pair and it’s also easier. Consider wisely, as there may come a time when you will disagree on things, and you need to be sure that the partnership is steady.

The Business Plan

This is the perfect opportunity to make a clear definition of your idea, the starting of your own business. It’s the perfect presentation of all that you have thought about and you can give it to possible investors or people who are interested in working with you. If you want more info on this, you can use the available online resources or you can use professional advice from a business consultant. You’ll be hearing about the executive summary, a clear description of the business, and recommended strategies for marketing, competitors, a plan of development, and finally yet importantly – how the whole operation will take place and you financial planning.

The Legal Aspect

It’s time to get a legal advisor, because it is very important. You need to know what you can do and what you can’t do, within the limit of the law. When you start a business, you need to consider that you’ll be using contracts, documents, regulations, permits, taxes and other things that appear when running this kind of activity. In addition, you need an accountant to keep your finances in order.

The Costs

Think about how you’ll finance your business – money from the bank, capitalists, investors, or your own savings. You’ll need to be realistic about these costs, as there may be unexpected expenses. Think about all that you need to pay for – location, taxes, documents, salaries, and rent, anything that costs money.

Don’t worry if it’s all overwhelming for the start. It’s actually easy once you understand the concept.

Set up an appointment at East West Connector and we’ll help you along your way to success!